S&P 500 – 6,829.37 (+0.25%)

Dow Jones – 47,474.46 (+0.39%)

NASDAQ – 23,413.67 (+0.59%)

• U.S. stocks rebound: Markets recover from Monday’s sell-off that ended five-day winning streaks, raising questions about a December Santa Claus rally.
• U.S. manufacturing: Contracts for the ninth straight month amid tariff pressures, with supply chain issues and rising material costs continuing to weigh.
• Nvidia: Shares rebound after CEO highlights China as a “bonus opportunity” and announces $2 billion Synopsys partnership.
• Bitcoin: Slides 7%, prompting doubts about a year-end crypto rally and weighing on crypto-linked equities.
• OpenAI: Altman declares “code red” as the company scrambles to upgrade ChatGPT amid rising competition from Google and Anthropic.
• Apple: Faces increased EU class-action risk after court ruling allows Dutch App Store users to sue collectively.
• Global markets: Japan’s Nikkei drops on Bank of Japan rate-hike hints; dollar weakens, oil slightly firmer at $59; S&P 500 eyes potential Fed rate cut.
• Commodities: Gold above $4,200, silver hits all-time high, and copper near record as supply concerns persist.
• Corporate news: Dell donates $6.25B for “Trump accounts”; Ford November sales dip 0.9%; Nvidia and Amazon announce AI and chip developments; MongoDB posts strong earnings; Warner Bros. Discovery sees bidding activity. Chipmaker Marvell Technology (MRVL) said on ​Tuesday it will buy ‌semiconductor startup Celestial AI in ‌a cash-and-stock deal worth $3.25 billion. Intel (INTC) went higher after TF International analyst Ming-Chi Kuo posted on X Friday that the company is expected to begin building Apple's M series chips for its MacBook Air and iPad Pro as soon as early 2027.
• Other notable moves: Symbotic downgraded; Chevron upgraded; Barrick explores IPO; Samsung unveils Galaxy Z TriFold; Costco joins lawsuits over tariffs; Michael Burry calls Tesla “ridiculously overvalued.”
• International & consumer: China’s manufacturing PMI remains in contraction; U.S. Black Friday online sales hit record $11.8B as attention shifts to Cyber Monday.
• Earnings results: CrowdStrike's (CRWD) third quarter results came in marginally better than expectations, leading the company to raise its full-year guidance, as artificial intelligence adoption boosts demand for its Falcon platform. Okta (OKTA) stock fell after the company beat Wall Street estimates for revenue and profits in the third quarter.

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“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.” – Warren Buffett

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Notable Stocks

• Nvidia (NVDA)
• CrowdStrike (CRWD)
• Amazon (AMZN)
• Apple (AAPL)
• Barrick (B)

Weekly Notables

Apple Faces New Class-Action Risk After EU Court Defeat

Apple (AAPL) may now face increased class action–style damages claims across the European Union after the bloc’s top court ruled that users of its Dutch App Store can collectively sue in the Netherlands, regardless of where they live. The European Court of Justice said an Amsterdam court can hear claims from two foundations alleging that Apple’s App Store commissions—sometimes reaching up to 30% per sale—are anticompetitive. Although the ruling centers on the Netherlands, it is expected to pave the way for similar group actions targeting other App Store versions throughout the 27-nation EU.

Nvidia Stock Rebounds After Jensen Huang Calls China a “Bonus Opportunity”

Nvidia (NVDA) shares reversed early losses and moved higher this week after the company announced a $2 billion investment in Synopsys (SNPS) and CEO Jensen Huang delivered upbeat commentary on global demand, including potential upside from China. After falling more than 1% in early trading, Nvidia stock climbed roughly 1.5% by the afternoon. The turnaround came shortly after Huang told CNBC that China should be viewed as additional upside rather than a core assumption for the company’s outlook. “I would like everybody to just assume that China is a bonus opportunity in the future,” Huang said on Squawk on the Street. “At the moment, demand is really skyrocketing, and over the next couple of years we’ve got a lot of demand we have to go serve. And if China comes along … that’s going to be a huge bonus opportunity for us.”

Earnings Spotlight

Salesforce (CRM)

CRM software giant Salesforce (NYSE: CRM) will be reporting results today after market close. Salesforce beat analysts’ revenue expectations by 1% last quarter, reporting revenues of $10.24 billion, up 9.8% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ EBITDA estimates but a miss of analysts’ billings estimates. This quarter, analysts are expecting Salesforce’s revenue to grow 8.8% year on year to $10.28 billion, in line with the 8.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.86 per share.

What's Ahead

December 3: ADP November employment, November ISM Services Index, September industrial production, and expected earnings from DollarTree (DLTR), Macy's (M), Salesforce (CRM), and Snowflake (SNOW).

December 4: November Challenger Job Cuts and expected earnings from Kroger (KR), Dollar General (DG), and Hewlett Packard Enterprise (HPE).

December 5: September personal income and spending, September PCE and core PCE, October factory orders, and University of Michigan preliminary December consumer sentiment.