Markets are steady as Disney blackout finally ends.

"Every time you spend money, you're casting a vote for the kind of world you want." ✍️ - John F. Kennedy  SUMMARY ✅ After a steep drop at the open, U.S. equity markets clawed their way back on Friday, finishing near unchanged as a bounce in tech helped steady the broader indexes. ✅ Trump breaks with Marjorie Taylor Greene, once a key MAGA ally. ✅ President signs order cutting tariffs on beef, coffee, bananas to ease U.S. grocery costs. ✅ Disney and YouTube TV strike deal, ending two-week blackout. ✅ Former Fed governor Adriana Kugler violated trading rules, ethics report finds. ✅ Walmart names John Furner as next president and CEO, succeeding Doug McMillon. MARKET SNAPSHOT ↘ Dow                            47,147.48                      - 0.65% ↗ Nasdaq                       22,900.59                     + 0.13%  ↘ S&P                              6,734.11                      - 0.050%  GOVERNMENT Trump Breaks with Marjorie Taylor Greene, Once a Key MAGA Ally Image courtesy of Elijah Nouvelage / AFP Former President Donald Trump publicly severed ties with Rep. Marjorie Taylor Greene on Friday, labeling the Georgia Republican “Wacky Marjorie” and signaling he would endorse a primary challenger next year “if the right person runs.” The move marks a sharp break with one of his most vocal MAGA-world defenders, who once served as a conduit between Trump and GOP lawmakers and famously wore a red MAGA cap to President Biden’s 2024 State of the Union. The fallout appears to be the culmination of months of friction as Greene has sought to moderate aspects of her political profile. The three-term congresswoman has increasingly clashed with her own party, criticizing GOP leaders during the recent government shutdown and pushing for solutions for people losing health insurance subsidies. Trump accused Greene of moving “Far Left,” saying she does nothing but “COMPLAIN, COMPLAIN, COMPLAIN!” He also mocked reports that she was frustrated he no longer returns her calls, writing, “I can’t take a ranting lunatic’s call every day.” Greene fired back on X, accusing Trump of lying about her and sharing what she said was a text message urging him to release the Jeffrey Epstein files—an issue she claimed triggered his outburst. She said Trump’s resistance to releasing the files was “astonishing,” especially as the House prepares for a vote next week on making them public. In her response, Greene said she had devoted “too much of my precious time, too much of my own money” to supporting Trump, but added, “I don’t worship or serve Donald Trump.” The dispute further exposes widening cracks within Trump’s political orbit, especially after recent off-cycle elections in New Jersey and Virginia where Democrats capitalized on voter frustration over rising costs. Greene recently criticized Trump for focusing on foreign affairs over domestic economic pressures, prompting Trump to claim she had “lost her way.” During comments to reporters Friday, Trump suggested Greene had “changed” in recent months and argued that his recent trip to China was necessary to prevent job losses in Georgia tied to Chinese export restrictions on magnets. He also said several people had contacted him about challenging Greene, asserting, “She’s lost a wonderful conservative reputation.” Greene’s political repositioning has been unfolding for months. She declined to run for Senate in May, sparking tensions with GOP donors. She publicly backed Tucker Carlson in June after Trump called the commentator “kooky,” aligning with factions skeptical of U.S. foreign policy. She then ruled out a run for governor and attacked what she called a Republican “good ole boy” system. In recent weeks, Greene has appeared on platforms far outside her usual conservative media circle, including Bill Maher’s Real Time and ABC’s The View. Her criticisms of GOP leadership and calls for a stronger health care plan prompted surprise from some commentators. “You seem like a completely different Marjorie Taylor Greene,” said View co-host Sunny Hostin, while Joy Behar suggested she “become a Democrat.” “I’m not a Democrat,” Greene replied. “I think both parties have failed.” ECONOMICS President Signs Order Cutting Tariffs on Beef, Coffee, Bananas to Ease U.S. Grocery Costs Image courtesy of Perfectsnacks.com President Trump on Friday signed an order reducing tariffs on a range of everyday goods—including beef, tomatoes, coffee, and bananas—in an effort to bring down grocery bills for Americans struggling with elevated food prices, according to Bloomberg. The tariff reductions are being rolled out alongside a series of newly announced trade agreements. The White House says it has secured framework deals with Argentina, Guatemala, El Salvador, and Ecuador, with officials signaling that broader food-related tariff exemptions are still to come. Treasury Secretary Scott Bessent and other senior officials have spent the past week previewing potential cuts on high-demand consumer staples. U.S. Trade Representative Jamieson Greer said earlier Friday that the move aligns with Trump’s wider trade strategy. “Now is the right time…to release some of