Donald Trump’s AI Action Plan, issued in the summer, called for deregulation to unleash “global AI dominance,” delighting MAGA accelerationists. But others on the American right are concerned https://t.co/xiZPgyxnp0 ...

Group 1 - Small businesses are experiencing the highest level of optimism in seven years, with confidence above the 52-year average despite a recent government shutdown [1][2] - The economic environment is bolstered by President Trump's agenda, which includes tax cuts, deregulation, and fair trade, contributing to strong GDP growth and a decrease in inflation [2][3] - The upcoming holiday shopping season is projected to exceed $1 trillion, reflecting the positive impact of the current economic policies on small businesses [3] Group 2 - Small businesses express a desire for deregulation but face challenges with tariffs, which are harder to navigate compared to larger companies [4] - The majority of US manufacturers are small businesses, and they have historically been disadvantaged by unfair trade practices, which the current administration aims to rectify [5][6] - The primary concern for small businesses has shifted to finding a skilled workforce, as opposed to tariffs, indicating a focus on domestic production capabilities [6][7]

Market Overview - The crypto market has shown minimal movement, with Bitcoin trading between $86,000 and $88,000, while the CoinDesk 20 Index (C20) remained stable, and the CoinDesk 80 Index recorded a modest 1% gain, indicating some strength in the altcoin market [1] - Year-to-date, Bitcoin is down 7%, contrasting with a 2.5% increase in the U.S. 10-year Treasury note, suggesting that investing in bonds would have been a more prudent choice this year [2] Macro Perspective - The outperformance of the 10-year Treasury bond raises concerns for other risk assets, including stocks, hinting at potential institutional outflows from spot Bitcoin ETFs as a precursor to broader market challenges [3] - The Federal Reserve's anticipated dovish stance, with a possible 25 basis point rate cut, could alter market dynamics, particularly affecting the Dollar Index (DXY), which is currently maintaining levels above its 200-day simple moving average [4] Trading Environment - Recent trading activity indicates a spike in hedging around the $80,000 Bitcoin put, alongside significant block trades suggesting a potential price range shift above $100,000 by year-end, although a notable $220,000 call purchase was paired with a $40,000 call, indicating a focus on volatility rather than a straightforward bullish outlook [5] - The current trading environment is characterized as challenging, with options flows lacking clear directional signals [5] Regulatory Developments - A new U.S. bank rule reducing capital requirements for low-risk assets like Treasuries may enhance liquidity at banks, potentially increasing lending and enabling dealers to better manage government bond markets during periods of stress, signaling a trend towards deregulation [6]

Market Overview - U.S. stock futures rose on Wednesday following Tuesday's gains, with major benchmark indices showing positive movement [1] - The three-day winning streak occurs during a holiday-shortened week, with markets closed on Thursday and open until 1:00 p.m. ET on Friday [1] - Traders are pricing in an 84.9% likelihood of a Federal Reserve interest rate cut in December, influenced by dovish central bank guidance [2] Index Performance - Dow Jones increased by 0.21%, S&P 500 by 0.23%, Nasdaq 100 by 0.29%, and Russell 2000 by 0.22% [2] - The SPDR S&P 500 ETF Trust (SPY) rose by 0.29% to $677.01, while Invesco QQQ Trust ETF (QQQ) advanced by 0.36% to $611.10 in premarket trading [2] Company Highlights - **Dell Technologies Inc. (DELL)**: Stock jumped 4.94% after mixed Q3 results; raised full-year revenue outlook to $111.2 billion - $112.2 billion from $105 billion - $109 billion [7] - **HP Inc. (HPQ)**: Stock fell 5.67% despite better-than-expected Q4 earnings; announced layoffs and issued weak forward guidance [7] - **Autodesk Inc. (ADSK)**: Stock climbed 7% after beating Q3 earnings and revenue expectations; raised full-year revenue guidance to $7.15 billion - $7.17 billion and adjusted earnings guidance to $10.18 - $10.25 per share [7] - **Zscaler Inc. (ZS)**: Stock dropped 7.15% despite beating analyst estimates and raising fiscal 2026 outlook; maintained a weaker price trend in the short and medium terms but a strong long-term trend [14] - **Uber Technologies Inc. (UBER)**: Stock increased by 0.73% after announcing the launch of Level 4 fully driverless Robotaxi operations in Abu Dhabi [14] Sector Performance - Communication services, health care, and consumer discretionary sectors recorded the biggest gains on Tuesday, leading the S&P 500 into positive territory [9] Economic Data - Initial jobless claims data for the week ending Nov. 22 and September's delayed durable-goods orders data will be released at 8:30 a.m. ET [15]

Core Viewpoint - Jeremy Siegel criticizes President Trump's trade policies, particularly the tariff exemptions, arguing they contradict free-market principles [1][2]. Trade Policy Critique - Siegel believes that requiring businesses to seek tariff exemptions from the White House creates a system of favoritism rather than promoting an open market [2]. - He describes Trump's tariffs as a "discriminatory" and "very imperfect" version of a consumption tax system, which he supports in principle [2]. Economic Impact Assessment - Siegel assesses the overall impact of tariffs as "net a negative" for both the U.S. economy and the stock market [3]. - Despite this, he remains optimistic about the financial landscape, noting that other aspects of Trump's agenda are mitigating the negative effects of protectionist trade policies [3]. Positive Aspects of Trump's Agenda - Key positive elements include deregulation, the extension of tax cuts, and a less aggressive anti-merger stance compared to the previous administration [4]. - Siegel argues that these factors more than offset the negative impacts of tariffs [4]. Tariffs as a Negotiation Tool - Siegel has noted a decrease in his concerns about a trade war, citing the administration's willingness to negotiate lower tariff rates as a sign that tariffs are used as leverage rather than permanent barriers [5]. - However, he still views the reliance on presidential exemptions as a flaw in the economic structure [5]. Market Performance - On a related note, the futures of major indices like the S&P 500, Nasdaq 100, and Dow Jones were trading higher, indicating positive market sentiment following a strong close [6].

