TLDR

MARKET RECAP → Stocks fell on Friday as a stronger-than-expected jobs report cooled hopes for additional Federal Reserve interest rate cuts this year.

META ENDS DEI PROGRAMS AMID LEGAL SHIFTS → Meta dismantled its DEI programs, citing U.S. legal changes, while reaffirming a commitment to diverse teams and fair hiring practices. The move follows broader internal policy reversals and leadership transitions. 🚨

INSURANCE STOCKS DROP AS LA WILDFIRES DRIVE RECORD LOSSES → Insurer shares tumbled as LA wildfires caused billions in damages, with estimates topping $20B. High-net-worth areas like Pacific Palisades faced catastrophic destruction, pushing reinsurers into the danger zone.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Meta Ends DEI Programs Amid Shifting Legal Landscape

🛠️ Major DEI Overhaul: Meta announced the end of its "Diverse Slate Approach," equity training, and supplier diversity efforts, citing legal and policy changes in the U.S. The DEI team was disbanded, and Chief Diversity Officer Maxine Williams transitioned to a new role focused on accessibility and engagement.

📉 Representation Goals Abandoned: The company previously ended goals for hiring women and ethnic minorities, aiming to eliminate perceptions of race- or gender-based decision-making. Meta emphasized building cognitively diverse teams to drive innovation and problem-solving.

🌍 Commitment to Universal Access: Meta stated it remains dedicated to serving everyone through fair hiring and consistent employment practices. The changes accompany broader internal policy shifts, including the removal of third-party fact-checking and leadership changes aligning with the incoming U.S. administration.

TODAY’S TOP NEWS

Insurance Stocks Drop Amid Wildfire Fallout

🏠 Major insurers tumbled on wildfire exposure: Shares of Allstate, Chubb, AIG, and Travelers fell sharply, with Chubb facing the highest risk due to its focus on high-net-worth clients in affected areas. Loss estimates for the ongoing LA wildfires could exceed $20 billion, surpassing the record-breaking 2018 Camp Fire.

🔥 Catastrophic damage fuels investor concerns: The Palisades Fire alone burned over 17,000 acres and destroyed 1,000+ structures in affluent neighborhoods. Moody’s expects insured losses to run into billions, with the fires potentially becoming California's costliest in history.

📉 Reinsurance under pressure: Reinsurers like Arch Capital and RenaissanceRe saw declines as analysts flagged the likelihood of breached reinsurance attachments, adding further strain on insurers dealing with escalating losses.

BULL VS. BEAR

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