What Moved The Markets This Week

Dec 15, 2024

Sunday Morning Markets

Trading Week 50, covering Monday, Dec 9 through Friday, Nov 13. Your weekly financial markets update, in less than 5 minutes.

Inflation accelerated to 2.7% in November, as expected, with core CPI steady at 3.3%. Shelter costs drove much of the increase, accounting for 40%. Markets now see a 96% chance of a Fed rate cut next week.
MicroStrategy, Palantir, and Axon will be added to Nasdaq100 and replace Moderna, Super Micro, and Illumina. MicroStrategy’s massive bet on Bitcoin and Palantir’s AI growth boost visibility.
Nvidia to be investigated for antitrust violations by Chinese regulators, causing shares to drop 3%. The probe will focus on its Mellanox acquisition amid U.S.-China chip tensions.
U.S. finalizes $6.1B subsidy for Micron Technology, boosting chip production in New York and Idaho. The investment aims to create 20,000 jobs and grow U.S. chip output to 10% by 2035.
Ro partners with Eli Lilly for lower-cost Zepbound vials, offering a seamless app-based experience for prescriptions and home delivery. Prices start at $399/month, expanding access to weight-loss care.
Amazon partners with Intuit to streamline finances for third-party sellers. Amazon will integrate QuickBooks into Seller Central by mid-2025 for realtime insights on sales and inventory data.

ECB cuts rates for the fourth time in 2024, lowering its key rate to 3% as inflation eases. The ECB also removed the note that it needs to “keep policy rates sufficiently restrictive for as long as necessary,” a dovish shift.
Bundesbank drastically cuts German growth forecasts to 0.2% for 2025, citing rising protectionism, weak exports, and structural issues weighing on industry and jobs.
UK economy unexpectedly shrunk 0.1% in October, marking a second monthly contraction amid production declines and budget uncertainty. Sterling fell as stagflation risks loom.
Bank of Canada delivers second 0.5% rate cut in a row, lowering rates to 3.25% to tackle weak growth and a soft labor market. A “gradual” policy shift signals smaller cuts ahead.
China's inflation hits a five-month low at 0.2%, underscoring sluggish demand. Leaders pledge "moderately" looser monetary policy and proactive fiscal measures to stabilize growth and boost consumption.
China signals openness to mend U.S. ties ahead of Trump’s inauguration, with President Xi advocating for dialogue over confrontation. Experts see cautious overtures but no major concessions yet.

Google touts quantum computing breakthrough with the "Willow" chip, which performed calculations in 5 minutes that would take supercomputers 10 septillion years. Shares of GOOG 0.00%↑ surged 10% this week.
GM to no longer fund the Cruise robotaxi division after investing over $10B. The company will shift its focus to personal vehicle autonomy, citing high competition and costs in the robotaxi market.
OpenAI releases Sora, its AI video-generation tool, enabling users to create HD videos from text prompts. The rollout aims to rival offerings from Google and Meta.
Apple launches its ChatGPT integration with Siri, enhancing responses to complex questions in iOS 18.2. The feature is poised to drive iPhone upgrades and AI innovation.
ServiceTitan shares surge 42% in Nasdaq debut, as its valuation nears $9B. With recent IPO successes and a backlog of 700+ private unicorns, 2025 could bring a wave of public listings.
El Salvador to scale back bitcoin mandates in order to secure a $1.3B loan from the IMF. Businesses can opt out of accepting Bitcoin as legal tender, reshaping Bukele's crypto ambitions.