these items the president said he was going to release,” Greer said. “This is a natural outgrowth of exactly what the president signaled, and that’s what he’s doing today.” The push to lower food prices follows strong Democratic showings in recent state and local elections where affordability was a key campaign theme. Trump himself has recently floated the idea of a “tariff dividend” that could eventually return money to American households. The issue comes amid heightened scrutiny of Trump’s trade authority. The president recently acknowledged that U.S. consumers are “paying something” under his tariffs—many of which now hang in the balance as the Supreme Court weighs a high-stakes case. Several justices across the ideological spectrum voiced skepticism during oral arguments about the scope of presidential power to impose broad duties. If the court rules against Trump, the administration is expected to pursue alternative avenues to continue its trade agenda. More updates on Trump’s tariffs: The U.S. and Switzerland reached a deal to cut tariffs on Swiss imports to 15%, down from the steep 39% rate imposed this summer. In return, Switzerland will invest $200 billion in the United States, according to the White House. EU officials said they will present a proposal enabling the next phase of the U.S.–EU trade agreement to move forward. Brazil signaled that it hopes to secure a preliminary trade deal with the U.S. this month as relations between the two countries improve. A Nanos Research poll for Bloomberg found that 67% of Canadians believe a deal to reduce U.S. tariffs is unlikely within the next six months. The U.S. and China reached a new trade truce under which China will pause additional export controls on rare earth metals and end investigations into American chipmakers. In exchange, the U.S. will delay parts of Trump’s “reciprocal tariffs” on China for another year. Trump said he expects to reduce tariff rates on Indian goods “at some point” and that the U.S. is getting “close” to a broader trade agreement with New Delhi. TRENDING Disney and YouTube TV Strike Deal, Ending Two-Week Blackout Image courtesy of Getty Images Disney and YouTube TV announced Friday that they have reached an agreement to restore access to Disney-owned networks after a two-week blackout that frustrated millions of subscribers. Under the new deal, YouTube TV will once again carry Disney channels including ABC, ESPN, FX, and others. The agreement also expands the partnership: ESPN’s upcoming direct-to-consumer streaming service will be included on YouTube TV at no extra cost, and YouTube will gain the ability to offer select Disney networks and the Disney+/Hulu bundle in various packages. Disney Entertainment Co-Chairmen Alan Bergman and Dana Walden, along with ESPN Chairman Jimmy Pitaro, said the agreement “recognizes the tremendous value of Disney’s programming and provides YouTube TV subscribers with more flexibility and choice.” They added that they were pleased to have the channels restored in time for a busy weekend of programming, including college football. YouTube, in its own statement, said channels would return “throughout the course of the day” and apologized to subscribers, thanking them for their patience “as we negotiated on their behalf.” YouTube TV, a major cable alternative for cord-cutters, has a history of high-profile carriage disputes with media companies, often over pricing and bundling flexibility. The last Disney–YouTube TV standoff in 2022 also resulted in a brief blackout. During the current outage, YouTube offered subscribers a $20 credit on their next bill. A survey suggested that 24% of YouTube TV’s more than 10 million subscribers had canceled or planned to cancel due to the loss of Disney content, though YouTube said actual churn was “manageable” and far lower than survey estimates. For fans, the deal ends a frustrating stretch—TechCrunch’s Amanda Silberling even joked that the blackout was “ruining her life” because she couldn’t watch Jeopardy! Her two-week saga, along with millions of others’, is finally over. GOVERNMENT Former Fed Governor Adriana Kugler Violated Trading Rules, Ethics Report Finds Image courtesy of Al Drago—Bloomberg via Getty Images Former Federal Reserve Governor Adriana Kugler violated central bank trading rules during her tenure, according to a report released Saturday by the U.S. Office of Government Ethics. The violations, tied to improper stock trades and activity during restricted blackout periods, shed new light on her abrupt and unexplained resignation three months ago. Kugler, appointed to the Fed in 2023 by President Joe Biden, left the Board of Governors in August without offering a public explanation. Her departure allowed President Donald Trump to appoint economist Stephen Miran to complete her term. According to officials familiar with the matter, Kugler sought — and was denied — a waiver from Fed Chair Jerome Powell after disclosing that her investment portfolio contained prohibited holdings. The newly released report confirms that her financial activity included purchases of Apple, Southwest Airlines, Caterpillar, and Cava Group stock, in violation of strict