Good Afternoon. Things are escalating from tariff tension to new terror designations, bold tech bets, gold’s surge, and even missile-defense ambitions. Markets may be shaking off last week’s jitters, but the labor data still hums a cooler tune underneath. As we wrap a packed Tuesday edition, we’re signing off for Thanksgiving. We’ll be back in your inbox Monday, December 1st. Enjoy the holiday and the tryptophan.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Dow Rallies as Alphabet Climbs and Markets Brush Off Nvidia Slump

The News: Stocks pushed higher Tuesday, with the Dow up 1.4% despite a 2.6% drop in Nvidia after a report flagged rising AI chip competition from Google. Alphabet gained 1.5%, extending its march toward a $4 trillion market cap as investors embraced its TPU momentum. The S&P 500 rose 0.9%, the Nasdaq 0.7%, and eight of eleven S&P sectors ended the day in the green. With the Fed’s December rate decision approaching, markets remain buoyed by rising expectations for a cut. Meanwhile, ADP’s weekly data showed private employers shed 13,500 jobs per week through Nov. 8, echoing labor-softness concerns from earlier reports.

Why It Matters: Investors are looking past tech volatility and treating Alphabet’s AI surge as a new market driver, even as Nvidia stumbles. The economic data mix—soft retail, steady inflation, weakening jobs—reinforces the case for a December rate cut, which has become the market’s main emotional support animal. Retailers boosting guidance suggests consumer spending still has legs heading into the holidays, even if wages and hiring are cooling.

What to Watch: Watch how markets digest the final inflation prints before the Fed meeting—every decimal point now comes with a side of rate-cut speculation. And keep an eye on Nvidia: even giants don’t love hearing that their moat suddenly looks more like a community pool.
Source: wsj.com

2. Private-Sector Job Losses Accelerate as Labor Market Softens

The News: U.S. private employers cut an average of 13,500 jobs per week in the four weeks ending Nov. 8, according to new ADP data—up sharply from the prior period’s 11,250 weekly losses and a major reversal from early October’s reported 42,000 payroll gain. With federal labor reports delayed by the shutdown, ADP’s weekly data has become one of the only real-time windows into hiring conditions. Wage growth is cooling too: median hourly pay for new hires has been stuck at $18 for more than a year, even as turnover declines across healthcare, education, and hospitality.

Why It Matters: For workers, the slowdown suggests fewer openings and a job market shifting from expansion to backfilling—employers are replacing exits, not adding staff. For policymakers, rising job losses paired with slipping labor force participation (36% of workers are now 55+) raise concerns about long-term supply constraints just as the Fed prepares a potential Dec. 10 rate cut. ADP’s “C-plus, B-minus” assessment underscores a market losing steam but not collapsing. The retirement-driven shrinkage in available workers may also limit how far unemployment can rise before wage pressures reappear.

What to Watch: Watch the Dec. 16 jobs report and Dec. 18 inflation data—both delayed by the shutdown—for the first full read on whether this cooling is a blip or a broader turn and If new-hire wages stay stuck at $18, the labor market may be graded on a curve no one asked for.
Source: forbes.com

3. Space Force Issues Secret Contracts for Trump’s “Golden Dome” Missile Shield

The News: The U.S. Space Force has quietly awarded multiple classified contracts, each under $9 million, to develop prototype space-based interceptors—the first concrete step toward President Trump’s Golden Dome missile defense system, Bloomberg reports. Contractor identities remain undisclosed under “enhanced security measures,” and the amounts fall below disclosure thresholds. The awards follow a prize-style competition offering $120,000 upfront per winner, with options for demonstrations. Major players including Lockheed Martin, Northrop Grumman, and startup Apex have already signaled intent to compete for future work, backed by Congress’s $25 billion decade-long funding pool.

