• Little change in the markets. U.S. stocks closed out the trading week near the unchanged mark in a lackluster session on Friday, with the S&P 500 and Dow posting weekly declines, while the Nasdaq secured its fourth consecutive week of gains. The Nasdaq went above the 20,000 mark for the first time on Wednesday.
• Yields rose. Yields on U.S. Treasuries rose across the board, with ones on the benchmark 10-year bond hitting a three-week high.
• Interest rate cut ahead. The Federal Reserve is set to cut its benchmark interest rate by a quarter-percentage point this coming week. The move would leave the Fed’s benchmark rate in a range of 4.25%-4.5%, a full percentage point drop from the peak in early September.
• Broadcom surpasses $1 trillion market cap. Broadcom forecast quarterly revenue surpassing Wall Street expectations and predicted robust growth in demand for its custom AI chips over the next few years. The company saw its shares move 24% higher, pushing its market capitalization past $1 trillion for the very first time.
• RH jumped 16.95%. The home furnishings retailer reported higher net revenue for the third quarter, while D.R. Horton eased 0.89% as J.P. Morgan downgraded its rating on the homebuilder to "underweight."
• Tesla hits all-time high. Shares of the electric vehicle maker soared to an all-time high on Friday following news that President-elect Trump may eliminate the need for companies to report automated vehicle crash data.
• Bitcoin passes $100k for the first time. The Bitcoin rally this week was fueled by Trump confirming plans to establish a U.S. bitcoin strategic reserve.
• MicroStrategy to be added to the NASDAQ-100. The Bitcoin development company will be added to the tech-heavy Nasdaq-100 Index, the exchange operator said on Friday.
• Gold slips. Gold has eased back in price on the wake of a U.S. producer price inflation report that came in hotter than expected. 
• Oil sees biggest gain 3 weeks. Oil scores saw their biggest gain in 3 weeks as China’s stimulus boosts demand view.

• Broadcom, Inc. (AVGO)
• Archer Aviation (ACHR)
• RH (RH)
• Nvidia (NVDA)
• SoundHound AI (SOUN)

Biggest Gainers

• RH (RH) +16.95%
• IonQ, Inc. (IONQ) +12.80%
• Novocure Limited (NVCR) +11.14%
• Credo Technology (CRDO) +11.01%
• Marvell Technology (MRVL) +10.79%

Biggest Losers

• Sweetgreen, Inc. (SG) -8.69%
• Under Armour, Inc. (UA) -8.05%
• Amicus Therapeutics (FOLD) -7.78%
• MongoDB, Inc. (MDB) -7.42%
• Wingstop, Inc. (WING) -6.68%

Weekly Notables

Former Open AI Researcher and Whistleblower is Found Dead

According to officials who confirmed with CNBC, Suchir Balaji, a former OpenAI researcher, was found dead in his San Francisco apartment in recent weeks. He had left OpenAI earlier this year and voiced concerns publicly that the company had allegedly violated U.S. copyright laws in building its popular ChatGPT chatbot. “The manner of death has been determined to be suicide,” David Serrano Sewell, executive director of San Francisco’s Office of the Chief Medical Examiner, told CNBC in an email.

Broadcom Passes Trillion Dollar Market Cap for First Time

Shares of Broadcom closed up more than 24% Friday, which helped the company achieve a significant milestone. Broadcom's market cap touched beyond $1 trillion for the first time. For the year, the company said artificial intelligence revenue jumped 220% to $12.2 billion. Broadcom reported $14.05 billion in revenue for the fourth quarter, up 51% year over year.

The Week Ahead

• Potential market moving catalysts this week: One of the big things that investors can await this week is the Federal Reserve meeting on Wednesday and their decision on cutting interest rates. On Monday investors can watch out for the NY Fed Empire State Manufacturing. On Tuesday data on deck will be Business Inventories, Capacity Utilization, Industrial Production, NAHB Housing Market Index, and Retail Sales. On Thursday it'll be Continuing Claims, EIA Natural Gas Inventories, Existing Home Sales, GDP – Third Estimate, Initial Claims, Leading Indicators, and Net Long-Term TIC Flows. To wrap the week up on Friday will be PCE Prices, PCE Prices – Core, Personal Income, Personal Spending, University of Michigan Consumer Sentiment.
• Earnings on deck this week: Compass Minerals International (CMP), Mitek Systems Inc. (MITK), HEICO Corp. (HEI), Worthington Enterprises Inc. (WOR), General Mills Inc. (GIS), Jabil Inc. (JBL), Birkenstock Holding PLC (BIRK), Micron Technology (MU), Lennar Corp. (LEN), Worthington Steel Inc. (WS), Accenture PLC (ACN), Cintas Corp. (CTAS), Paychex Inc. (PAYX), Darden Restaurants Inc. (DRI), Carmax Inc. (KMX), Conagra Brands Inc. (CAG), Nike Inc. (NKE), FedEx Corp. (FDX), and Winnebago Industries Inc. (WGO).
    

Earnings Spotlight: Nike

Nike Inc. is expected to report slight earnings beat for its fiscal second quarter of 2025, driven by cost controls. “We expect slight 2Q25 EPS outperformance, but on lower-quality drivers&reflective of a very challenged trend – making for a similar outcome to recent quarters,” an analyst wrote.
Morgan Stanley (NYSE:MS) lowered its price target on Nike shares to $80 from $82, citing ongoing risks to earnings and a slower-than-expected path to recovery. Analysts at Morgan Stanley expect the company to post earnings per share of $0.67, slightly above the Street's $0.65 estimate, but on weaker revenue and lower gross margins.