"The goal is to become HBO faster than HBO can become us." ✍️

- Reed Hastings (NETFLIX)

SUMMARY

✅ Major equity indexes were mostly flat on Friday but still posted a modest weekly gain to start December.

✅ Trump administration plans major expansion of travel ban after Guard attack.

✅ Fed faces critical rate decision with key data missing.

✅ Meta buys Limitless to boost AI wearables push.

✅ White House signals heavy skepticism over Netflix–Warner Bros. megamerger.

✅ Musk denies reported fundraise as SpaceX valuation nears $800 billion.

MARKET SNAPSHOT

↗ Dow 47,954.99    + 0.22%
↗ Nasdaq 23,578.13    + 0.31%
↗ S&P 6,870.40    + 0.19%

GOVERNMENT

Trump Administration Plans to Expand Travel Ban to More Than 30 Countries, Noem Says

Image courtesy of Evan Vucci/AP

The Trump administration is preparing to expand its travel ban to more than 30 countries, Homeland Security Secretary Kristi Noem said Thursday, marking the latest immigration restriction following the recent shooting of two National Guard members by a man from Afghanistan.

The new measures would broaden a travel ban introduced in June, which barred entry to the U.S. for citizens of 12 countries and imposed additional restrictions on individuals from seven more. Earlier this week, Noem hinted on social media that more countries would soon be added.

In an interview with Fox News host Laura Ingraham, Noem declined to specify which countries are under consideration, saying President Donald Trump is still reviewing the list. She did, however, confirm the total would exceed 30 nations.

“If they don’t have a stable government, if they can’t help us verify who individuals are and assist with vetting, why should we allow people from that country to enter the United States?” Noem said.

Following the Thanksgiving-week shooting of two National Guard troops in Washington, the administration tightened restrictions on the 19 countries already included in the ban—among them Afghanistan, Somalia, Iran, and Haiti. Rahmanullah Lakanwal, an Afghan national who came to the U.S. after the American withdrawal, has been charged with first-degree murder in the killing of Specialist Sarah Beckstrom and critically wounding Staff Sgt. Andrew Wolfe. He has pleaded not guilty.

The Department of Homeland Security has not commented on when the expanded ban will take effect or which countries will be added.

The additions are part of a rapid series of immigration actions taken since the attack. In recent days, the administration has halted asylum decisions, paused processing of immigration benefits for people from the affected countries, and stopped issuing visas to Afghans who aided the U.S. military effort.

On Thursday, U.S. Citizenship and Immigration Services also shortened the validity period for certain work permits—such as those held by refugees and asylum seekers—requiring more frequent renewals and additional vetting.

Critics argue the new measures amount to collective punishment and retraumatize people who have already undergone extensive screening to enter the country. The administration maintains that stronger vetting is necessary to ensure national security.

ECONOMICS

A High-Stakes Fed Meeting Is Coming — and the Data Is Foggy

Image courtesy of Chip Somodevilla / Getty Images

The Federal Reserve’s upcoming Dec. 9–10 meeting may be one of the most uncertain in years. Policymakers face a weakening job market and lingering inflation, but they’re being forced to make decisions without current government data. Due to delayed releases, the latest jobs and inflation reports the Fed has are from September.

“It’s totally unprecedented,” said David Wilcox of the Peterson Institute for International Economics, who helped write that 2003 speech. He likened the moment to “driving with a foggy windshield.”

Fed Chair Jerome Powell must now wrangle a split Federal Open Market Committee. One faction wants to cut rates to prevent more job market erosion; the other fears easing too quickly could reignite price pressures. The dynamic reflects a more open and democratic Fed than the rigid hierarchy of the Greenspan era.

Markets, however, are growing confident they know what’s coming. A quarter-point rate cut — the third this year — is widely expected. Powell had suggested in October that additional easing wasn’t guaranteed. But sentiment shifted in late November when New York Fed President John Williams, a close Powell ally, publicly indicated there was “near-term” room to lower rates — a strong signal the committee is leaning toward a cut.

