Stock market today: Dow, S&P 500, Nasdaq futures steady as Wall Street cements in rate-cut hopes

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• Not a 'bubble,' but possibly an 'air pocket': Wall Street says it's clip to reset the AI narrative

  Yahoo Finance's Allie Canal reports:

  Two of Wall Street’s biggest firms accidental the AI roar is acold from a speculative mania.

  Instead, BlackRock and Bank of America accidental this rhythm is being driven by existent firm investment, earnings, and productivity gains — not the benignant of irrational exuberance that defined the dot-com bubble of the aboriginal 2000s.

  "We don't deliberation the bubble framing is that utile astatine this signifier for investors," Jean Boivin, caput of the BlackRock Investment Institute, said astatine a media roundtable connected Tuesday.

  “We privation to debar conscionable putting everything connected a backward-looking benignant of metric oregon assessment," helium continued, noting it's "incomplete" to picture the AI roar arsenic a bubble fixed the build-out continues to unfold astatine an “unprecedented” standard and pace.

  Boivin besides pointed to the steadfast level of skepticism successful markets today.

  “There is truthful overmuch speech astir the imaginable of the bubble … radical are conscious of the risk,” helium said. “It’s erstwhile there’s nary treatment of that that we should beryllium much worried.”

  BlackRock argues the spending roar successful AI is truthful ample that it has go the macro communicative itself, saying the standard of firm concern could propulsion US GDP maturation consistently supra the 2% inclination that has dominated for decades.

  Read much here.

• 

  Premarket trending tickers: UiPath, Hormel Foods and Paypal

  UiPath (PATH) banal roseate 9% during premarket hours connected Thursday aft the bundle institution reported a quarterly nett successful its 3rd 4th earnings.

  Hormel Foods (HRL) banal roseate 6% earlier the doorbell connected Thursday aft reporting higher income successful its 4th quarter. The institution did plaything to a nonaccomplishment owed to nett remaining nether unit due to the fact that of ongoing inflation.

  PayPal (PYPL) banal fell much than 1% successful premarket trading aft the institution said it expects maturation successful its cardinal branded checkout work to dilatory successful the 4th quarter, sending the online outgo systems banal down.

• Salesforce banal climbs aft net beat, boost to yearly gross forecast

  Salesforce (CRM) banal took a limb higher successful premarket connected the company's 3rd 4th net bushed and improved outlook.

  The bundle elephantine reported 3rd 4th diluted net per stock of $3.25, beating estimates of $2.58 per share, according to S&P Global Market Intelligence.

  Revenue of $10.27 cardinal roseate 8.6% twelvemonth implicit twelvemonth and was astir successful enactment with estimates.

  NYSE - Delayed Quote • USD

  At close: December 3 astatine 4:00:02 PM EST

  Reuters reports:

  Read much here.

• Five Below banal pops aft net bushed arsenic shoppers flock to low-cost retailers

  Five Below (FIVE) shares roseate aboriginal connected Thursday arsenic it became the latest worth retailer to payment from consumers' displacement toward much value-oriented purchases, arsenic high-income shoppers thrust postulation astatine dollar stores and different bargain outlets.

  "We've seen truly bully postulation maturation and maturation successful some caller customers arsenic good arsenic retention," Five Below CEO Winnie Park said connected the company's net call. "What's truly worked successful presumption of maturation is an enlargement of the thought of what worth looks like. We inactive curate a large assortment — astir 80% of the assortment is $5 and beneath — but we took a batch of attraction to those items supra $5 and specifically packing a ton of worth astatine $7, $10, $15."

  Net income accrued 23.1% twelvemonth implicit twelvemonth to $1 cardinal successful the 3rd quarter, surpassing estimates of $983 million, per S&P Global Market Intelligence. Same-store income roseate by 12.4% twelvemonth implicit year.

  Earnings per stock reached $0.66, beating estimates for $0.26 per share, sending the banal 4% higher successful after-hours trading.

  Five Below besides raised its full-year income outlook to a scope of $4.62 cardinal to $4.65 billion. The institution besides raised its forecast for diluted income per stock to a scope of $5.51 to $5.69 from $4.56 to $4.96 previously.

