After shaking off some of the weakness at the start of the month, the market looks ready to ride Santa’s sleigh, riding a second straight day of gains this week.
Wednesday’s gains came on the back of surprisingly weak private-sector employment data, with payroll firm ADP’s November report showing a loss of 32,000 jobs, well below the 40,000-job gain expected by economists compiled by Dow Jones.
This further strengthened investors’ confidence that the Federal Reserve will cut interest rates at its final meeting of the year on December 9-10.
But before you start celebrating like Charlie Bucket who found the golden ticket to Willy Wonka’s chocolate factory, remember that continued job losses may seem like a portfolio catalyst in the short term but mask economic weakness in the long term.
For now, the market is enjoying a sugar rush, but no one knows if this rally will continue.
What you need to know today
Mr. Huang talks about tip limits. Nvidia CEO Jensen Huang said he met with President Donald Trump on Wednesday to discuss chip export restrictions as lawmakers consider proposals to restrict exports of advanced artificial intelligence chips to countries such as China.
Markets rise on expectations for interest rate cuts. All three U.S. indexes rose as traders bet on the Federal Reserve to cut interest rates on the back of weak employment data. The Dow Jones Industrial Average rose 0.86%, the biggest gainer. Europe’s Stoxx 600 ended 0.1% higher.
The labor force slowdown intensifies. Payroll firm ADP reported that companies cut 32,000 jobs in November, down from the 47,000 job increase in October and well below the Dow Jones consensus forecast of a 40,000-job increase.
Tariffs may remain. Treasury Secretary Scott Bessent predicted Wednesday that the administration will be able to continue implementing its tariff policy regardless of whether it wins the pending case before the Supreme Court, adding that the administration will implement the levy “permanently.”
(PRO) Cash is king. Dan Niles, founder of Niles Investment Management, said cash is the best investment idea right now, but there are several other sectors he’s optimistic about.
And finally…
Apple announced a new design language for its operating system called “Liquid Glass” at the annual Apple “Worldwide Developers Conference” (WWDC) to be held at Apple Park, Apple Inc.’s headquarters in Cupertino, California, on June 9, 2025.
Josh Edelson | AFP | Getty Images
The person responsible for designing “Liquid Glass” leaves Apple.
Alan Dye, Apple’s head of user interface design, will join Meta in a notable move in executive talent in Silicon Valley.
The iPhone maker confirmed Dai’s resignation on Wednesday, and Apple CEO Tim Cook said in a statement that the company prioritizes design and has a strong team. Dai will be replaced by veteran designer Stephen LeMay, according to a statement.
In June, Dai unveiled Liquid Glass, a redesign of Apple’s software interface for iPhones, Macs, and Apple Watches.
The Liquid Glass update that shipped with new iPhones in September received mixed reviews.
— Kiff Lesswing
