TLDR

MARKET RECAP →  Stocks rallied on Tuesday, with the S&P 500 (VOO) and Dow Jones (DIA) hitting new highs as investors shrugged off President-elect Trump's tariff threats.

AUTOMAKER SHARES DROP ON TARIFF THREAT → 🚗 Auto stocks slid as Trump threatened 25% tariffs on Mexico and Canada imports, shaking manufacturing giants like GM (GM) and Stellantis.

BEST BUY CUTS FULL-YEAR SALES FORECAST  →  Best Buy (BBY) slashed its sales outlook after weaker Q3 results, citing sluggish demand and cautious holiday expectations despite new tech launches. 📉

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Automaker Shares Drop On Tariff Threat

🔧 Automaker stocks tumbled after President-elect Trump threatened 25% tariffs on imports from Mexico and Canada, targeting key manufacturing hubs. General Motors (GM) and Stellantis, heavily reliant on these countries for production, saw significant losses in early trading.

🚚 The automotive sector, responsible for over a quarter of Mexico-to-U.S. imports, braced for disruption. Analysts viewed Trump’s move as a negotiation tactic to revise the U.S.-Mexico-Canada Agreement rather than a definite policy.

💼 While tariffs remain uncertain, analysts expect Canada and Mexico to engage in talks to avoid economic fallout. Meanwhile, foreign automakers with U.S. production footprints also saw declines in share prices.

TODAY’S TOP NEWS

Best Buy Cuts Full-Year Forecast

Best Buy (BBY) reduced its full-year sales forecast and reported weaker-than-expected Q3 revenue, with net sales falling to $9.45 billion. Comparable sales declined by 2.9%, driven by slower demand in home theater systems, gaming, and appliances.

CEO Corie Barry cited muted September and October sales due to macroeconomic uncertainty, election distractions, and customers waiting for discounts. Recent weeks showed slight improvements with holiday shopping, but the company expects uneven sales patterns.

Despite new AI-enabled devices and fresh product lines like Apple (AAPL) iPads, sales growth in computing and services categories couldn’t offset declines elsewhere. Best Buy remains cautious, citing inflation and potential tariff impacts as looming challenges.

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