TLDR

MARKET RECAP →  Stocks didn’t give thanks to investors on Wednesday, with all three major indexes slipping slightly for the day. But they’ve given thanks in 2024, with the S&P 500 (VOO) returning investors over 25% year-to-date — a great outcome compared to the average return of about 10.32% per year from 1993 through 2023.

FED INFLATION GAUGE MEETS EXPECTATIONS → 🛒 The Fed’s inflation gauge rose 2.3%, matching forecasts. Consumer spending held steady, while rate-cut bets hit 66%. Inflation still lingers.

OPENAI SECURES SOFTBANK INVESTMENT  → SoftBank's $1.5 billion investment in OpenAI boosts the startup's $157 billion valuation, offering employees a rare chance to cash out amid AI's booming competition. 🦾

📢 Markets are closed for Thanksgiving. Our newsletter will be back on Friday—enjoy the holiday! 🦃

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Fed Inflation Gauge Meets Expectations

🛒 Inflation ticked up slightly. The Fed’s preferred inflation measure, the PCE price index, rose 2.3% annually in October, in line with forecasts but up from 2.1% in September. Core inflation hit 2.8%, fueled by higher service costs, while goods prices dropped 0.1%.

💵 Consumer spending held steady. Spending grew 0.4%, matching expectations, while personal income surged 0.6%, double estimates. The personal saving rate dipped to 4.4%, reflecting continued financial pressure on households.

📉 Markets responded cautiously. Stocks were mixed, and Treasury yields fell as traders boosted odds of another December rate cut to 66%. Despite progress, inflation’s lingering impact weighs on households and policy decisions.

TODAY’S TOP NEWS

OpenAI Secures $1.5 Billion From SoftBank

🦾 Soft who? SoftBank invested $1.5 billion in OpenAI via a tender offer, giving employees a chance to sell shares while boosting its AI startup stake.

💸 That’s a lot of billions. The deal, part of OpenAI’s $157 billion valuation, follows SoftBank's $500M prior investment and aligns with its Vision 2 Fund's AI-focused strategy.

📊 Tendies. The tender offer reflects OpenAI's capital-heavy model and rising competition in AI, with plans for future liquidity through private market funding.

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WHAT WE’RE WATCHING

OUR FAVORITE TOOLS & RESOURCES

• OpenBB — AI-powered research and analytics workspace

• Earnings Hub — Earnings calendar

• Quiver Quantitative — Quiver allows retail investors to tap into the power of big data with insights into things like congressional trades as they are disclosed

• Perplexity — Perplexity AI is an AI-chatbot-powered research and conversational search engine

• The Market Ear — Live news, analysis and commentary on what moves markets and trading

• Coinmarketcap.com — Crypto market data

• Finviz — Financial visualizations

• Trading Economics — Economic calendar

• CME FedWatch Tool — Market-implied probabilities of future levels of interest rates 

• Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett

• ChatGPT — Large language model-based chatbot powered by generative AI

• Vimcal — Lightning-fast calendar and AI scheduling assistant

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