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Markets held a cautious upside: the Dow notched a record close above 48,000 while the S&P 500 edged higher and the Nasdaq lagged amid profit‑taking in tech. Volatility ticks up as investors digest the end of the shutdown, mixed Fed signals on December cuts, and big AI infrastructure commitments that are reshaping capex expectations.
Congress moved to reopen the federal government after a 43‑day shutdown, with the House passing a bipartisan funding bill. Lawmakers raced to restore agency operations and address immediate fallout across aviation, benefits and data reporting.
48,000 – Dow Jones Industrial Average closes above 48,000 for the first time.
A push in the House is set to force release of Justice Department files tied to Jeffrey Epstein after Rep. Adelita Grijalva secured the final signature. The move heightens scrutiny of the president and keeps the issue in the political spotlight.
Markets rallied as the Dow hit a milestone while corporate earnings reinforced the AI hardware narrative. Cisco topped estimates and lifted guidance, cementing investor optimism about AI-driven network refresh cycles.
Manulife Expands in Asia — New Joint Venture to Boost India Growth
Manulife announced a strategic insurance joint venture in India, expanding distribution and underwriting capacity in a high-growth market and signaling disciplined, profitable expansion for the insurer.
More on theglobeandmail.com
Anthropic unveiled an unprecedented U.S. infrastructure plan, committing tens of billions to data centres. The announcement signals a major new wave of AI capex and a deepening US focus for compute-heavy firms.
Waymo expanded driverless services onto highways and into airport routes, a first for U.S. robotaxi providers. The move raises operational and regulatory stakes for autonomous-vehicle deployments in major metros.
Boutique Hotel Chain Sonder Collapses — Guests Stranded After Bankruptcy
Sonder abruptly filed for bankruptcy and lost key distribution ties, leaving thousands of guests and staff stranded and spotlighting the fragility of asset-light lodging models under cash stress.
More on cbc.ca
SoftBank sold its entire Nvidia stake to finance larger bets in AI, triggering market volatility and investor questions about valuation risk. The disposal underscored growing concern over concentration in AI winners.
OpenAI released incremental model updates while its financial plans revealed sustained losses before a long-run profitability target. The tech and finance communities weighed capability gains against a steep cash burn forecast.
Key policy moves: White House signals changes to CFPB funding and supervision; U.S. Mint halts penny production; SEC chair unveils a token taxonomy for crypto oversight; FAA maintains emergency flight restrictions tied to shutdown staffing.
Fed officials signalled resistance to a December rate cut, complicating the outlook for monetary easing. Regional presidents stressed a high bar for cuts as inflation and labor data remained uncertain after the shutdown.
The U.S. Mint pressed its final pennies as federal policy moved to end one-cent production after more than two centuries. The symbolic and cost-saving decision closes a long chapter in U.S. coinage and will affect cash-handling practices.
“Don’t bet against crazy people.”
— Ross Gerber
Circle shares plunged after investor concerns about rates and demand overshadowed strong revenue growth, highlighting fragile sentiment toward crypto issuers. The episode deepened debate over stablecoin business models and regulatory exposure.
Senior Ukrainian ministers resigned amid a widening corruption scandal tied to state enterprises and procurement. The resignations strain Kyiv’s reform agenda as it seeks EU support while under military pressure from Russia.
Goldman warned that AI-related layoffs are spreading beyond pure tech, while AI contractors cut thousands as projects are restructured. Companies are recalibrating headcount as they move from training to production and cost control.
Oil prices fell as data pointed to a global surplus and OPEC signalled ample supply next year. Traders rebalanced positions as demand uncertainty and inventory builds weighed on crude markets.
Toyota began production at a massive North Carolina battery plant and confirmed billions of dollars in additional U.S. investment. The move underscores a broader shift as automakers scale battery production for EVs and hybrids in North America.
The SEC chair proposed a new token taxonomy to clarify which digital assets are securities, signalling a tougher regulatory era for crypto. The move aims to reduce uncertainty for firms but could reshape product design and listings.
The FAA maintained emergency flight restrictions amid persistent staffing and safety concerns tied to the shutdown. Airlines face phased recovery as regulators keep cuts in place to protect operations.
Skeptics including Michael Burry warned of inflated AI valuations even as some hedge funds back the trade, igniting a debate about the durability of sector gains. The tussle highlights rising rifts over which AI plays are sustainable.
Private-equity and strategic buyers circled corporate assets as several deal processes advanced, reflecting active M&A in pockets of the market. Take-private talks and hotel asset deals signalled continuing appetite for distressed and premium assets alike.
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