Morning Brief

U.S. equity futures point higher, led by Nasdaq strength, as investors lean back into technology ahead of a busy earnings stretch. Semiconductor stocks are driving early momentum after fresh trade developments, while markets weigh policy risk from Washington and the durability of a long-awaited market broadening. Tech leadership is reasserting itself as a new U.S.–Taiwan trade agreement underpins domestic semiconductor investment. Taiwanese chipmakers plan at least $250 billion in U.S. capacity, easing tariff pressure and reinforcing the strategic importance of AI infrastructure. At the same time, rising electricity demand from AI data centers is prompting White House discussions around emergency power auctions, underscoring how physical constraints are becoming a market variable. Earnings season is adding confidence. With just over 5% of companies reporting, results have skewed decisively positive, supporting rotation into cyclicals and smaller caps. Materials, industrials, and energy are outperforming year to date, while the Russell 2000’s move to new highs suggests broader participation beyond mega-cap tech. In individual names, PNC Financial Services jumped on stronger loan growth, BYD rallied on reported battery talks with Ford, and ImmunityBio extended a sharp 2026 surge. Meanwhile, Klarna is positioning for a potential shakeup in consumer credit as scrutiny on card rates intensifies. Takeaways: Tech is reclaiming leadership as earnings optimism builds. Semiconductor policy and AI infrastructure costs are key market drivers. Sector rotation and small-cap strength point to broader market participation. Earnings beats are outweighing valuation concerns so far. Fintech pressure on traditional banking remains a longer-term theme. Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets are modestly higher after December CPI showed cooling under the hood, reinforcing expectations for a patient Federal Reserve. Futures are mixed, Treasury yields edged lower, and investors are now balancing inflation data against the first wave of bank earnings and policy noise. Core CPI rose 0.2% month over month and 2.6% year over year, both softer than expected, while headline inflation held at 2.7%. Shelter remained the largest contributor, rising 0.4%, underscoring why policymakers are not rushing to cut rates. Bond markets took the report as confirmation that disinflation remains intact, keeping the Fed on an easing bias without urgency. Concerns linger around tariffs, fiscal stimulus, and measurement distortions, but upside inflation risks appear contained near term. Earnings season opened with banks sending mixed signals. JPMorgan Chase beat overall expectations, but investment banking revenue disappointed, while trading benefited from market strength. Executives across Wall Street publicly defended Federal Reserve independence, a rare and notable intervention amid political pressure. Meanwhile, Delta Air Lines topped quarterly estimates but offered conservative guidance, pressuring the stock. Takeaways: Core inflation cooled, supporting a steady Fed stance. Shelter costs remain the key inflation variable. Bank earnings are uneven beneath headline beats. Fed independence is back in focus for markets. Travel demand holds, but growth is normalizing. Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Morning Brief host Julie Hyman and Yahoo Finance Markets and Data Editor Jared Blikre track several of Monday's top trending stock tickers, including Paramount Skydance (PSKY) launching a proxy battle against Warner Bros. Discovery (WBD), Meta Platforms (META) hiring former Trump security advisor Dina Powell McCormick as its new president and vice chair, and Abercrombie & Fitch (ANF) plummeting on its fourth quarter guidance. The US Department of Justice's (DOJ) criminal investigation launched against Federal Reserve Chair Jerome Powell raises questions about the status of the US central bank's independence, as President Trump mulls over Powell's replacement for when his term ends in May. Truist CIO and chief market strategist Keith Lerner assesses the bond market reaction to the latest headlines and how Wall Street is shifting back into the "Sell America" trade. Keith Lerner calls the Fed investigation the second "curveball" to happen in 2026. Takeaways: The US Department of Justice (DOJ) has subpoenaed the Federal Reserve as it launches a criminal investigation into the central bank's Chair Jerome Powell US stock futures drop in Monday's premarket as Wall Street finds the "Sell America" trade to be back on, finding safe haven in precious metals like gold and silver Earnings season kicks off for major bank stocks and Delta Air Lines (DAL) this week.  Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at ⁠yfpodcasts@yahooinc.com⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Morning Brief host Julie Hyman and Yahoo Finance Markets and Data Editor Jared Blikre track several of Friday's top trending stock tickers, including Meta (META), Oklo (OKLO), Vistra (VST), Rio Tinto (RIO), Glencore (GLNCY), and Intel (INTC). The US added 50,000 jobs in the month of December, according to the US Bureau of Labor Statistics (BLS), below the Bloomberg estimate of 70,000 non-farm payrolls. Additionally, the unemployment rate ticked down to 4.4% — down from the revised November reading of 4.5% (was originally 4.6%)— while average hourly earnings rose 0.3%. Morning Brief Anchor Julie Hyman reports on the breaking labor data, alongside RSM Chief Economist Joe Brusuelas and Interactive Brokers Chief Strategist Steve Sosnick. The US economy added fewer jobs than expected in December. The unemployment rate also fell below estimates. Yahoo Finance Federal Reserve Correspondent Jennifer Schonberger and Annex Wealth Management chief economist and strategist Brian Jacobsen explain what the latest jobs report means for the Fed.  US productivity rose 4.9% in the third quarter of 2025, as reported on Thursday by the Bureau of Labor Statistics (BLS). This data comes on top of the December jobs report, which saw the US economy grow by 50,000 jobs last month while the unemployment rate ticked down to 4.4% (down from the revised November reading of 4.5% which was originally 4.6%). RSM chief economist Joe Brusuelas — alongside Interactive Brokers' Steve Sosnick and UBS Global Wealth Management's Leslie Falconio — reacts to the fresh productivity figure amid rising jobless claims.  Takeaways: Earnings season is close to kicking off for big banks, with companies JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Morgan Stanley (MS), Wells Fargo (WFC), and Goldman Sachs (GS) set to report their quarterly results throughout next week. Major US bank stocks notably ended 2025 at new record highs.  Yahoo Finance senior bank reporter David Hollerith lists the three biggest themes that Wall Street investors will be watching from bank earnings.  Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at ⁠yfpodcasts@yahooinc.com⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Wall Street is attempting to cut through the noise out of Washington, D.C., after President Trump hinted at a long string of policy proposals, ranging from hiking defense spending to his administration's plans for Venezuelan oil and possibly banning institutional investors from buying single-family homes. Schwab Center for Financial Research head of macro research and strategy Kevin Gordon sits down with Julie Hyman to discuss how investors should be interpreting possible policy risks. Also, catch Kevin Gordon discuss the broadening of AI themes in 2026. Oil prices are rising after US Energy Secretary Chris Wright outlined the Trump administration's strategy, saying the US will control Venezuela's oil exports indefinitely. Yahoo Finance Breaking News Reporter Jake Conley sits down on Opening Bid with Julie Hyman to discuss the energy market's moves. Nvidia (NVDA), Constellation Brands (STZ), and Applied Digital (APLD) are some of the trending tickers on Yahoo Finance's platform on Thursday. Morning Brief host Julie Hyman and Yahoo Finance Data and Markets Editor Jared Blikre examine the stories driving investor interest in the stocks. After artificial intelligence dominated Wall Street headlines in 2025, Schwab Center for Financial Research head of macro research and strategy Kevin Gordon discusses the diversity and investment options now made available in the current phase of the AI trade in 2026. President Trump is giving Wall Street investors whiplash with a deluge of new policy proposals, from hiking defense spending to $1.5 trillion to expecting 50 million barrels of Venezuelan oil and plans to ban institutional investors from buying single-family homes. Yahoo Finance Washington correspondent Ben Werschkul comes on the program to explain Trump's vision for the US occupation of Venezuela in relation to the oil industry, while the administration seeks to raise its defense budget in 2027.  