Why It Matters: For U.S. defense strategy, Golden Dome represents a pivot toward orbit-based missile interception, targeting ballistic missiles during their vulnerable boost phase—a capability never successfully deployed. For industry, the early, low-dollar contracts are essentially buy-ins to a potentially massive program, with Lockheed eyeing a 2028 on-orbit demo and Apex planning a June 2026 test. But feasibility concerns loom: the CBO estimates long-term costs could hit $161B–$542B, while independent analysts say a system close to Trump’s “near 100% protection” promise could run into trillions and require hundreds to thousands of satellites.

What to Watch: Watch the Dec. 7 solicitation for midcourse interceptors—if boost-phase was ambitious, midcourse won’t be a picnic either. And if costs start drifting toward the trillion range, Golden Dome may need a golden goose.
Source: bloomberg.com

4. Google Nears Multibillion-Dollar Deal to Supply AI Chips to Meta

The News: Alphabet is in advanced talks to sell custom TPU chips to Meta in a multibillion-dollar deal that would put Google silicon directly inside Meta’s data centers starting in 2027, The Information reports. Meta would also rent TPU capacity from Google Cloud as early as next year, a major shift from Google’s long-standing policy of limiting TPUs to cloud-only access. Alphabet shares jumped while Nvidia slipped on the news.

Why It Matters: For businesses and developers, the deal signals intensifying competition in the AI compute market, where shortages and rising GPU costs have left companies eager for alternatives. For Google, landing Meta—an organization running AI at a scale of 3 billion daily users—would validate a decade of TPU investment and potentially capture up to 10% of Nvidia’s annual revenue, according to Google Cloud executives. For Meta, diversifying suppliers could lower costs, ease supply bottlenecks, and meet stricter security and compliance demands. The move follows Google’s launch of Ironwood, its 7th-gen TPU, boasting 4× performance and 30× efficiency gains versus earlier generations.

What to Watch: Watch whether Meta fully blends TPUs with its massive Nvidia fleet and if that marriage works, Big Tech’s GPU dependency might finally get some competition. And with chip demand still red-hot, the next supply-chain drama may be who picks between Nvidia’s GPUs and Google’s TPUs.
Source: investing.com

5. HSBC Says Gold Has Room to Rise as Dollar Softens and Fed Eases

The News: Gold is up roughly 54% year-to-date and holding near the $4,000/oz mark, and HSBC strategist Rodolphe Bohn says the rally isn’t done yet. In the bank’s Think Future 2026 outlook, Bohn argues gold should keep climbing even if equities stay strong, supported by heavy central bank buying, renewed ETF inflows, and expectations for Fed rate cuts as soon as December. Central banks’ gold share of reserves has jumped from 13% in 2022 to 22% in Q2 2025, while prices have risen from $2,000/oz to above $4,000/oz over the same period.

Why It Matters: For savers and investors, gold is back to acting as a global shock absorber—benefiting from USD weakness, geopolitical uncertainty, and a world hungry for hedges. For markets, gold’s ability to rise alongside equities suggests it’s functioning as a diversification tool rather than an alarm bell, especially as retail buyers return through gold-backed ETFs. And for central banks, diversification away from the dollar looks structural, offering a steady “price floor” that limits downside volatility. If the Fed keeps easing and U.S. fiscal worries mount, gold may stay one of the easier asset-class decisions.

What to Watch: Watch December’s Fed meeting and dollar moves—if rate cuts arrive on schedule, gold may not need an excuse to shine. And should prices slip again, don’t be shocked if central banks treat it like a Black Friday sale with better lighting.
Source: kitco.com

1. U.S. Designates Venezuela’s “Cartel de los Soles” as Terrorist Group

The News: The U.S. formally labeled Venezuela’s Cartel de los Soles a Foreign Terrorist Organization on Monday, expanding sanctions against a network Washington says includes President Nicolás Maduro and senior military officials. The move adds criminal penalties for anyone providing material support and follows months of deadly U.S. strikes on suspected drug-trafficking boats off Venezuela’s coast. Venezuela’s government called the designation “ridiculous” and “non-existent,” accusing Washington of using it to justify intervention—an accusation U.S. sanctions experts dispute.