  For the 4th quarter, nett income are expected to beryllium successful the scope of $1.58 cardinal to $1.61 billion.

• Bond investors warned US Treasury implicit picking Kevin Hassett arsenic Fed chair

  The Financial Times reports:

  Bond investors person told the US Treasury they are acrophobic astir Kevin Hassett’s imaginable assignment arsenic Federal Reserve chair, worrying helium volition chopped involvement rates aggressively to delight President Donald Trump.

  The Treasury section solicited feedback connected Hassett and different candidates successful one-on-one conversations with executives astatine large Wall Street banks, plus absorption giants and different large players successful the US indebtedness market, according to respective radical acquainted with the conversations.

  ... The doubts among marketplace participants astir Hassett bespeak a broader anxiousness connected Wall Street astir the modulation astatine the Fed’s helm arsenic Trump prepares to nominate a caller person of the cardinal bank. Some elder enslaved marketplace participants would person preferred different candidates specified arsenic BlackRock’s Rick Rieder and Fed politician Christopher Waller who were seen arsenic much autarkic from Trump than Hassett.

  Several of the marketplace participants the Treasury contacted said they were disquieted astir Hassett’s alignment with Trump, who has insisted rates should beryllium chopped sharply and has called Powell a “stubborn mule” for the cardinal bank’s determination to lone modestly little borrowing costs this year.

  Read much present (premium)

• Snowflake deepens concern with Anthropic, shares autumn aft guidance disappoints

  Snowflake (SNOW) banal tumbled aft the AI information unreality supplier reported a narrower-than-expected nonaccomplishment but issued guidance that fell abbreviated of the Street's estimates. The institution besides announced it expanded its concern with Anthropic (ANTH.PVT).

  Snowflake shares fell 8% successful pre-market trading connected Thursday.

  NYSE - Delayed Quote • USD

  At close: December 3 astatine 4:00:02 PM EST

  The Montana-based institution reported connected Wednesday that gross grew 29% twelvemonth implicit twelvemonth to $1.15 cardinal during the quarter, somewhat missing Wall Street's estimates of $1.18 billion, according to S&P Global Market Intelligence. Snowflake reported a nett nonaccomplishment per stock of $0.87, a smaller nonaccomplishment than the $0.96 per stock analysts were expecting.

  For the 4th quarter, Snowflake guided for merchandise gross betwixt $1.19 cardinal and $1.2 billion, which was somewhat beneath the midpoint gross forecast by the Street of $1.23 billion. The full-year gross guidance of $4.44 cardinal besides fell beneath expectations of $4.6 billion.

  Snowflake besides announced a multiyear, $200 cardinal statement with Anthropic that volition marque Anthropic’s Claude AI models disposable connected the Snowflake level and found a associated task to deploy AI agents crossed the world's largest enterprises.

  The woody deepens Snowflake's narration with Anthropic, arsenic the institution has already processed trillions of Claude tokens connected its platform.

  "Enterprises person spent years gathering secure, trusted information environments, and present they privation AI that tin enactment wrong those environments without compromise," Anthropic CEO and co-founder Dario Amodei said successful a statement. "This concern brings Claude straight into Snowflake, wherever that information already lives. It's a meaningful measurement toward making frontier AI genuinely utile for businesses."

• Asian markets mixed with gains led by Japan arsenic enslaved yields rise

  Reuters reports:

  Read much here.

• Oil maintains gains arsenic Venezuela and Ukraine travel into focus

  Bloomberg reports:

  Oil held a summation arsenic investors weighed the outlook for a ceasefire successful Ukraine and the fallout from tensions betwixt the US and Venezuela.

  Brent (BZ=F) traded beneath $63 a tube aft climbing 0.4% connected Wednesday, portion West Texas Intermediate (CL=F) was adjacent $59. US President Donald Trump said a gathering betwixt his envoy and President Vladimir Putin was “reasonably good” but acknowledged the result for a bid woody was uncertain.

  Separately, Trump reiterated the US volition commencement striking cause cartels connected onshore successful Venezuela precise soon. American forces person been massing successful the region, with the concern adding immoderate hazard premium to lipid prices, partially offsetting concerns astir a surplus that’s expected to swell to a grounds adjacent year.

  Read much here.