Takeaways: President Trump announced new policy proposals regarding US housing and a hike in defense spending US stock futures are ticking lower in Thursday's pre-market trading after the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) closed below new record highs in yesterday's sessions According to a Bloomberg report, Chinese officials are set to approve the purchase of Nvidia's H200 AI chips (NVDA) Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at ⁠yfpodcasts@yahooinc.com⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Morning Brief host Julie Hyman tracks several of the day's top trending stock tickers, including Warner Bros. Discovery (WBD) rejecting the latest Paramount Skydance (PSKY) bid, Strategy (MSTR) shares are rising after MSCI shelved a plan to exclude digital asset-backed treasuries from its indexes, and Bloomberg is reporting that Discord (DISO.PVT) has confidentially filed for an initial public offering.  While the US housing market is forecasted to thaw and see lower mortgage rates and home prices in 2026, that doesn't necessarily mean there will be available housing supply as older homeowners are staying put. Meredith Whitney Advisory Group CEO Meredith Whitney explains the impact that Baby Boomers deciding to "age in place" is having on housing supply, while also commenting on the portion of home equity loans currently being utilized for manufacturing projects. Whitney has been dubbed the "Oracle of Wall Street" for forecasting the 2008 financial crisis during her time as an analyst.  Takeaways: US stock futures are mixed in Wednesday's pre-market trading after the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) closed yesterday's session at new record highs.  ADP announced a gain of 41,000 private sector jobs in the month of December.  Investors await the release of the latest Labor Turnover Survey (JOLTS) report later today, while the December jobs report is to be released this Friday, January 9.  The White House announced that Venezuela will send 50 million barrels of oil to the US.  The Trump administration weighed its options of deploying the military to acquire Greenland. Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at ⁠yfpodcasts@yahooinc.com⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nvidia (NVDA) CEO Jensen Huang unveiled a variety of new projects and innovations at his keynote speech at CES 2026 on Monday, including the chipmaker's Vera Rubin AI platform and even its Alpamayo open-source model to train and improve autonomous driving programs. As part of a panel on today's Morning Brief, New Street Research technology infrastructure analyst Antoine Chkaiban and Spear Invest founder and CIO Ivana Delevska discuss what could be next for the chipmaker, CapEx spending, and the company's stock reaction to the announcements.  After Huang's CES speech, investors are talking more about opportunity in the autonomous driving space. Ivana Delevska and Clark Capital chief investment officer Sean Clark sit down with Morning Brief host Julie Hyman to share what they expect from the artificial intelligence (AI) trade in 2026 and beyond.  Takeaways: Nvidia (NVDA) CEO Jensen Huang unveiled a variety of new projects and innovations at his keynote speech at CES 2026 on Monday, including the chipmaker's Vera Rubin AI platform.  US stock futures are mixed in Tuesday's premarket trading after the Dow Jones Industrial Average (^DJI) reached a new record high above 49,000 yesterday.  A majority of small and medium business owners appear cautiously optimistic for 2026, according to a new study from Bank of America.  Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at ⁠yfpodcasts@yahooinc.com⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Morning Brief host Julie Hyman tracks several of the day's top trending stock tickers, including Taiwan Semiconductor Manufacturing Company (TSM) shares ticking higher in premarket trading after Goldman Sachs analysts raise their price target, Mobileye (MBLY) announces a deal with an unnamed US automaker, and Comcast (CMCSA) spinoff Versant Media Group (VSNT, VSNTV) begins its trading on the Nasdaq Monday.  US military forces captured Venezuelan President Nicolás Maduro in a surprise invasion of the country over the weekend. Maduro's ousting comes as the Trump administration seeks to charge the world leader with narco-terrorism conspiracy charges. Yahoo Finance Washington correspondent Ben Werschkul comes on the program to break down the latest news regarding this event, global interests in Venezuela's oil supply (CL=F, BZ=F), and China's condemnation of the US operation against the nation's trade ally. Takeaways: Oil prices and related stocks rise following the US invasion of Venezuela and capture of President Nicolás Maduro US stock futures inch slightly higher in Monday's premarket in response to the geopolitical headlines CES 2026 kicks off today in Las Vegas with presentations from Nvidia (NVDA) CEO Jensen Huang and Advanced Micro Devices (AMD) CEO Lisa Su.  Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at ⁠yfpodcasts@yahooinc.com⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's the first trading day of 2026, and Wall Street already has its eye on what could be the next big market catalyst and next step for the AI trade. The 2026 Consumer Technology Association (CES) will kick off in Las Vegas on Monday, January 5, with a keynote speech from Nvidia (NVDA) CEO Jensen Huang. Yahoo Finance tech editor Dan Howley discusses what to expect from this year's CES event and what new tech Jensen Huang could unveil in his speech. Tesla (TSLA) delivered 418,227 vehicles in the fourth quarter. That was fewer than the 440,907 that Wall Street was expecting. Roundhill Investments CEO Dave Mazza and Yahoo Finance Senior Reporter Ines Ferré discuss the release. JonesTrading Chief Market Strategist Michael O'Rourke and Yahoo Finance senior markets reporter Ines Ferré weigh in on how much further the market may have to run, referencing recent trends in precious metals commodities Takeaways: Costco Wholesale stock (COST) is trading at premium multiples compared to the rest of the S&P 500 (^GSPC), similar to Nvidia (NVDA) Michael O'Rourke shares his perspective on the AI bubble heading into 2026 EMJ Capital founder Eric Jackson compares Nvidia with his so-called pizza and retail bubbles risks Learn more about your ad choices. Visit megaphone.fm/adchoices

On the Morning Brief, Yahoo Finance executive editor Brian Sozzi is examining the biggest developing market stories on December 31, 2025 — the final trading day of the year! JonesTrading Chief Market Strategist Michael O'Rourke and EMJ Capital Founder and President Eric Jackson come on today's program for a panel discussion spanning several topics, including a look back on 2025's strongest stock finishes and Berkshire Hathaway (BRK-A, BRK-B) CEO Warren Buffett's final day as chief executive. In the final trading day of 2025, investors are both looking back on the year's biggest stock theme and ahead to the next big opportunities and risks in 2026. Wall Street worries that an AI bubble growing around markets could be here to stay into the New Year. EMJ Capital Founder and President Eric Jackson, JonesTrading Chief Market Strategist Michael O'Rourke, and Yahoo Finance senior markets reporter Ines Ferré each share their perspective on the existence of an AI-driven market bubble. Also watch Eric Jackson compare Nvidia (NVDA) and AI bubble risks with his so-called pizza and retail bubbles. Takeaways: US stock futures are hovering slightly above the flatline as equities look to close out the final trading day of 2025 — and the year in total — on a high note Berkshire Hathaway CEO Warren Buffett is set to step down from his chief executive role when the clock strikes midnight tonight, handing the leadership reins over to Greg Abel Buffett will stay on as Berkshire's chairman Nike (NKE) CEO Elliott Hill buys $1 million worth of shares in the sports apparel giant Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at ⁠yfpodcasts@yahooinc.com⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Yahoo Finance executive editor Brian Sozzi tracks several of the day's top trending stock tickers, including Tesla's (TSLA) expectations for weaker EV deliveries in the fourth quarter of 2025, mining company stocks gaining on the rebound in silver, gold, and copper prices, and Boeing (BA) signing an $8.5 billion contract with the US Air Force to build fighter jets for the Israeli military.  Meta Platforms (META) is acquiring AI startup Manus. According to Bloomberg, the deal values Manus at more than $2 billion. Hennessy Funds portfolio manager Josh Wein, along with Yahoo Finance Senior Reporters Brooke DiPalma and Ines Ferré, discuss the deal and what it reveals about the state of AI. Takeaways: Meta Platforms (META) announced that it will be acquiring AI startup Manus for over $2 billion US stock futures hover just below their flatlines as the Santa Claus rally stumbles Berkshire Hathaway CEO Warren Buffett prepares to hand the reins over to Greg Abel at the year's end Buffett will stay on as chairman of Berkshire's board Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at ⁠yfpodcasts@yahooinc.com⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Yahoo Finance executive editor Brian Sozzi tracks several of the day's top trending stock tickers, including SoftBank's (9984.T, SFTBY) $4 billion acquisition of data center infrastructure firm DigitalBridge Group (DBRG), Intel (INTC) completing its stock sale to stakeholder Nvidia (NVDA), and the Wall Street Journal reporting Lululemon (LULU) founder Chip Wilson is staging a proxy battle by nominating three new board member candidates. Takeaways: Gold prices, along with silver, are sliding below the precious metals' recent record highs.  