Core Viewpoint - The retail investor crowd is currently driving the stock movement of Fannie Mae and Freddie Mac, while institutional investors have not yet significantly entered the market [1][2]. Group 1: Institutional Interest - Bill Aman, a hedge fund billionaire, advocates for the privatization of Fannie Mae and Freddie Mac, which could attract more hedge funds and mutual funds into these stocks [2][3]. - Bill Py, a member of the Trump administration, also supports the idea of privatizing these entities, indicating a potential shift in regulatory stance [2][4]. Group 2: Market Dynamics - Fannie Mae and Freddie Mac have historically been profitable, offering strong dividends and preferred stocks before facing challenges in 2007 and 2008 [3]. - The stocks have been rising sharply since April and May, although there are currently no options trading available for these stocks, limiting investment vehicles [7]. Group 3: Retail Investor Behavior - There is a potential for increased short interest in these stocks, which could attract retail investors, particularly from the meme stock community, due to their small float [8]. - The correlation between cryptocurrency holders and these stocks is noted, with expectations that movements in the crypto market could positively impact Fannie Mae and Freddie Mac [10][12]. Group 4: Future Outlook - The association with cryptocurrency is seen as beneficial for Fannie Mae and Freddie Mac, with potential for future growth as the market evolves [11][12].

Economic Policy - Deregulation and tax reform are identified as key factors in Trump's first-term economic success [1] - The opinion suggests a continuation of deregulation and tax reform policies [1]

Core Viewpoint - Nexstar Media Group is seeking approval from the Federal Communications Commission (FCC) for the acquisition of TEGNA Inc., emphasizing the importance of this acquisition for local television and journalism [1][2]. Group 1: Acquisition Details - Nexstar has filed applications with the FCC to transfer TEGNA's broadcast licenses, arguing that waiving certain ownership rules would serve the public interest [1]. - The company believes that current television ownership regulations are outdated and do not reflect the competitive media landscape [2]. Group 2: Commitment to Local Journalism - Nexstar asserts its commitment to local communities by producing over 300,000 hours of news and local programming annually [4]. - The company positions itself as a reliable source of information, contrasting its journalism with disinformation prevalent in the media landscape [5]. Group 3: Competitive Landscape - Nexstar's acquisition of TEGNA is seen as a strategic move to enhance its scale and competitiveness against legacy media and Big Tech [6]. - The company aims to continue investing in high-quality journalism and local news to better serve communities [6]. Group 4: Company Overview - Nexstar Media Group is a leading diversified media company, producing and distributing local and national news, sports, and entertainment content across various platforms [6]. - The company operates over 200 owned or partner stations, reaching approximately 220 million people in 116 U.S. markets [6].

Core Viewpoint - The SPDR S&P Biotech ETF is positioned as a strong investment opportunity in the biotech sector, which is currently experiencing positive macroeconomic trends and increased M&A activity [1][2][9]. Group 1: Current Market Dynamics - The biotech sector has been outperforming the S&P 500 since August, indicating a potential upward trend that may continue into 2026 [2]. - A significant increase in M&A activity has been observed, with the number of biotech deals in 2025 surpassing the average annual deal count of the past 15 years [8]. - Venture financing deals in the pharma sector rose by 71% in Q3 2025 compared to the previous quarter, totaling around $3 billion [8]. Group 2: Regulatory Environment - Deregulation efforts under the current administration may extend to the healthcare sector, potentially lowering compliance costs and expediting the drug approval process [6]. - The biotech sector is heavily regulated, and any reduction in regulations could enhance the investment landscape [5][6]. Group 3: Investment Strategy - The SPDR S&P Biotech ETF offers equal-weighted exposure across over 100 companies, reducing reliance on a few large firms and spreading out company-specific risks [10][12]. - The ETF has an expense ratio of 0.35% and has delivered a 10.5% average annual return since its inception in 2006, with a 25% increase year-to-date as of November 14 [14][16]. - Investing in smaller biotech companies, which have been the source of most drug innovations, is emphasized as a strategy to capture broader opportunities in the sector [13][15].

Good morning. It is 11 o'clock on the east coast, 8 a.m. in the west coast. I'm Ali Veli and we're live from MS Now's brand new studios in Times Square. We begin this hour with a new line of messaging that you might have noticed coming from the White House this week. It wasn't that long ago, right around the Democrats clean sweep in the November 4th elections to be exact, that Donald Trump suddenly seemed to discover the meaning of the a word, the affordability as he calls it. In classic Trump fashion, it s ...