What Happened last week…
Though Stock Market Indexes were down for the week, the reopening of the Government has allowed for investors to regain insight into how the overall economy is preforming. For the week, the S&P 500 was down 1.91%, the Dow Jones was down 1.85% and the Nasdaq was down 2.71%.
Meta Platforms (META) was victorious in its lawsuit brought against it by the Federal Trade Commission, which alleged that the company held a monopoly in social networking. At stake was the possibility of Meta having to spin off Instagram and WhatsApp. In ruling on the lawsuit that was initially filed five years ago, U.S. District Judge James Boasberg wrote, “Whether or not Meta enjoyed monopoly power in the past, though, the agency must show that it continues to hold such power now. The Court’s verdict today determines that the FTC has not done so. A judgment so stating shall issue this day.”
Apple (AAPL) has reportedly intensified its succession plan for CEO Tim Cook, according to the Financial Times. John Ternus, Apple’s senior vice-president of hardware engineering, is said to be the most likely successor. Cook, who has led the company since 2011, could see his tenure conclude early next year.
Microsoft (MSFT), Nvidia (NVDA), and Anthropic announced a new strategic partnership. Microsoft will invest $5 billion into Anthropic while Nvidia will invest $10 billion into the artificial intelligence company. Meanwhile, Anthropic will purchase $30 billion of Microsoft Azure’s compute capacity. Anthropic will also purchase up to 1 gigawatt of compute capacity from Nvidia.
Intuit (INTU) will pay OpenAI more than $100 million in a multi-year deal that will let the tax software company utilize artificial intelligence, such as ChatGPT, in its products.
The delayed jobs data from September was released. Nonfarm payrolls increased to 119,000, the unemployment rate was 4.4%, and average hourly earnings month-over-month were 0.2%.
Existing home sales for October beat expectations (4.08 million) as it increased to 4.10 million from 4.05 million. It is the highest reading in eight months.
Happening this week…
The GDP growth rate (second estimate) for Q3 2025 originally scheduled to be released has been delayed.
On Wednesday, Initial jobless claims will come out with a median forecast of 225,000.
On Thursday, the stock market will be closed in observation of Thanksgiving Day. On Friday, the stock market will close early at 1:00 PM.
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