S&P 500 – 6,765.88 (+0.91%)

Dow Jones – 47,112.45 (+1.43%)

NASDAQ – 23,025.59 (+0.67%)

• Stocks rally on rate cut hopes: U.S. stocks climbed Tuesday as investors bet the Federal Reserve will deliver a rate cut next month. The Dow jumped 500 points, while Treasury yields eased, with the 10-year yield falling to 4.01%.
• Ukraine agrees to U.S.-brokered peace framework: Kyiv reportedly accepted the outline of a U.S.-brokered peace deal, marking a potential breakthrough in the conflict with Russia.
• Bessent calls for simpler Fed as Trump nears chair decision: Treasury Secretary Scott Bessent emphasized the need to simplify the Fed’s operations as the administration finalizes its choice for the next chair.
• Nvidia rebuts Michael Burry’s AI bubble warnings: Nvidia circulated a private memo to analysts disputing investor Michael Burry’s claims that the AI boom mirrors past tech bubbles.
• Consumer confidence drops amid financial concerns: U.S. consumer confidence fell in November, reflecting worries about inflation, jobs, and household finances.
• Trump launches ‘Genesis Mission’ to accelerate AI innovation: The new federal initiative will harness AI across research agencies and national labs, partnering with companies like Nvidia, Dell, HPE, and AMD.
• Dollar weakens, oil hovers near yearly lows: The U.S. dollar is down against major currencies, while WTI crude trades near annual lows amid oversupply concerns. Gas prices have dropped below $3 per gallon in many states.
• Housing market shows signs of life: October home contract signings rose 1.9%, aided by lower mortgage rates despite the government shutdown.
• Producer prices hold steady: September’s Producer Price Index came in at 2.7% year-over-year, slightly above expectations, while core PPI eased to 2.6%. Markets price in an 83% chance of a December rate cut.
• Retail sales modestly rise: Advance estimates show retail sales grew 0.2% in September, below the expected 0.4%, with auto sales dragging the overall figure.
• S&P 500 entering corrective phase: Analysts at Raymond James say the index could fall 8–10% amid recent market volatility.
• Alphabet and Broadcom surge on Meta chip interest: Shares of Alphabet and Broadcom rallied after reports that Meta is evaluating Alphabet’s chips, building on momentum from Alphabet’s Gemini 3 AI launch.
• Nvidia and AMD face competitive pressures: Nvidia saw modest gains after issuing a memo denying investor allegations, while AMD declined on Meta’s potential shift toward Alphabet chips.
• Bitcoin retreats, gold consolidates: Bitcoin fell after Monday’s 5% jump, signaling waning risk appetite. Gold steadied after last month’s record surge, still up roughly 55% for the year.
• J.M. Smucker profit forecast misses estimates: Rising coffee costs are expected to squeeze margins, sending shares down 3%.
• Retail earnings roundup: 
  • Dick’s Sporting Goods fell despite beating earnings and revenue, weighed by Foot Locker integration concerns.
  • Abercrombie & Fitch soared on strong earnings; Hollister same-store sales jumped 15% year-over-year.
  • Kohl’s gained after beating earnings and issuing stronger guidance, despite a 1.7% decline in same-store sales.
  • Best Buy rose on earnings beats and raised fiscal 2026 EPS guidance.
  • Alibaba climbed on stronger-than-expected revenue, driven by AI and cloud demand.
• Market breadth improving: About 41% of S&P 500 stocks trade above their 50-day averages, up from last week’s 30%, with U.S. large-cap ETFs seeing the largest inflows.
• Tesla gains on AI chip push despite European sales drop: Shares rose after Elon Musk highlighted Tesla’s AI chips for vehicles and data centers, even as European EV registrations fell 48.5% year-over-year in October.

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“AI is now infrastructure, … just like the internet, just like electricity.”

 – Nvidia

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Notable Stocks

• Nvidia (NVDA)
• Abercrombie & Fitch (ANF)
• Kohls (KSS)
• Alibaba (BABA)
• Google (GOOGL)

Weekly Notables

Trump Launches ‘Genesis Mission’ to Supercharge U.S. Innovation With AI

President Donald Trump signed a new executive order Monday creating the “Genesis Mission,” a sweeping federal initiative designed to accelerate scientific progress by expanding the government’s use of artificial intelligence. The order marks the administration’s latest move to champion AI development and broaden its adoption across key sectors. According to Michael Kratsios, director of the White House Office of Science and Technology Policy, the mission will streamline AI-related research across federal agencies and better integrate advanced tools to drive faster breakthroughs. Speaking ahead of the signing, Kratsios said the effort aims to cut discovery timelines by harnessing more unified, AI-powered experimentation.

Nvidia Pushes Back on Michael Burry’s AI Bubble Warnings in Private Memo

The battle between Nvidia and one of its most outspoken critics, Michael Burry, is intensifying. Burry — known for “The Big Short” — has been posting repeatedly on social media arguing that the current artificial intelligence boom resembles the telecom and dotcom bubble of the late 1990s, with Nvidia at its center. In response, the chipmaker quietly circulated a confidential memo to Wall Street analysts directly addressing and rebutting many of his claims. Burry revealed the memo’s existence on Substack, saying Nvidia “emailed a memo to Wall Street sell side analysts to push back on my arguments on SBC and depreciation,” referring to stock-based compensation. He added, “I am not claiming Nvidia is Enron. It is clearly Cisco.”

Earnings Spotlight

Crowdstrike's (CRWD) next earnings report for Q3 Fiscal Year 2026 is scheduled for release on Tuesday, December 2, 2025, after the market closes. Analysts anticipate non-GAAP earnings per share (EPS) of approximately $0.94 on revenue of around $1.21 billion. 

What's Ahead

November 26: October new home sales and expected earnings from Deere (DE).

November 27: U.S. markets closed for Thanksgiving holiday.

November 28: No major data or earnings expected; U.S markets close at 1 p.m. ET.

December 1: November ISM Manufacturing Index, October construction spending.

December 2: Expected earnings from Marvell Technology (MRVL) and CrowdStrike (CRWD).