US Stocks Rise Amidst Fed Caution and Economic Data

Market Close and Economic Indicators

• 📈 The S&P 500 gained 21 points, the NASDAQ 40 points, and the Dow Jones Industrial Average rose 408 points.
• 📊 The ten-year Treasury yield closed at 4.06%, and the two-year yield at 3.48%.
• ⚠️ Bond investors have expressed concerns to the Treasury Department regarding Kevin Hassett's potential appointment as Fed chair, fearing aggressive interest rate cuts.
• 📉 A private payroll report from ADP indicated a loss of 32,000 jobs in November, contrary to economists' expectations of a 10,000 gain.

Business and Technology News

• 🏦 Morgan Stanley is considering offloading some of its data center exposure through a significant risk transfer, tied to loans for AI infrastructure businesses.
• ☁️ Microsoft reportedly lowered expectations for business customer spending on its cloud units' AI marketplace and agents, with several divisions reducing sales quotas for AI products.
• 칩 Nvidia may secure a lobbying win as a measure limiting its advanced AI chip sales to China was kept out of a defense bill.

Political and Legal Updates

• 🔎 The Pentagon's acting inspector general has completed a probe into Defense Secretary Pete Hegseth's alleged violation of secrecy rules by sharing attack plans via a messaging app.
• ⚖️ Ghislaine Maxwell's lawyers argue that releasing grand jury transcripts from her case would hinder her ability to receive a fair trial.
• 🏛️ House Democrats have received records from JPMorgan Chase and Deutsche Bank related to Jeffrey Epstein and plan to release them, along with photos and videos of his home.
• 🕊️ President Trump pardoned Congressman Henry Cuellar and his wife in a federal bribery and conspiracy case, with Trump claiming it was due to Cuellar's criticism of Biden's immigration policies.
• 🚗 The Trump administration has proposed relaxing Biden-era fuel efficiency standards, lowering the requirement to 34.5 miles per gallon for the 2031 model year, a move critics argue will encourage less efficient vehicles.