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Market Headlines 👀 

• US Consumer board consumer confidence came in higher for the month of November at 111.7.

• US President elect Trump reveals his policy on tariffs he is planning on China along with Mexico and Canada.

• US Federal Reserve FOMC meeting minutes from their meeting earlier this month were released today.

• Nvidia (NVDA) unveils ‘Fugatto’ an AI audio generator.

• Department of Government Efficiency (DOGE) wants to cut $2 in federal spending.

• Rivian (RIVN) US President Biden announced his team is looking to loan $6.6b to the automaker to complete the making of their Georgia factory.

• Apple (AAPL) is planning to overhaul its Siri application and make it more conversational to catch up on AI; project called ‘LLM Siri’ internally.

• Goldman Sachs (GS) Goldman trader Rubner thinks S&P can rally into year end and has a target of 6,200 on the SPX.

• Eli-Lilly (LILY) stock saw gains after Biden announced expanded coverage for anti-obesity related drugs.

Earnings 💸

• Crowdstrike (CRWD)

  • EPS: $0.93 beats (exp. $0.81)

  • Revenue: $1.01b beats (exp. 983m)

• Dell (DELL)

  • EPS: $2.15 beats (exp. $2.05)

  • Revenue: $24.4b misses (exp. 24.7b)

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

Crowdstrike earnings snapshot (contributed by Brad Freeman @Stockmarketnerd):

Trump has chosen Scott Bessent as his Treasury Secretary. Bessent has expressed many desires for policy reform/restructuring, but it should be noted that many of these ideas are outside the Treasury’s control (such as energy policy or fiscal deficits). This mean’s that a Bessent Treasury could be more about what he says (the influence he has on Trump and other cabinet members) and less about what he does. This is in contrast to Yellen’s Treasury, which was less about what Yellen said (she tended to be more descriptive, providing an assessment of the economy) and more about Yellen did (fund the deficit with short term bills, which helped preserve liquidity despite the Fed’s policy tightening). Overall, Bessent is seen as a choice that appeases Wall St. Renaissance Macro did an interview with Bessent back in 2021 that goes through his history of working with investor giants like Soros, Chanos, and Druckenmiller. (Contributed by Cameron Dawson, CIO at NewEdge Wealth).

Market Preview 🎞️ 

• Wednesday, November 27th: MBA mortgage applications; Q3 GDP second reading; Durable goods; Jobless claims; Personal income and spending data (PCE)

• Thursday, November 27th: Thanksgiving!

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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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