US Stocks Rise, Kevin Hassett Eyed for Fed Chair, Ukraine Peace Talks, and Tech Competition

US Stock Market Performance

• 📈 The Dow Jones Industrial Average closed up 663 points (1.4%), the Nasdaq rose 153 points (0.75%), and the S&P 500 gained 60 points (0.9%).
• 📊 The ten-year Treasury yield settled at 4%, while the two-year yield was at 3.46%.

Potential Fed Chair Frontrunner

• 🏦 Kevin Hassett, White House National Economic Council director, has emerged as a frontrunner to replace Fed Chair Jerome Powell.
• 🤝 Hassett has a strong rapport and longstanding relationship with President Trump, having served on the Council of Economic Advisors and frequently discussing economic policy with him.
• 💡 The next Fed chair's influence will depend on economic conditions, such as inflation trends and labor market performance.
• 🗓️ President Trump may announce his pick by December 25th, with Hassett among five candidates undergoing second-round interviews.

Ukraine Peace Negotiations

• 🕊️ U.S. presidential envoy Steve Wyckoff discussed a potential peace plan for Ukraine with a senior Kremlin official.
• 📝 Wyckoff suggested Russia's President Putin raise the issue with President Trump, leading to a 28-point plan presented to both sides.
• ⚠️ Russian officials are awaiting revised proposals and caution that significant deviations could risk their support.

Tech Competition and Consumer Confidence

• 💻 A new competition may be emerging between Meta and Alphabet's Google in specialized chips for computing.
• 💰 Meta is reportedly in talks to spend billions on Google's TPUs, aiming to create an alternative to NVIDIA chips.
• 📉 NVIDIA shares fell 2.6% and Advanced Micro Devices shares dropped 4.1% on this news, while Google's stock climbed 1.5%.
• 😟 Consumer confidence declined in November due to anxieties about rising costs and slow job growth.

Retail and Media Deals

• 🛍️ US retail sales saw a modest rise in September, with mixed forecasts from major retailers.
• 📈 Kohl's, Best Buy, and Dick's Sporting Goods raised their full-year outlooks, while Target shares skyrocketed 43%.
• 🎬 Warner Brothers is seeking sweetened offers from potential buyers, including Paramount, Comcast, and Netflix, with improved bids due by December 1st.

Thanksgiving Tradition

• 🦃 President Trump pardoned two turkeys, Waddle and Gobble, sparing them from the Thanksgiving dinner table.