S&P 500 – 6,734.11 (-0.050%)

Dow Jones – 47,147.48 (-0.65%)

NASDAQ – 22,900.59 (+0.13%)

• Markets rebound as tech bounce offsets early losses: After a steep drop at the open, U.S. equity markets clawed back on Friday, finishing near unchanged as tech stocks helped steady broader indexes. Hawkish Fed commentary signaled that a December rate cut is far from guaranteed, with futures showing a 45% probability, down from 70% earlier in the week. Asian and European markets also softened, while Treasury yields edged higher, with the 10-year finishing around 4.15%. The Nasdaq is down over 3% for the month, despite a 19% year-to-date gain.
• Global equities poised for standout 2025: Outside the U.S., markets are on track for a strong year. The MSCI ACWI ex-U.S. Index is pacing for a gain of more than 30%, potentially its best return since 2009. China’s index is up about 40%, while Korea has surged over 90%.
• Warner Bros. Discovery attracts multiple bidders: Shares of Warner Bros. Discovery (WBD) climbed after reports indicated that Netflix (NFLX) and Paramount Skydance (PSKY) are preparing bids ahead of the November 20 deadline.
• JPM completes proof-of-concept for digital deposit token: JPMorgan announced that it has successfully completed the proof-of-concept for its USD-denominated deposit token, JPM Coin (JPMD), aimed at institutional clients.
• Walmart announces CEO transition: Walmart (WMT) slipped following news that longtime CEO Doug McMillon will retire in January 2026, to be succeeded by John Furner, currently CEO of Walmart U.S.
• Apple rises in China but shares dip in pre-market: Apple (AAPL) traded lower despite reports of a 22% surge in iPhone sales in China following the iPhone 17 launch.
• Applied Materials shares fall on cautious guidance: Applied Materials (AMAT) sank despite beating earnings expectations, as investors reacted to reaffirmed guidance and a projected demand improvement in the second half of next year.
• Rigetti Computing falls amid tech selloff: Rigetti Computing (RGTI) dropped further as tech selling persisted. After a peak gain of 150%, the broader quantum computing sector is now down nearly 43%.
• Disney shares tumble on revenue miss: Walt Disney (DIS) plunged after quarterly revenue fell short of expectations, mainly due to TV and film weaknesses. Streaming and theme parks remained strong, reinforcing growth potential for those segments.
• Nike jumps after Wells Fargo upgrade: Nike (NKE) surged after being upgraded to Overweight by Wells Fargo, citing improved visibility into sales and margins, though shares are down 1.7% this morning.
• Eli Lilly continues health care rally: Eli Lilly (LLY) is up 18% for the month. Reports suggest the company could pursue a stock split, with health care leading sector performance this week.
• Crypto-linked stocks slide with Bitcoin: Bitcoin (/BTC) fell to six-month lows, dragging crypto-linked names lower. Coinbase (COIN) lost 5%, MicroStrategy (MSTR) dropped 6%, and Circle Internet Group (CRCL) also declined.
• S&P 500 Equal Weight Index signals rotation from mega-caps: The S&P 500 Equal Weight Index (SPXEW) is having its strongest month relative to the market-cap-weighted S&P 500 (SPX) since March, indicating continued rotation away from large-cap names.
• Volatility surges as markets remain unsettled: The VIX jumped 14.2% yesterday and added another 10% this morning.
• Inflation data delayed but estimates point to steady CPI: The Bureau of Labor Statistics delayed October CPI data to early-mid December. Estimates point to a 0.2% monthly gain, equating to a 3.0% year-over-year increase. Core CPI is forecasted to rise 0.3%, while October PPI is expected to show a 0.2% gain.
• Labor market shows modest improvement: Initial jobless claims dipped to 227,543 for the week ended November 8, slightly down from the previous week’s 228,889. Publication of the report is expected to resume next Thursday.
• Atlanta Fed GDPNow forecast unchanged at 4.0%: The Atlanta Fed’s GDPNow estimate for Q3 GDP remains steady at +4.0%, unchanged from last Friday.

