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Wall Street rallied to record closes for the Dow and S&P 500 as the Fed’s third rate cut this year eased borrowing costs. Nasdaq lagged amid AI‑stock jitters after Oracle’s report. Financials and travel led gains, bonds rallied on rate‑cut hopes and AI chip demand remained the key market catalyst.
The Fed cut interest rates again while reappointing regional bank presidents to steady policy leadership. Markets are parsing the signal: a third cut eases short-term stress but officials warn of limited further easing.
3 — Number of Fed rate cuts in 2025 (most recent: 25 bps).
OpenAI rolled out GPT‑5.2 after an internal ‘code red’ scramble, pitching the model as a leap for professional knowledge work. The launch sharpens the race with Google and fuels rapid product upgrades across the sector.
Disney struck a blockbuster deal with OpenAI — a $1 billion equity investment plus licensing for hundreds of characters on OpenAI’s Sora platform. The pact signals Hollywood’s embrace of AI monetization and raises IP and creative-control questions.
Eli Lilly Drug Delivers Unprecedented Weight Loss in Trial
Eli Lilly reported late‑stage trial results showing its next‑gen obesity drug produced up to 29% weight loss, boosting prospects for a new blockbuster medicine and lifting the company’s growth outlook.
More on semafor.com
Oracle’s earnings and heavy AI data‑center spending sent the stock tumbling, unnerving investors about the AI infrastructure trade. The reports reignited debate over capex cycles and which players will profit from the AI buildout.
Broadcom beat quarterly expectations as AI chip demand surged and guided revenue above Street estimates. The results underscore the growing commercial scale of AI silicon and keep chip suppliers in focus for 2026.
Robinhood Slides After November Trading Volumes Collapse
Robinhood shares plunged after data showed a sharp drop in November crypto and equities trading volumes, highlighting revenue sensitivity to market activity and renewed investor concern over the business model.
More on coindesk.com
Reports say SpaceX is preparing a 2026 IPO at eye‑watering valuation targets and Elon Musk signaled the coverage was accurate. A public SpaceX would reshape the tech IPO calendar and raise questions on governance and funding for Musk’s other ventures.
Do Kwon, the co‑founder of Terraform Labs, received a long prison sentence tied to the Terra‑Luna collapse that wiped out billions. Regulators and exchanges continue to reshape crypto rules as authorities revisit guidance and enforcement priorities.
White House executive order preempts state AI laws; CFTC rescinds ‘actual delivery’ crypto guidance; administration tightens Venezuela sanctions and maritime interdictions — reshaping tech, crypto and foreign‑policy enforcement.
Washington escalated pressure on Maduro with targeted sanctions and a high‑profile seizure of an oil tanker. The moves ratchet up geopolitical risk in the region and foreshadow potential further maritime actions.
Rivian announced an in‑house AI chip and autonomy roadmap as it pivots deeper into software‑defined vehicles. The disclosure spooked investors, sending the stock sharply lower amid doubts over execution and cost.
This deal is an opportunity, not a threat.
— Bob Iger, Disney CEO
Lululemon’s CEO announced a departure as the company grapples with slowing US sales and competition. The management shakeup sent shares higher as investors priced in a reset and potential strategic pivots.
The Senate failed to extend expiring ACA premium tax credits, rejecting competing health bills and leaving millions facing higher costs. The votes set up a politically fraught scramble in Congress as the deadline approaches.
U.S. equity benchmarks hit record closing highs as investors shrugged off some tech losses. The rally was led by cyclicals and financials even as AI stock jitters kept the Nasdaq under pressure.
Ukraine floated referendums and concessions for Donbas as Western partners explored compromises to secure Kyiv’s defense. The proposals complicate diplomacy and put fresh pressure on negotiators to find a fragile middle ground.
Senators raised alarms over the Trump administration permitting Nvidia’s H200 chips to reach China, framing it as a national‑security risk. The debate spotlights tensions between commercial exports and strategic controls.
JPMorgan pushed tokenization into the mainstream with a Solana‑based commercial paper issuance, while other big banks explored on‑chain debt tools. The moves mark faster TradFi adoption of blockchain plumbing for funding markets.
Costco beat estimates as holiday shopping and membership strength powered results, underscoring resilient consumer demand in certain retail segments. The report provided a bright spot for discretionary retail ahead of year‑end.
OPEC kept a bullish demand outlook even as the IEA trimmed an expected glut, leaving oil markets volatile. Prices moved on supply signals and geopolitical risk, including tensions in the Caribbean and Venezuela.
The White House moved to preempt a patchwork of state AI laws with executive actions, escalating a looming federal‑state fight over governance. The push mirrors broader regulatory reshuffles across finance and tech by the administration.
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