What Moved The Markets This Week

Dec 01, 2024

Sunday Morning Markets

Trading Week 48, covering Monday, Nov 25 through Friday, Nov 29. Your weekly financial markets update, in less than 5 minutes.

Fed see interest rate cuts ahead, but only ‘gradually,’ meeting minutes show. With easing inflation and strong jobs data, markets now see a 66% chance of a December cut, but only two additional cuts in 2025.
Fed’s preferred inflation gauge rose to 2.3%, with Core PCE at 2.8%, matching forecasts. Core inflation hit 2.8% annually, with spending up 0.4% and personal income surging 0.6% in October.
Trump taps hedge fund veteran Scott Bessent as Treasury pick, eyeing a “global economic reordering.” Bessent backs a 3-3-3 growth strategy: cut deficits, boost GDP, and expand energy output.
Biden proposes Medicare and Medicaid cover weight-loss drugs like Wegovy and Ozempic, granting access to millions. Critics warn of a $35B taxpayer cost over the next decade.
Tesla may be excluded from California's new EV tax credits, as the state revises incentives amid Trump's potential federal subsidy cuts. Musk calls the proposal "insane," citing Tesla's California production.
Judge dismisses Trump’s 2020 election interference case, ending Jack' Smith’s federal charges tied to Jan. 6 and classified documents. DOJ cites presidential immunity after his re-election.

Israel and Lebanon agreed to a permanent ceasefire, Biden announces. Effective Wednesday, Israel will withdraw and Lebanon’s forces will secure the border. Rebuilding begins.
Trump vows to increase tariffs on Chinese goods by 10% and impose 25% tariffs on Canada and Mexico, citing drug trade and migration concerns. Mexico and Canada signal possible retaliatory measures.
Canada’s GDP growth slows to 1%, driven by household spending but offset by weak business investment and exports. Per-capita GDP contracted for a sixth straight quarter.
Bank of Korea surprises with back-to-back rate cuts, lowering its benchmark rate to 3.00% and slashing growth forecasts. Analysts expect further cuts ahead amid global trade risks.
India’s growth cools sharply to 5.4%, missing expectations and marking its slowest pace since 2022. Weak manufacturing and consumption weighed on GDP, while agriculture offered a rare bright spot.
China’s factory activity index edges up to 50.3, marking a second month of growth. New orders improved, but the non-manufacturing PMI slipped to 50.0, signaling mixed economic momentum.

Australia bans social media for kids under 16, with the rules set to start in 2025. Platforms face $32M fines for violations, sparking debates over privacy, youth rights, and mental health impacts.
Canadian media sues OpenAI for copyright infringement, accusing it of misusing content to train ChatGPT without consent or payment. The lawsuit demands damages and a ban on further use.
Intel secures $7.86 billion CHIPS Act grant to expand U.S. semiconductor manufacturing, a boost amid ongoing financial struggles. The trimmed grant follows a $17B quarterly loss and job cuts.
Databricks to raise $5B at a $55B valuation, delaying its IPO. The funding allows employees to sell shares and cash out as the company capitalizes on strong AI momentum and market demand.
Video platform Rumble to allocate $20M to Bitcoin as part of a new treasury strategy. CEO Chris Pavlovski cites Bitcoin’s inflation hedge potential and aims to deepen ties with the crypto community.
Nvidia unveils AI model "Fugatto" to modify voices and create unique sounds, targeting music, film, and gaming. While powerful, Nvidia has no plans to release it soon due to potential misuse.

See other breakdowns on our Twitter page.

US - Imports & Exports 🇺🇸
US - Jobless Claims 🇺🇸
CA - Ivey PMI 🇨🇦
Earnings: Lululemon, Samsara, Veeva, DocuSign, Rubrik, GitLab, Smartsheet, UiPath, Asana, Ulta💰

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