Stock market today: S&P 500, Nasdaq, Dow rise as Fed-favored PCE inflation data cools

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• 

  Consumer sentiment unexpectedly lifts to commencement December

  US user sentiment improved successful aboriginal December arsenic ostentation expectations eased.

  The University of Michigan's Index of Consumer Sentiment showed a speechmaking of 53.3 connected Friday, supra the 52 expected by economists polled by Bloomberg and the 51 recorded successful November.

  Consumers surveyed by the assemblage judge prices volition emergence successful the short- and long- word somewhat little than they antecedently thought.

  Year-ahead ostentation expectations dipped to 4.1% from 4.5% successful November, portion agelong word ostentation expectations dropped to 3.2% successful December from 3.4% past month. Economists tracked by Bloomberg had expected ostentation expectations to stay unchanged this month.

  The brightened outlook comes aft user sentiment deteriorated successful November arsenic Americans disquieted implicit precocious prices, weaker incomes, and mounting layoffs.

  But the temper is inactive somewhat grim.

  "Consumers spot humble improvements from November connected a fewer dimensions, but the wide tenor of views is broadly somber, arsenic consumers proceed to mention the load of precocious prices," wrote UMichigan's manager of the surveys, Joanne Hsu.

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  PCE terms scale shows ostentation steadying successful September

  The Personal Consumption Expenditures (PCE) terms scale showed ostentation holding broadly dependable successful September.

  The index, which is the Fed's preferred ostentation gauge, roseate 0.3% successful September from the anterior month, unchanged from August's summation and successful enactment with expectations of economists tracked by Bloomberg.

  The "core" PCE terms index, which excludes volatile nutrient and vigor prices, roseate 0.2%, besides unchanged from the erstwhile period and successful enactment with projections.

  Friday's merchandise from the Bureau of Economic Analysis was the archetypal since Sept. 26, arsenic the longest-ever authorities shutdown delayed the merchandise of important national economical information that factors into the Federal Reserve's argumentation decisions.

  On an yearly basis, the header and halfway PCE terms indexes roseate 2.8% successful September from the erstwhile year, successful enactment with economists' estimates, per Bloomberg data.

  Meanwhile, idiosyncratic income and idiosyncratic spending rose.

  Personal income climbed 0.4% successful September from the anterior month, supra the 0.3% summation expected, but successful enactment with the 0.4% uptick successful August.

  Personal spending besides accrued 0.3% from past month, tracking with projections, aft climbing 0.6% successful August.

• The labour marketplace is not going to springiness immoderate consecutive answers anytime soon

  Yahoo Finance's Hamza Shaban reports:

  Investors looking for a consecutive reply connected the wellness of the labour marketplace volition person to support waiting oregon erstwhile again marque consciousness of mixed signals.

  That's particularly existent arsenic this December greeting marks different archetypal Friday of the period without authorities jobs information — the champion labour marketplace gauge we have.

  In the meantime, investors and everyone other person to marque bash with next-best approximations. And by those measures, hints of calm coexist with informing signs arsenic the labour marketplace grinds done DOGE cuts, restructurings, and what the largest corporations spot arsenic the dawn of the AI era.

  Claims for unemployment security dropped to a three-year low, according to a caller study from the Labor Department released connected Thursday, bolstering the thought that the labour marketplace remains resilient contempt a big of challenges.

  But 'tis the play for statistical noise.

  Initial claims are taxable to large swings this clip of year, noted Nancy Vanden Houten, pb economist astatine Oxford Economics, truthful observers don't request to work excessively overmuch into 1 week's worthy of numbers.

  Read much here successful the takeaway from today's Morning Brief.

• 

  Stocks emergence astatine the open

  US stocks climbed astatine the marketplace unfastened connected Friday arsenic Wall Street awaited the merchandise of September's PCE terms scale astatine 10 a.m. ET. The speechmaking connected the Federal Reserve’s preferred ostentation gauge is apt to origin into the cardinal bank's adjacent argumentation move.

  The S&P 500 (^GSPC) added 0.3%, portion the Nasdaq Composite (^IXIC) roseate 0.4%. The Dow Jones Industrial Average (^DJI) gained astir 0.2%.

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• Treasurys caput for worst week successful 6 months arsenic ostentation information looms

  Treasurys were connected way for their worst week successful six months, per Bloomberg, arsenic investors waited for PCE ostentation information and the University of Michigan's latest work connected user sentiment.

  The US 10-year output (^TNX) edged up to 4.12% connected Friday, its highest level since June. The 30-year output (^TYX) ticked higher to 4.78%, the highest since September.

  Bloomberg reports:

  Read much here.

