• A mixed day on Tuesday. US stocks closed mixed on Tuesday as fresh jobs data came out and new Fedspeak regarding the path forward for interest rates. The S&P 500 and the NASDASQ both hit new records while the Dow Jones recovered from sessions lows but still closed in the red.
• Asian stocks headed lower. Asian equities stumbled on Wednesday over the political upheaval in South Korea where martial law was imposed and subsequently lifted hours later.
• Jobs data is in. Job openings in October rose by 372,000 to 7.74 million compared to estimates of 7.52 million, according to BLS data released on Tuesday. The Job Openings and Labor Turnover Survey (JOLTS) also showed fewer hires were made during October while the quits rate, a sign of confidence among workers, rose to 2.1% from 1.9% in September.
• Interest rates may continue to fall. Tuesday, policymakers Mary Daly, Austan Goolsbee, and Adriana Kugler suggested rates will continue to fall as the central bank brings policy closer "to a more neutral setting." Fed Chair Jerome Powell is set to speak today.  The Federal Open Market Committee is most likely to cut interest rates again to 4.25% to 4.5% on December 18th.
• A bullish 2025 is ahead. Wells Fargo equity strategist Christopher Harvey and his team has issued a 2025 year-end target of 7,007 on Tuesday. This is the highest target among Wall Street strategists tracked by Yahoo Finance and suggests that the S&P 500 could rise more than 26% next year. In a research note released to reporters on Monday, BofA's economics team led by Claudio Irigoyen also projected the US economy will grow at an annualized rate of 2.4% in 2025, higher than current forecasts for 2% growth, according to the latest Bloomberg consensus estimates.
• Campbell's CEO departs company for the NFL. CEO Mark Clouse is retiring to become president of the NFL's Washington Commanders.
• Tesla shares dropped. Shares of the electric vehicle dropped 1.6% Tuesday after a Delaware judge denied CEO Elon Musk's $56 billion pay package for a second time.
• McDonald's e-coli outbreak is closed. McDonald's stock was little changed on Tuesday after the US Centers for Disease Control (CDC) and Food and Drug Administration (FDA) closed their respective investigations into an E. Coli outbreak at the company's stores.
• U.S. Steel shares fell. Shares in US Steel fell about 8% on the heels of President-elect Donald Trump's promise to "block" its $15 billion takeover by Japan's Nippon Steel.
• Tyson Foods to close another plant. The company announced that the company would close its Emporia, Kansas facility in February 2025. 
• Walmart closed a big acquisition. The big box retailer closed its $2.3 billion acquisition of smart TV manufacturer Vizio and its SmartCast operating system. The deal allows Walmart to collect Vizio’s automatic content recognition data to bolster advertising and positions the retail giant to be a bigger force in the connected TV world.
• Apple gets sued by an employee. An Apple mananger is accusing his employer of keeping tabs on its employees through their personal devices. Amar Bhakta, a manager of digital ad tech and operations at Apple, alleged in a lawsuit filed in California state court Sunday that the company requires employees to give up their right to personal privacy when they work there.
• Wells Fargo is moving its headquarters. The bank is exploring the sale of the San Francisco building where its headquarters are located, a source familiar with the matter told Reuters.

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Wells Fargo strategist Christopher Harvey wrote in his note he initially wanted to "lean contrarian," given concerns about bullish market sentiment, lofty stock valuations, and already solid economic growth. But "the data did not support" a weak or negative year for the S&P 500. "2025 is likely to be a solid-to-strong year," Harvey wrote.

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In the Spotlight

Salesforce Shares Rise After Earnings Beat

Salesforce shares were up 9% after the company’s fiscal third-quarter earnings report showed revenue and fiscal fourth-quarter guidance that exceeded analysts’ expectations. Revenue grew 8% year over year during the quarter, which ended Oct. 31. Its net income was $1.5 billion in the quarter, up 25% from $1.2 billion a year ago. Looking ahead the company expects fiscal fourth-quarter sales of between $9.9 billion and $10.10 billion. Analysts were projecting $10.05 billion in fourth-quarter sales.

Okta Shares Pop on its Own Earnings Beat

Okta shares gained in extended trading Tuesday after the company reported third-quarter results that beat Wall Street’s estimates. Revenue increased 14% from $569 million a year ago. The company expects revenue in the current quarter of between $667 million and $669 million, topping estimates.