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Market Headlines 👀 

• US Price Producer Index (PPI) came in higher than expected at 3% YoY; est: 2.6%.

• US weekly jobless claims came in higher than expected at 242k; est: 221k.

• European Central Bank (ECB) cuts rates to 3% from 3.25% in their third straight rate cut.

• Nasdaq 100 index rebalancing will be announced later tomorrow and go into effect this month.

• Adobe (ADBE) shares fell the most in over two years after the market wasn’t pleased with its 2025 forward guidance shared in their earnings.

• ServiceTitan (TTAN) shares began trading through their IPO today opening at over $100 or roughly a $9b marketcap.

Earnings 💸

• Adobe (ADBE)

  • EPS: $4.81 beats (exp. $4.67)

  • Revenue: $5.61b beats (exp. 5.54b)

• Costco (COST)

  • EPS: $4.04 beats (exp. $3.79)

  • Revenue: $62.2b beats (exp. $62.03b)

• Broadcom (AVGO)

  • EPS: $1.42 beats (exp. $1.39)

  • Revenue: $14.05 misses (exp. 14.1b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

SPY: Despite a CPI print that effectively cleared the path for a Federal Reserve rate cut next week, price action on the SPY continues to tighten into the apex of a rising wedge pattern. While tech broke out of a similar pattern last week—indicating a notable shift in leadership—bulls will need to see a strong move higher in the near term. Otherwise, Wednesday’s failed attempt at a new high could be a warning sign of further weakness ahead.(Contributed by Jason Krutzky of Trendspider )

PLTR: All eyes have been on Palantir over the past few months as the stock has absolutely ripped higher, despite a cacophony of calls declaring it overvalued. Now trading at 203x earnings, these concerns aren't unfounded, but it's worth noting that its current price-to-earnings ratio mirrors what it was when the stock traded at $7 back in February 2023—suggesting that Palantir's earnings have grown in lockstep with its price. For a name like Palantir, where expectations of rapid growth are baked into the story, such a lofty multiple might not be as unreasonable as it seems.(Contributed by Jason Krutzky of Trendspider )

META: After a month-long, textbook descending channel consolidation, META finally broke out last week, extending up to the all-important 1.618 Fibonacci extension target measured from the October high to the November low. Whether or not he watches the charts, Zuckerberg played this move like a pro, capitalizing on the stock's strength to cash out $155 million worth of shares since the breakout.(Contributed by Jason Krutzky of Trendspider )

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That’s all for this week, folks! We’ll be back around the same time Monday with a curated list of important news, economic data and market highlights. 

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