• Victoria's Secret banal surges connected turnaround progress, improved 2025 outlook

  Victoria's Secret (VSCO) banal climbed implicit 13% successful premarket trading aft the lingerie institution raised its 2025 nett sales, operating income, and net guidance, signaling advancement successful its revitalization efforts.

  The institution forecast full-year nett income successful the scope of $6.45 cardinal to $6.48 billion, compared to erstwhile guidance of $6.33 cardinal to $6.41 billion. Its adjusted net per stock for the twelvemonth are expected to beryllium successful the scope of $2.40 to $2.65, compared to anterior guidance of $1.80 to $2.20.

  Victoria's Secret besides said its estimated tariff interaction volition beryllium astir $90 cardinal for the year, little than the $100 cardinal initially expected.

  Victoria's Secret's 3rd 4th results were besides amended than expected, with gross beating estimates and the company's nett nonaccomplishment coming successful shallower than estimates.

  Net income accrued 9% twelvemonth implicit twelvemonth to $1.472 billion, supra estimates for $1.40 billion, according to S&P Global Market Intelligence. The retailer recorded a nett nonaccomplishment of $0.46 per share, which was smaller than the $0.60 per stock nonaccomplishment the Street was expecting.

  Read much unrecorded sum of firm net here.

• Netflix wins bidding warfare to bargain Warner Bros Discovery's studios, streaming portion for $72 billion

  Netflix (NFLX) announced Friday greeting that it has agreed to bargain Warner Bros. Discovery (WBD) streaming and studios portion for $72 billion, ending a weeks-long bidding warfare that saw the streaming elephantine outmaneuver Paramount Skydance (PSKY) and Comcast (CMCSA).

  The cash-and-stock woody values Warner Bros. Discovery astatine $27.75 per share. Warner Bros. Discovery banal closed astatine $24.54 connected Thursday, giving it a marketplace headdress of $60.8 billion, according to Yahoo Finance data.

  Netflix shares fell 1.7% portion Warner Bros. Discovery shares roseate 3.5% earlier being halted for trading.

  NasdaqGS - Nasdaq Real Time Price • USD

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  NFLX WBD

  Reuters reports:

  Read much here.

• BofA’s Hartnett warns dovish Fed complaint chopped imperils a Santa Claus rally

  Bloomberg reports:

  The year-end rally successful equities is astatine hazard from a Federal Reserve outlook that’s excessively cautious connected the economy, according to Bank of America Corp. strategists.

  With the S&P 500 Index (^GSPC) wrong striking region of a grounds high, investors are assured astir a best-case script wherever the Fed cuts involvement rates alongside falling ostentation and economical maturation remains resilient.

  But that optimism stands to beryllium tested if the cardinal slope sends dovish signals astatine the gathering adjacent week, according to BofA strategist Michael Hartnett, arsenic they could suggest a bigger-than-expected economical slowdown.

  “Only happening that tin halt Santa Claus rally is dovish Fed chopped causing a selloff successful long-end,” Hartnett wrote successful a note, referring to Treasuries with a longer maturity date.

  Read much here.

• 

  Good morning. Here's what's happening today.

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  Premarket trending tickers: Victoria's Secret's, Cooper Companies and Ultra Beauty

  Victoria's Secret's (VSCO) banal roseate 3% during premarket trading connected Friday. The US quality retailer is owed to merchandise its net earlier the doorbell contiguous and implicit the past twelvemonth its banal has fallen 5%. This quarter, analysts are expecting gross to turn 4.3% twelvemonth connected twelvemonth to $1.41 billion, slowing from the 6.5% summation it recorded successful the aforesaid 4th past year.

  The Cooper Companies Inc. (COO) stock jumped 13% earlier the doorbell connected Friday. The emergence followed the company's net study connected Thursday, wherever they met Wall Street gross expectations.

  Ultra Beauty (ULTA) stock roseate 5% during premarket trading aft raising its income outlook for the twelvemonth and quarterly net beating of Wall Street expectations.

• BlackRock bitcoin ETF sheds $2.7 cardinal successful grounds outflows run

  Bloomberg reports:

  BlackRock Inc.’s (BLK) iShares Bitcoin Trust (IBIT) recorded its longest streak of play withdrawals since debuting successful January 2024, successful a motion that organization appetite for the world’s largest cryptocurrency remains subdued adjacent arsenic prices stabilize.

  Investors yanked much than $2.7 cardinal from the exchange-traded money implicit the 5 weeks to Nov. 28, according to information compiled by Bloomberg. With an further $113 cardinal of redemptions connected Thursday, the ETF is present connected gait for a sixth consecutive week of nett outflows.

  The IBIT money oversees much than $71 cardinal successful assets and has served arsenic the flagship conveyance for accepted investors seeking vulnerability to bitcoin (BTC-USD).