Major banks are already sketching out the roadmap: Bank of America expects two more rate cuts by next summer, with Goldman Sachs projecting a similar path into 2026 — and both assuming another trim in December.

ARTIFICIAL INTELLIGENCE

Meta to Acquire AI Wearable Startup Limitless

Image courtesy of Limitless

Meta is acquiring artificial intelligence wearable startup Limitless, the companies announced Friday.

“We’re excited that Limitless will be joining Meta to help accelerate our work to build AI-enabled wearables,” a Meta spokesperson said.

Limitless makes a small AI-powered pendant designed to record conversations and produce summaries. CEO Dan Siroker confirmed the acquisition in a blog post and accompanying video, though financial terms were not disclosed.

“Meta recently announced a new vision to bring personal superintelligence to everyone, and a key part of that vision is building incredible AI-enabled wearables,” Siroker said. “We share this vision and will be joining Meta to help bring it to life.”

The AI-wearables market has been expanding, though no company has yet delivered a breakout device. Meta’s Ray-Ban smart glasses—surprise best-sellers—include the company’s AI assistant. Competitors such as Friend, Plaud, and Bee offer similar wearable form factors ranging from pendants to clip-on devices and wristbands. Bee was acquired by Amazon earlier this year.

Amazon also integrates AI through its Alexa+-powered Echo speakers, while Google’s Pixel 10 lineup features the built-in Gemini assistant.

M&A SPACE

Trump Administration Views Netflix–Warner Bros. Deal With ‘Heavy Skepticism’

Image courtesy of Jim Watson/AFP/Getty Images

The Trump administration is expressing “heavy skepticism” toward Netflix’s newly announced $72 billion bid to acquire Warner Bros. Discovery’s film studio and streaming assets, a senior administration official told CNBC on Friday.

Netflix said it plans to purchase Warner Bros.’ film operations and its streaming service, HBO Max, pending regulatory approval.

Sen. Elizabeth Warren, D-Mass., sharply criticized the proposed merger, calling it “an anti-monopoly nightmare.” She argued that combining Netflix and Warner Bros. would create a dominant media giant controlling nearly half the streaming market, potentially raising prices for consumers, limiting viewing choices, and threatening industry jobs. Warren also accused the Trump administration of politicizing antitrust enforcement and urged the Justice Department to conduct a fair, transparent review.

Paramount Skydance made multiple bids for the entirety of WBD, submitting a final all-cash offer of $30 per share on Thursday. Comcast also submitted a bid for WBD’s film and streaming divisions.

According to the New York Post, Paramount Skydance CEO David Ellison met with Trump administration officials and lawmakers in Washington this week to argue against WBD selecting Netflix as its buyer. Ellison’s father, billionaire Larry Ellison, is known to be close to President Trump.

The Wall Street Journal reported that Paramount warned WBD that a sale to Netflix would “never close” due to significant regulatory hurdles in the U.S. and abroad, arguing the deal would unlawfully “entrench and extend Netflix’s global dominance.”

If approved, Netflix’s acquisition would close after WBD completes its planned spinout of Discovery Global—home to CNN, TNT Sports, and the Discovery networks—expected in the third quarter of 2026. Netflix has agreed to pay a $5.8 billion reverse breakup fee if regulators block the deal, according to an SEC filing.

Trump has a history of opposing large media mergers. Before taking office in 2017, he criticized AT&T’s proposed acquisition of Time Warner as concentrating “too much power.” His Justice Department attempted to block the merger, but ultimately lost in court, allowing the deal to close in 2018.

He also initially opposed the takeover of U.S. Steel by Japan’s Nippon Steel prior to the 2024 election but later approved the merger after returning to the White House, signing an executive order in June granting the U.S. government a “golden share” with enhanced governance authority. Experts note the provision gives the government significant influence over the merged company.

