TLDR

MARKET RECAP → Stocks rebounded on Friday to close out a choppy week categorized by multiple negative records for the major averages, including the Dow’s (DIA) longest losing streak since the 1970s.

FROM NIKE TO INTEL, CEO DEPARTURES AT U.S. COMPANIES HIT A RECORD THIS YEAR → 📊 CEO exits surged to a record 327 in 2024, with big names like Nike (NKE) and Boeing (BA) facing leadership shakeups amid mounting market and strategic pressures.

NOVO NORDISK SHARES PLUNGE 20% AFTER DISAPPOINTING TRIAL RESULTS; LILLY JUMPS → Novo's weight-loss drug trial missed expectations, sending shares down 20%, while Eli Lilly (LLY) soared 5% with its rival drug dominating the competition. 🩺

KEY FED INFLATION MEASURE SHOWS 2.4% RATE IN NOVEMBER, LOWER THAN EXPECTED → Inflation ticked lower in November, with the PCE index at 2.4%, easing pressure on the Fed but still above target. Sticky? Less so. 🛑

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MARKETS

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Notable Earnings This Week

TODAY’S TOP NEWS

From Nike To Intel, CEO Departures At U.S. Companies Hit A Record This Year

📉 CEO turnover reached record highs: U.S. public companies announced 327 CEO exits in 2024, surpassing any year since tracking began in 2010. High-profile departures included leaders from Boeing, Nike, and Starbucks, reflecting impatience over strategic missteps and underperformance.

💼 Industries with the highest turnover: Consumer-focused sectors like retail and food service saw significant CEO changes due to their vulnerability to shifting consumer tastes, unlike more stable industries like utilities. These changes occurred despite a generally strong economy and high consumer spending.

🚀 Pressure to perform in a competitive market: Many CEOs faced scrutiny as their companies lagged in innovation or execution. The high cost of capital, coupled with accelerating market expectations, forced boards to act swiftly, highlighting the increasing demand for adaptability and results-driven leadership.

TODAY’S TOP NEWS

Novo Nordisk Shares Plunge 20% After Disappointing Trial Results; Lilly Jumps

📉 Novo Nordisk's shares dropped 20% after its weight loss drug CagriSema fell short of the anticipated 25% weight reduction, achieving 22.7% in a late-stage trial. This setback dimmed expectations for the drug as the next breakthrough in obesity treatment.

🏆 Eli Lilly's shares surged over 5%, buoyed by its growing dominance in the competitive weight-loss market. Novo's trial results arrived just weeks after Lilly's Zepbound outperformed Wegovy in a separate head-to-head study.

💊 Analysts acknowledged the potential of amylin analog drugs despite the trial's underperformance. Novo remains optimistic about CagriSema, planning further exploration and a regulatory submission by 2025 as competition in the weight-loss sector intensifies.

TODAY’S TOP NEWS

Key Fed Inflation Measure Shows 2.4% Rate In November, Lower Than Expected

🛑 Inflation Eased Slightly: The Fed's preferred inflation gauge, the PCE price index, rose just 0.1% monthly and 2.4% annually in November, falling short of expectations. Core inflation, which excludes food and energy, also increased 0.1% month-over-month and 2.8% year-over-year—both below forecasts.

📉 Income and Spending Slowed: Personal income rose by 0.3%, missing the 0.4% forecast, while personal expenditures grew 0.4%, also below expectations. The personal saving rate dropped slightly to 4.4%, signaling continued pressure on consumer finances.

🏠 Signs of Cooling in Housing Inflation: Goods prices were flat, services rose modestly by 0.2%, and housing costs—a persistent inflation driver—showed signs of easing. Food and energy prices both saw small 0.2% gains, while energy prices fell 4% year-over-year.

The softer inflation data comes as the Fed navigates rate cuts cautiously, reflecting a slower approach in an uncertain economic environment.

BULL VS. BEAR

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