Bitcoin (BTC-USD) is hovering below $90,000 after briefly touching above the milestone.  US stock futures are wavering in Monday's pre-market trading in the final trading week of 2025.  The US stock market will be closed this Thursday for New Year's Day. Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at ⁠yfpodcasts@yahooinc.com⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stocks headed into the post-Christmas session with thin volumes and major indexes hovering near record highs as investors track the Santa Claus rally window. Precious metals added to risk-on sentiment, with gold and silver at record levels and miners outperforming over the past month. The AI trade stayed front and center after Nvidia (NVDA) struck its largest acquisition to date, agreeing to pay roughly $20B for assets from AI chip startup Groq. Wedbush’s Dan Ives framed the deal as another signal that AI infrastructure spending remains durable into 2026. Ives also reiterated his bullish stance on Tesla (TSLA), pointing to autonomy, robotics, and “physical AI” as the longer-term value drivers. Macro risk is creeping back into the narrative. Steward Partners’ Jason Bonfield flagged 2026 uncertainties tied to tariffs, a potential Fed leadership change in May, and midterm election dynamics, arguing investors should avoid complacency and be prepared to rebalance into volatility. Trending tickers include Nvidia (NVDA) and Micron (MU). Takeaways: Santa rally optimism persists amid light holiday trading Record metals prices support the broader risk backdrop Nvidia’s Groq asset deal reinforces AI capex momentum Tesla’s autonomy thesis remains a 2026 flashpoint Policy and political risks are shaping next year’s playbook Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stocks were little changed on the holiday-shortened session after the S&P 500 closed at a record, with investors tracking the Santa Claus rally window into early January. Commodity strength stayed a key backdrop, keeping inflation and rate expectations in focus as traders look ahead to 2026 policy signals. Strategists argued the AI trade still matters, but leadership may broaden from “AI cost centers” to “AI beneficiaries,” as adoption lifts productivity and margins beyond megacap tech. They also flagged potential 2026 rotation across sectors and styles, including equal-weight exposure as mega-cap earnings growth cools. On the macro tape, the panel pointed to resilient consumer spending led by higher-income households, with liquidity conditions, wage gains, and productivity trends shaping the 2026 rates path. Dividend payers and healthcare were framed as under-owned areas that could re-rate if cash yields fade with Fed cuts. Trending: BP (BP) in a $10.1B lubricants JV deal, Sanofi (SNY) to buy Dynavax (DVAX), and UiPath (PATH) added to the S&P MidCap 400. Takeaways: Markets are in Santa-rally watch mode after a record S&P 500 close. Investors are debating AI leaders vs. the next wave of AI adopters. Rotation and diversification are the core 2026 positioning call. Consumer resilience and productivity are the key macro swing factors. Deal news and index inclusion are moving single-name action. Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US markets opened softer after Q3 GDP printed at 4.3%, reviving the idea the Fed may have less room to cut early in 2026. Investors now pivot to thin holiday liquidity, the next data points, and whether earnings can clear rising expectations. AI leadership remains the focal point: Nvidia (NVDA) has added about 5% over the last 5 sessions as Dan Ives framed the cycle as “year 3” of a multi-year buildout, while Marianne Bartels argued 2026 looks like a volatility-heavy “reset” that still sets up a longer bull run for semis. The risk today is not the theme, it is the bar. Commodities are the other momentum pocket: copper hit a fresh record above $12,000/ton and gold broke through $4,500/oz, with Bartels flagging a broader metals breakout. Trending tickers: Novo Nordisk (NVO) on FDA approval for a weight-loss pill, with Eli Lilly (LLY) close behind. Takeaways: Strong GDP revived “higher for longer” rate sensitivity. Semis can lead in 2026, but expect a reset-style drawdown. Metals are acting like a FOMO trade with real supply constraints. GLP-1 competition is accelerating from injections to pills. Watch expectations, not narratives, into early 2026. Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stock futures edged higher into a holiday-shortened week, with investors still looking for a late-year Santa Claus rally and a quieter, lower-volume tape. Sentiment is also reacting to Cleveland Fed President Beth Hammock signaling no urgency to cut rates for several months, keeping the inflation debate in focus. Crypto’s “everything went right, price still fell” narrative is front and center: Bitcoin is fighting key technical levels while investors watch a potential index-policy inflection around Strategy (MSTR) and other digital-asset-treasury companies. Meanwhile, gold and silver are making new highs, reframing the “digital gold” pitch as central-bank demand and reserve diversification keep physical metals bid. Stock-specific movers and 2026 frameworks leaned into deal and growth themes: Warner Bros. Discovery (WBD) tracked the Paramount bid dynamics, Nvidia (NVDA) rose on China shipment chatter, and Clearwater Analytics (CWAN) jumped on a take-private. Investors also heard a “layup bets” approach favoring healthcare enablers over insurers. Takeaways: Futures pointed higher in thin, holiday trading. Rate-cut timing remains constrained by inflation focus. Bitcoin faces technical pressure amid index-rule uncertainty. Metals strength is challenging the “digital gold” narrative. 2026 screens emphasized healthcare infrastructure and select M&A. Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US index futures were steady Friday after a quiet week of delayed data and selective earnings reactions. Investors head into the final full trading week of 2025 watching for a soft-landing read on 2026 growth, Fed rate-cut timing, and whether breadth can keep expanding beyond mega-cap tech. Big banks led 2025’s surprise winners: the KBW Bank Index rose about 28%, powered by strong trading and dealmaking, a less restrictive regulatory backdrop, and a yield-curve un-inversion that supports net interest income. The debate now shifts to 2026: can loan growth reaccelerate, and does a pickup in regional-bank M&A reward stock pickers over index exposure? AI also broadened into “picks-and-shovels.” The playbook focuses on data-center construction, cooling, grid and nuclear-linked utilities, plus defense and late-stage biotech as potential 2026 tailwinds tied to spending and M&A cycles. Trending tickers: Oracle (ORCL) jumped on a signed TikTok US joint-venture deal, Nike (NKE) slid on weak guidance, FedEx (FDX) rose after topping estimates and lifting its profit-floor outlook. Takeaways: Banks outperformed in 2025; 2026 hinges on lending and deal flow. Deregulation expectations stay a key financials catalyst. AI leadership may rotate toward infrastructure and power. Nike’s reset highlights uneven consumer and China demand. FedEx cost actions show up in guidance, not just headlines. Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stock futures pushed higher after November CPI landed below estimates, but traders are weighing a key asterisk: the government shutdown disrupted data collection, leaving the report tougher to trust. Markets are now watching whether the next inflation and jobs prints validate a real downshift and what that means for the Fed’s 2026 rate-cut path. The bigger story for risk appetite is how quickly “rate relief” feeds back into growth expectations. Yields ticked lower, lifting tech and other rate-sensitive groups, even as economists warned this CPI could be skewed by Black Friday timing and missing October benchmarks. AI infrastructure also snapped back into focus. Micron (MU) surged premarket on a standout outlook tied to data-center memory demand, a reminder that the AI trade is still being led by capex and supply constraints. Trending tickers: Trump Media (DJT) popped on a fusion deal, BP (BP) named a new CEO, and Coinbase (COIN) pushed further into an “everything app” strategy. Takeaways: CPI surprised lower, but shutdown-driven data gaps limit confidence. Markets leaned risk-on as yields eased and cut expectations firmed. AI capex remained the dominant tech driver via Micron’s outlook. Activism and leadership change stayed in focus across consumer and energy. Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US stock futures point modestly higher, with the Nasdaq leading early gains, as markets digest another round of AI build-out headlines and a major IPO debut. Amazon (AMZN) is reportedly in talks to invest more than $10 billion in OpenAI in a deal that could value the company north of $500 billion and include OpenAI using Amazon’s chips. At the same time, the AI infrastructure trade is showing stress points. Oracle’s (ORCL) Michigan data center project is reportedly in limbo after Blue Owl funding talks stalled, raising fresh questions about how quickly “neo-cloud” players can finance massive capex plans tied to OpenAI’s revenue ramp. Investors will get another read on AI demand after the bell with Micron (MU) earnings, as the market debates whether the next phase of AI leadership broadens beyond the biggest chip names. In media M&A, Warner Bros. Discovery (WBD) urged shareholders to reject Paramount’s (PARA) $108 billion bid as “inferior,” keeping the spotlight on the multi-front fight that also involves Netflix’s (NFLX) competing approach. In today’s top trending tickers, Tesla (TSLA) is under pressure after California’s DMV alleged the company misled consumers about its driver-assistance marketing and warned its sales license could be suspended if it doesn’t come into compliance. Medline began trading in the year’s largest IPO, priced at $29 and valued around $39 billion, under ticker (MDLN). Takeaways: Amazon and OpenAI reportedly discuss a $10B+ investment tied to Amazon chip usage Oracle’s Michigan data center funding talks stall, spotlighting AI capex and financing risk Micron earnings after the bell offer another checkpoint on AI-driven memory demand Warner Bros pushes back on Paramount’s $108B bid as the media deal fight escalates Tesla faces a California DMV challenge; Medline debuts under (MDLN) in the year’s biggest IPO Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

US markets are quiet ahead of the Federal Reserve’s final decision of the year, with traders widely expecting a quarter-point “hawkish cut” and a fresh dot plot showing only one more cut penciled in for 2026. Chair Jerome Powell’s press conference and the scope of any dissents will be key as officials juggle inflation, which remains roughly a whole point above target, a softening labor market, and a post-shutdown GDP rebound. The White House has also begun interviewing candidates for the next Fed chair, including former Governor Kevin Warsh, while NEC Director Kevin Hassett remains the perceived frontrunner. The AI trade faces its next test with Oracle (ORCL) and Adobe (ADBE) reporting after the bell. Oracle must convince Wall Street that massive OpenAI-linked data-center spending and negative free cash flow are justified by future revenue and remaining performance obligations. At the same time, Adobe navigates investor questions about AI competition from tools like Google’s Gemini and how effectively it can weave generative AI into Creative Cloud. At the same time, bond yields on the 10-year and 30-year remain elevated even as markets bet on more easing next year, reflecting concerns over debt, inflation, and policy uncertainty. In media and tech, Netflix (NFLX) has agreed to buy the studio and streaming assets of Warner Bros. Discovery (WBD) in a $72 billion cash-and-stock deal, picking up HBO, Max and franchises like Harry Potter, Game of Thrones, DC, Friends, and The Sopranos while keeping that IP out of Paramount (PARA) and Comcast’s (CMCSA) hands. Analysts say the acquisition widens the gap between Netflix and its smaller rivals, but raises regulatory and integration questions. Apple (AAPL) is under fresh scrutiny after a wave of senior departures in operations, design, AI, and legal, even as iPhone and services demand keep the stock near record highs. Trending tickers include SpaceX, which is reportedly eyeing a 2026 IPO valuing the company near $1.5 trillion, GE Vernova (GEV) after an upbeat AI-driven power outlook, and Chewy (CHWY) on stronger customer spend and improving active users. Takeaways: Fed expected to deliver a 25 bp “hawkish cut” and update its dot plot at the final meeting of 2025 Internal dissents and the next Fed chair race add uncertainty to the 2026 rate path Oracle and Adobe earnings serve as a fresh stress test for the AI infrastructure and software trade Netflix to acquire Warner Bros' studio and streaming assets for $72B, tightening its grip on top Hollywood IP Apple faces a high-profile management reshuffle even as iPhone and services strength keep investors onside Yahoo Finance's flagship show, Morning Brief, is your go-to source for smarter investing and market moves. Thoughts? Questions? Fan mail? Please email us at yfpodcasts@yahooinc.com. Learn more about your ad choices. Visit megaphone.fm/adchoices