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Market Headlines 👀 

• US Federal Reserve spooked markets yesterday revising their future forecast of cuts next year down from four to two.

• US GDP final print of third quarter GDP came in at 3.1%; est: 2.8%.

• US House of Republicans say they have a deal in place after a day of chaos to avoid government shutdown.

• US existing home sales come in at 1.33m for the end of November a 17.7% increase YoY for the month.

• US weekly jobless claims come in at 220k vs expectations of 230k.

• Bank of England announces they will hold interest rates at 4.75%.

• Bank of Japan announces they will hold interest rates at 0.25%.

• Microsoft (MSFT) per FT, Microsoft has bought almost twice as many Nvidia hopper chips as its next largest tech customer (Meta), about 485k in purchases.

• Nvidia (NVDA) company unveils its most affordable generative AI super computer - ‘the Jetson Orin Nano’.

• FedEx (FDX) announces it will split its company and spin off FedEx Freight creating two public companies.

• Tesla (TSLA) per reports from Bloomberg the company has been having on going discussions with the city of Austin to launch Tesla robotaxis in 2025.

• Alphabet (GOOGL) Google’s Deepmind announced a strategic partnership with robotics startup Apptronik today to advance its efforts on humanoid robots.

• Crowdstrike (CRWD) is moving to dismiss Delta Airlines lawsuit which stemmed from the July outage.

• Databricks latest valuation surges to $62b following its most recent funding round Tuesday.

• Honda Motor (HMC) Honda and Nissan are exploring a potential merger.

Earnings 💸

• Nike (NKE)

  • EPS: $0.78 beats (exp. $0.64)

  • Revenue: $12.14b beats (exp. 12.13b)

• FedEx (FDX)

  • EPS: $4.05 misses (exp. $4.06)

  • Revenue: $22b

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S&P 500 Heatmap 🔥 

Recap Around the Street 🧠

SPY: After weeks of weakening internals, the SPY finally cracked yesterday, driven by Jerome Powell and the Fed's announcement to scale back next year's expected rate cuts. While price found temporary support just above the Election Day gap, the surge in volume—the highest since the August lows—points to the potential for further downside. If the gap gives way, attention will shift to the 100-day SMA, near $574.(Contributed by Jason Krutzky of Trendspider)

TSLA: What if the real fun is just beginning? That’s the million-dollar question TSLA bulls are asking right now. If history is any guide, we might be on the verge of another explosive move—and the target could be massive. In 2013, TSLA’s first major expansion leg delivered a gain of over 600% in less than a year. Then, in late 2019, its second big breakout ignited a staggering 1500% rally over two years. If the pattern repeats, TSLA may be gearing up for some extraordinary gains in the years ahead.(Contributed by Jason Krutzky of Trendspider)

AMZN: Ever since breaking the $200 'Bezos Wall' back in early November, AMZN's price action has developed with precision. After a clean retest of the July highs, it made a textbook move to the 1.618 golden Fibonacci extension. Key levels are now clearly defined: $200 as support below and $232 as resistance above. Everything in between is just noise, but given yesterday’s broad market selloff, AMZN may consolidate within this range for a while before mounting any meaningful push higher.(Contributed by Jason Krutzky of Trendspider)

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Market Preview 🎞️ 

• Friday, December 20th: Personal income and spending (PCE) data; Quad witching options expiration; University of Michigan consumer sentiment

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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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