Why It Matters: For Venezuelans, the designation tightens the economic vise as the country struggles with deep recession, shrinking oil production, and mounting isolation. For U.S. businesses and regional governments, the FTO label raises compliance risks, as any alleged link—even indirect—now carries harsher criminal penalties. The bigger geopolitical question: whether military activity in the Caribbean—already controversial at home, with only 29% of Americans supporting force without judicial process—intensifies under the new classification.

What to Watch: Whether Washington pairs the FTO designation with broader sanctions or maritime operations in the coming weeks.
Source: reuters.com

2. U.K. Lifts Minimum Wage to £12.71 for Over-21s, Giving 2.7 Million Workers a Raise

The News: The U.K. government announced a 50p increase to the minimum wage for workers over 21, lifting the rate to £12.71 an hour starting April 2026. Pay for 18–20-year-olds will rise 85p to £10.85, while under-18s and apprentices will see wages move to £8. The raise follows last year’s 6.7% hike for over-21s and a 16.3% jump for 18–20-year-olds, layered on top of higher employer National Insurance contributions. The Treasury says the increases balance worker needs with business affordability, though firms warn hiring freezes and price hikes are likely.

Why It Matters: For workers, a full-time over-21 employee will earn about £900 more per year, welcome relief while living costs remain stubbornly high. For employers—especially hospitality and retail—the cumulative effect of wage hikes, tax increases, and rising operating costs could squeeze margins and slow job growth. Sectors already on thin ice say they’ll pass costs to consumers, adding inflation risk. Meanwhile, the government’s move to phase out the separate youth rate shifts the U.K. closer to a single adult minimum wage—a win for unions but a concern for groups warning about youth employment prospects.

What to Watch: Watch Wednesday’s Budget for offset measures—hospitality groups want tax relief to avoid raising prices. And keep an eye on youth hiring data to see just how tight the labor-cost equation has become.
Source: bbc.com

3. Trump, Xi Hold First Post-Truce Call as Tariff Tensions Shift to Europe

The News: President Trump and China’s Xi Jinping held their first call since last month’s US-China tariff truce, discussing soybean imports, Taiwan, and reciprocal state visits—Trump to Beijing in April, Xi to Washington later next year. Trump called the call “very good” and claimed tariff revenues would soon “skyrocket” as foreign buyers exhaust stockpiles. Meanwhile, U.S.–EU friction is rising: Brussels wants lower U.S. duties on steel and aluminum (still at 50%), while rejecting U.S. pressure to ease tech rules. The White House is also prepping contingency plans as the Supreme Court weighs Trump’s authority to impose blanket tariffs under IEEPA.

Why It Matters: For consumers, Trump expanded tariff breaks on select Brazilian imports and cut duties on goods like beef, tomatoes, coffee, and bananas—an effort to cool food prices amid widespread affordability concerns. For markets, a warmer US-China tone contrasts with a bumpier U.S.–EU path that could complicate supply chains, especially in metals and tech. Politically, the tariff debate is becoming a kitchen-table issue again: Democrats made affordability gains in recent races, while Trump is floating a $2,000 “tariff dividend” for households. The Supreme Court’s ruling could reshape the whole framework.

What to Watch: Watch whether tariff relief actually reaches grocery aisles—if bananas stay pricey, voters don’t care what the customs forms say. And keep an eye on SCOTUS: one ruling could turn Trump’s tariff tool kit into either a bulldozer or render it useless.
Source: yahoo.com

Q: What’s a skeleton’s favorite instrument?

A: The trom-bone.

✅ Get Ready For Thanksgiving: Good luck and enjoy!

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“As the grantor, he had full control over the assets placed in the living trust during his lifetime.”

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