  The sustained play of outflows aligns with Bitcoin’s descent into a carnivore marketplace pursuing a terrible liquidation lawsuit successful aboriginal October, which kicked disconnected a much than $1 trillion wipeout successful crypto marketplace value.

  Read much here.

• Warner Bros. begins exclusive woody talks with Netflix

  Netflix has begun exclusive woody negotiations with Warner Bros. Discovery, Bloomberg reported, successful the latest twist to a secretive bidding warfare for the amusement giant's assets.

  The negotiations screen WBD's movie and TV studios, and its HBO Max streaming service, sources said.

  On Thursday, Netflix submitted the highest connection truthful acold for those assets — astir $28 per share, according to CNN. It has present emerged arsenic the frontrunner successful a contention to nail down a deal.

  Shares of WBD slipped implicit 2% successful premarket trading to $24 each, portion Netflix banal edged down astir 1%.

  NasdaqGS - Nasdaq Real Time Price • USD

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  Bloomberg reports:

  Netflix is offering a $5 cardinal breakup interest if regulators don’t o.k. the deal, said the people, who asked to not beryllium identified due to the fact that the discussions are private.

  The 2 companies could denote a woody arsenic soon arsenic successful the coming days, assuming talks don’t autumn apart, the radical said. The determination suggests Netflix has pulled up of Paramount Skydance Corp. (PSKY) and Comcast Corp. (CMCSA), who were besides competing for the asset.

  Prior to the closing of the sale, Warner Bros. — valued astatine much than $60 cardinal wide — volition implicit the planned spinoff of cablegram channels including CNN, TBS and TNT.

  Read much here.

• Nvidia’s chips look caller contention from Google, but it’s not astir to suffer its edge

  Yahoo Finance's Daniel Howley reports:

  Nvidia (NVDA) is the planetary AI spot leader, but connection that Google (GOOG, GOOGL) could merchantability immoderate of its ain AI chips to Meta (META) has raised concerns that 1 of its biggest clients is becoming a large competitory threat.

  According to a Nov. 24 study by the Information, Google’s woody with Meta could beryllium worthy billions of dollars.

  On Tuesday, Amazon (AMZN) announced the nationalist availability of its Tranium3 chip, saying that it tin prevention up to 50% connected grooming costs for AI bundle compared to alternatives.

  ... One of the main things to recognize astir the Nvidia versus Google and Amazon statement is that they don’t precisely connection the aforesaid products. Google’s TPUs and Amazon’s Tranium3 are types of chips called ASICs, oregon application-specific integrated circuits, meaning they’re built to execute circumstantial tasks precise well.

  That means Google and Amazon person developed them to grip definite applications efficiently due to the fact that the chips were made specifically for those purposes.

  “[Google knows] the requirements and they cognize what trade-offs are astir businesslike for them,” explained Forrester elder expert Alvin Nguyen.

  “They tin marque thing that works amended contiguous for them. Now, it doesn't mean that it's superior to Nvidia successful each aspect. But … astatine slightest for Google, it volition beryllium superior for their needs,” helium added.

  Read much here.

• Ulta banal pops connected net beat, cautious guidance raise

  Ulta Beauty (ULTA) banal roseate astir 6% successful premarket trading aft the quality retailer reported coagulated 3rd 4th results and delivered the guidance rise Wall Street was looking for.

  Ulta bushed estimates connected the apical and bottommost lines successful the 3rd quarter. Here's a breakdown of the Q3 results, compared to Wall Street statement estimates compiled by S&P Global Market Intelligence:

  "As we look up to the all-important vacation season, we cognize galore consumers’ wallets are pressured and they are seeking value," Kecia Steelman, president and CEO, said successful a statement. "We are assured successful our plans, and our teams are acceptable to marque Holiday Happen Here astatine Ulta Beauty, driving excitement and delivering for our guests and their loved ones, present and into the caller year."

  Ulta besides modestly raised its full-year outlook. The institution expects nett income to scope "approximately $12.3 billion" for 2025, up from its erstwhile guidance of $12 cardinal to $12.1 billion.

  Ulta besides lifted its net per stock outlook to a scope of $25.20 to $25.50 from $23.85 to $24.30 previously. Analysts had been estimating full-year net astatine a midpoint of $24.54.

  The Street was expecting Ulta to contented cautiously upbeat guidance, arsenic the retailer's new, CFO Christopher DelOrefice, starts connected Dec. 5.

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  HPE falls aft outlook disappoints connected slower server deals

  Hewlett Packard Enterprise Co. (HPE) banal fell much than 8% successful premarket trading connected Friday aft the company's forecast for current-quarter income fell abbreviated of Wall Street expectations.

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  Bloomberg quality reports:

  Read much here.

• Silver plateaus aft stellar eight-day streak of gains

  Bloomberg reports:

  Read much here.