ethics rules adopted in 2022. The ethics filing also shows that concerns regarding trading activity by Kugler or her husband date back to at least September 2024. A financial disclosure she submitted on Sept. 11 of this year was not certified by ethics officials, who subsequently referred the matter to the Federal Reserve’s independent inspector general. One note in the filing states that certain transactions were carried out by Kugler’s spouse “without her knowledge,” and that he did not intend to violate any rules. Kugler’s violations included two categories: — Trading individual company stocks, which senior Fed officials are prohibited from owning. — Conducting trades during FOMC blackout periods, when policymakers are barred from executing financial transactions around sensitive interest-rate meetings. Kugler participated in most Federal Open Market Committee sessions during her tenure, but she missed the July meeting, which the Fed attributed to a personal matter. Shortly before that meeting, she again sought a waiver to address impermissible holdings. Powell denied the request, leading to her absence from the meeting and her announcement days later that she would resign effective August 8. This was not her first disclosure of violations. In an October 2024 filing, Kugler also attributed four improper stock purchases — three in Apple and one in Cava — to her husband. The latest report additionally reveals that Kugler received more than $41,000 in pro bono legal services from the law firm Arnold & Porter. CNBC has requested comment from both Kugler and her husband, immigration attorney Ignacio Donoso. Kugler has since returned to Georgetown University’s McCourt School of Public Policy and Economics. The Fed’s trading rules were tightened in 2022 after controversies involving former regional presidents Eric Rosengren and Robert Kaplan. Both left their positions after scrutiny over trades executed during the pandemic-era market turmoil, prompting the central bank to impose a sweeping ban on trading individual stocks, bonds, and cryptocurrencies. Kugler’s resignation ultimately enabled Trump to appoint Miran to the Board. Separately, the Fed’s inspector general recently found that Atlanta Fed President Raphael Bostic also violated trading rules, ahead of his scheduled retirement next year. RETAIL Walmart Names John Furner as Next President and CEO, Succeeding Doug McMillon Image courtesy of ABC News Walmart Inc. (NYSE: WMT) announced a major leadership transition today, revealing that John Furner has been elected President and Chief Executive Officer of Walmart Inc., effective February 1, 2026. Furner, currently CEO of Walmart U.S., was also elected to the company’s Board of Directors effective immediately. Doug McMillon, who has led the company for over a decade, will retire on January 31, 2026, but remain on the Board until the next annual shareholders’ meeting and continue advising Furner through January 31, 2027. Greg Penner, Chairman of Walmart Inc., said Furner is “the right leader to guide Walmart into our next chapter of growth and transformation,” noting his 30-year career that began as an hourly associate. Penner highlighted Furner’s ability to deliver results, drive digital acceleration, and strengthen Walmart’s culture. Penner also praised McMillon’s tenure, emphasizing that McMillon led Walmart through a comprehensive transformation that modernized the business and produced sustained financial performance. McMillon called serving as CEO “a great honor” and thanked Walmart associates for their dedication. He endorsed Furner warmly, stating that “he’s uniquely capable of leading the company through this next AI-driven transformation” and describing him as a leader with deep love for Walmart’s people and mission. Furner expressed gratitude for the opportunity, stating that “as we enter a new retail era fueled by innovation and AI, our purpose and our people will continue to guide us.” He pledged to continue strengthening Walmart’s service to customers, associates, and communities. Furner has led Walmart U.S. since 2019, overseeing more than 4,600 stores and championing digital innovation, operational excellence, and associate development. He previously served as CEO of Sam’s Club and has held roles across merchandising, sourcing, and operations globally. As with past transitions, McMillon will remain on the Board until June and stay on as an advisor through FY2027. Walmart will announce Furner’s successor as CEO of Walmart U.S. before the end of FY2026. 