Bitcoin trades above $85,000, Fed's Waller supports December rate cut

Market Overview - US stock futures are holding onto gains after a drop of more than 2% last week for the S&P 500 and NASDAQ, despite a rebound on Friday [1] - Bitcoin is back above $85,000 but has fallen from weekend highs, reflecting risk-off sentiment as investors question potential Fed interest rate cuts in December [2] - Upcoming PPI and retail sales data will provide insights into inflation and consumer state, while the White House plans to announce a framework to reduce healthcare costs this week [3][4] Retail Sector Insights - Airlines expect to carry over 31 million people during the Thanksgiving holiday, indicating a strong travel demand post-government shutdown [5] - Retail earnings reports are anticipated, with companies like Kohl's and Best Buy expected to perform better than previously thought, particularly in electronics sales [10][11] - Kohl's interim CEO Michael Bender is expected to be named permanent CEO, as the company struggles with negative same-store sales growth [15][16] Federal Reserve Commentary - Fed Governor Chris Waller supports a rate cut in December, citing a softening job market and potential downward revisions to the September jobs report [19][20] - Boston Fed President Susan Collins does not see a strong need for a rate cut, indicating possible dissent within the Fed [22] - Market sentiment shifted after New York Fed President John Williams suggested a near-term rate cut, impacting stock market expectations [23][24] Cryptocurrency Market - Institutional investors are currently sidelined, with ETF outflows in November reaching $3.5 billion, the highest since February [27] - The crypto market has seen a significant sell-off, with $1.3 trillion in market cap wiped out, representing a 31% decline [28] - MicroStrategy's Bitcoin purchases are being closely monitored, with expectations of further acquisitions following recent price declines [30] Company-Specific Developments - Tesla's stock is buoyed by CEO Elon Musk's announcement regarding the company's AI chip development, which is expected to enhance self-driving technology [32] - Novo Nordisk's Alzheimer's drug trial did not yield significant results, negatively impacting its stock as it faces competition in the GLP-1 market [34] - Oscar Health and Centene stocks are rising due to reports of a proposed two-year extension of Obamacare subsidies, which could stabilize health insurance premiums [35]