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"Every time you spend money, you're casting a vote for the kind of world you want." - John F. Kennedy

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Notable Stocks

• Walmart (WD)
• Alibaba (BABA)
• Warner Brothers Discovery (WBD)
• Apple (AAPL)
• Nike (NKE)

Weekly Notables

Disney and YouTube TV Strike Deal, Ending Two-Week Blackout

Disney and YouTube TV announced Friday that they have reached an agreement to restore access to Disney-owned networks after a two-week blackout that frustrated millions of subscribers. Under the new deal, YouTube TV will once again carry Disney channels including ABC, ESPN, FX, and others. The agreement also expands the partnership: ESPN’s upcoming direct-to-consumer streaming service will be included on YouTube TV at no extra cost, and YouTube will gain the ability to offer select Disney networks and the Disney+/Hulu bundle in various packages.

Walmart Names John Furner as Next President and CEO, Succeeding Doug McMillon

Walmart Inc. (NYSE: WMT) announced a major leadership transition today, revealing that John Furner has been elected President and Chief Executive Officer of Walmart Inc., effective February 1, 2026. Furner, currently CEO of Walmart U.S., was also elected to the company’s Board of Directors effective immediately. Doug McMillon, who has led the company for over a decade, will retire on January 31, 2026, but remain on the Board until the next annual shareholders’ meeting and continue advising Furner through January 31, 2027.

Earnings Spotlight: Home Depot (HD)

Home Depot is scheduled to report its third-quarter fiscal 2025 earnings on November 18, 2025, before the market opens. For the previous quarter (Q2 2025), the company reported mixed results that were slightly below analyst expectations, but reaffirmed its full-year guidance. The consensus estimate for EPS is approximately $3.82 to $3.84 per diluted share, a slight increase from the $3.78 reported in the same quarter last year. Revenue is expected to be around $41.1 billion, an increase of approximately 2% from the year-ago quarter. Analysts are focused on whether the company can maintain positive comparable sales growth amidst ongoing pressure from high interest rates, which have led customers to defer large-scale renovation projects. 

The Week Ahead

Economic:

• Monday (11/17): Empire State Manufacturing
• Tuesday (11/18): Capacity Utilization, Export Prices, Import Prices, Industrial Production, NAHB Housing Market Index, Net Long-Term TIC Flows
• Wednesday (11/19): Building Permits, EIA Crude Oil Inventories, Housing Starts, MBA Mortgage Applications Index
• Thursday (11/20): Continuing Claims, EIA Natural Gas Inventories, Existing Home Sales, Initial Claims, Leading Indicators, Philadelphia Fed Index
• Friday (11/21): University of Michigan Consumer Sentiment - Final

Earnings:

• Monday (11/17): Aramark (ARMK), Brady Corp. (BRC), Full Truck Alliance Co. (YMM), H World Group Inc. (HTHT), Helmerich and Payne Inc. (HP), Li Auto Inc. (LI), Trip.com Group Ltd. (TCOM), XP Inc. (XP), Xpeng Inc. (XPEV)
• Tuesday (11/18): AECOM (ACM), Baidu Inc. (BIDU), Dolby Laboratories Inc. (DLB), Elbit Systems Ltd. (ESLT), Futu Holdings Ltd. (FUTU), Home Depot Inc. (HD), Medtronic PLC (MDT), PDD Holdings Inc. (PDD), Sociedad Quimica y Minera de Chile SA (SQM)
• Wednesday (11/19): Bullish (BLSH), Copa Holdings SA (CPA), Dycom Industries Inc. (DY), Lowe's Companies Inc. (LOW), NIO Inc. (NIO), Nvidia Corp. (NVDA), Palo Alto Networks Inc. (PANW), Target Companies (TGT), TJX Companies Inc. (TJX), Viking Holdings Ltd. (VIK)
• Thursday (11/20): Copart Inc. (CPRT), Elastic NV (ESTC), ESCO Technologies Inc. (ESE), Gap Inc. (GAP), Jacob Solutions Inc. (J), Intuit Inc. (INTU), NetEase Inc. (NTES), Ross Stores Inc. (ROST), Veeva Systems Inc. (VEEV), Walmart Inc. (WMT)
• Friday (11/21): Alibaba Group Holding Ltd. (BABA), BJ's Wholesale Club Holdings Inc. (BJ), IES Holdings Inc. (IESC), VinFast Auto Ltd. (VFS)