📉 ON THE MOVE AND NOTABLES 📈 ✔️ Hawkish-leaning commentary from Federal Reserve officials signaled that a December rate cut is far from guaranteed. Futures markets reflect that shift in tone: the probability of a cut has slid to 45%, down sharply from 70% earlier in the week. ✔️ Abroad, Asian markets ended lower after China reported disappointing industrial production data, while European equities also softened. ✔️ In fixed income, Treasury yields edged higher across the curve, with the 10-year finishing around 4.15%. ✔️ The tech-leaning Nasdaq is down more than 3% for the month and has logged back-to-back weekly losses, despite still being up roughly 19% year-to-date. ✔️ Global markets outside the U.S. are on track for a standout 2025. The MSCI ACWI ex-U.S. Index is pacing for a gain of more than 30% in dollar terms—potentially its strongest annual return since 2009. The MSCI China Index is up about 40%, while Korea has surged more than 90%. ✔️ Warner Bros. Discovery (WBD) climbed after The Wall Street Journal reported that multiple bidders—including Netflix (NFLX) and Paramount Skydance (PSKY)—are preparing offers ahead of the November 20 deadline. ✔️ JPM announced last week that it has officially completed the proof-of-concept for its USD-denominated deposit token, JPM Coin (JPMD), for its institutional clients. ✔️ Walmart (WMT) slipped after announcing that longtime CEO Doug McMillon will retire next year. He will be succeeded by John Furner, the current head of Walmart’s U.S. operations. ✔️ Apple (AAPL) traded lower even as Reuters reported a 22% jump in iPhone sales in China following the launch of the iPhone 17. ✔️ Applied Materials (AMAT) sank. While the semiconductor-equipment maker beat expectations, investors were disappointed by guidance, which the company merely reaffirmed. AMAT noted it expects demand to strengthen in the back half of next year. ✔️ Rigetti Computing (RGTI) dropped as tech selling persisted. The stock has given back a large portion of its earlier surge—after being up 150% at one point, the broader quantum computing basket is now down nearly 43%. ✔️ Walt Disney (DIS) plunged after missing revenue expectations, weighed down by ongoing softness in its TV and film divisions. Streaming and theme parks remained bright spots, reinforcing analyst views that these units will drive future growth. ✔️ Nike (NKE) jumped after Wells Fargo upgraded the stock to Overweight from Equal Weight, citing clearer visibility into sales and margins. Shares are down 1.7% this morning. ✔️ Eli Lilly (LLY) is up 18% for the month. Barron’s reported the company could be a candidate for a stock split, as health care continues to dominate sector performance this week. ✔️ With Bitcoin (/BTC) falling to six-month lows, crypto-linked names also slid. Coinbase (COIN) lost 5%, while MicroStrategy (MSTR) dropped about 6%, and Circle Internet Group (CRCL) also traded lower. ✔️ The S&P 500 Equal Weight Index (SPXEW) is having its strongest month relative to the market-cap-weighted S&P 500 (SPX) since March, signaling a continued rotation away from mega-caps. ✔️ Volatility surged, with the VIX jumping 14.2% yesterday and adding another 10% this morning. ✔️ The Bureau of Labor Statistics said that more time is needed to compile the October CPI data (early to mid-December is the expected release timeframe), but the FactSet estimates point to a +0.2% gain over the month, which would equate to a 3.0% year-over-year (YoY) gain. If the monthly gain comes in as expected, it would represent a 0.1% decline from the prior month but match September's 3.0% YoY gain. According to the Federal Reserve Bank of Cleveland's inflation nowcast the core CPI is forecasted to have increased 0.3%. ✔️ October's PPI is expected to show a 0.2% monthly gain versus the -0.1% reported in September. ✔️ Haver Analytics estimates that initial claims dipped to 227,543 for the week ended November 8th from 228,889 in the prior week. The Labor Department is expected to resume publishing this report starting next Thursday. ✔️ The Atlanta Fed's GDPNow "nowcast" for Q3 GDP is unchanged from last Friday at +4.0%. 💲What to Watch Ahead💲 🟢 Economic: Monday (11/17): Empire State Manufacturing Tuesday (11/18): Capacity Utilization, Export Prices, Import Prices, Industrial Production, NAHB Housing Market Index, Net Long-Term TIC Flows Wednesday (11/19): Building Permits, EIA Crude Oil Inventories, Housing Starts, MBA Mortgage Applications Index Thursday (11/20): Continuing Claims, EIA Natural Gas Inventories, Existing Home Sales, Initial Claims, Leading Indicators, Philadelphia Fed Index Friday (11/21): University of Michigan Consumer Sentiment - Final 🟢 Earnings: Monday (11/17): Aramark (ARMK), Brady Corp. (BRC), Full Truck Alliance Co. (YMM), H World Group Inc. (HTHT), Helmerich and Payne Inc. (HP), Li Auto Inc. (LI), Trip.com Group Ltd. (TCOM), XP Inc. (XP), Xpeng Inc. (XPEV) Tuesday (11/18): AECOM (ACM), Baidu Inc. (BIDU), Dolby Laboratories Inc. (DLB), Elbit Systems Ltd. (ESLT), Futu Holdings Ltd. (FUTU), Home Depot Inc. (HD), Medtronic PLC (MDT), PDD Holdings Inc. (PDD), Sociedad Quimica y Minera de Chile SA (SQM) Wednesday (11/19): Bullish (BLSH), Copa Holdings SA (CPA), Dycom Industries Inc. (DY), Lowe's Companies Inc. (LOW), NIO Inc. (NIO), Nvidia Corp. (NVDA), Palo Alto Networks Inc. (PANW), Target Companies (TGT), TJX Companies Inc. (TJX), Viking Holdings Ltd. (VIK) Thursday (11/20): Copart Inc. (CPRT), Elastic NV (ESTC), ESCO Technologies Inc. (ESE), Gap Inc. (GAP), Jacob Solutions Inc. (J), Intuit Inc. (INTU), NetEase Inc. (NTES), Ross Stores Inc. (ROST), Veeva Systems Inc. (VEEV), Walmart Inc. (WMT) Friday (11/21): Alibaba Group Holding Ltd. (BABA), BJ's Wholesale Club Holdings Inc. (BJ), IES Holdings Inc. (IESC), VinFast Auto Ltd. 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