Musk Pushes Back as SpaceX’s Value Approaches $800 Billion

Image courtesy of Shutterstock

Elon Musk pushed back Saturday against reports claiming SpaceX is raising fresh capital at an $800 billion valuation, calling the stories inaccurate.

“SpaceX has been cash-flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk wrote on X.

Still, the company is preparing an insider share sale that could value the aerospace giant at up to $800 billion, according to people familiar with the discussions — a level that would once again make SpaceX the world’s most valuable private company. SpaceX’s board reviewed the potential transaction during a meeting Thursday at its Starbase site in Texas.

The valuation and timing could shift depending on demand from existing shareholders and prospective buyers, the people said. The company is also weighing an initial public offering as early as late next year, one source added.

📉 ON THE MOVE AND NOTABLES 📈

✔️ Investors absorbed delayed September figures on consumer spending and the Fed’s preferred inflation gauge, both of which were broadly in line with expectations. Sentiment remains supported by optimism over a possible Fed rate cut next week, as well as a rebound in technology and AI shares.

✔️ Netflix unveiled a $72 billion cash-and-stock deal to acquire Warner Brothers, though the move is widely expected to attract significant regulatory scrutiny. Netflix shares fell 3%, while Warner Brothers gained more than 5%.

✔️ Bond yields moved higher, and the U.S. dollar was largely steady.

✔️ The latest reading of the Fed’s preferred inflation barometer, the Personal Consumption Expenditures (PCE) price index, is expected to show both headline and core inflation unchanged in September relative to August, keeping annual inflation just under 3%.

✔️ Bitcoin futures (/BTC) slipped, giving back part of their mid-week rebound and suggesting a softer risk appetite ahead of upcoming inflation data and the Fed meeting. Crypto-linked equities—including Coinbase (COIN), MicroStrategy (MSTR), and Circle Internet Group (CRCL)—were also trading lower.

✔️ On Wednesday Ethereum (ETH) activated its "Fusaka" upgrade, representing the blockchain's second major code change of 2025. ETH's price gained roughly 10% this week, which puts the coin back above the psychologically important $3,000 price level.

✔️ Meta Platforms (META) climbed on Thursday after reports indicated the company plans to reduce spending in its metaverse division, which has posted significant losses. The stock has been under pressure recently amid concerns over rising AI investment.

✔️ Intel (INTC) fell after Reuters reported the company intends to retain its networking and communications division, disappointing investors who had hoped for more aggressive cost-cutting measures.

✔️ Shares of Nvidia-backed CoreWeave (CRWV) surged after a favorable Barron’s article highlighted strong demand for cloud-based AI chip rentals—one of the fastest-growing segments in the AI build-out.

✔️ Hewlett Packard Enterprise (HPE) dropped after reporting unexpectedly soft revenue, with MarketWatch noting customer delays in AI product development.

✔️ Ulta Beauty (ULTA) climbed after raising its full-year sales outlook and posting earnings that exceeded expectations.

✔️ Elon Musk on Saturday dismissed media reports that SpaceX is raising funds at an $800 billion valuation, calling them inaccurate. “SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on X.

💲What to Watch Next Week💲

All eyes are on Wednesday’s Federal Reserve meeting, which has stirred considerable debate amid volatile rate expectations and mixed signals from policymakers. After recent comments from Fed Governor Williams, markets now assign a 95% probability to a rate cut—up sharply from about 30% two weeks ago.

With the October and November jobs reports delayed until December 16 due to the government shutdown, the Fed is operating with greater uncertainty and may rely more heavily on private labor-market data.

🟢 Economic:

Monday (Dec. 8): -no reports-

Tuesday (Dec. 9): JOLTS – Job Openings, Productivity – Revised, Unit Labor Costs

Wednesday (Dec. 10): EIA Crude Oil Inventories, Employment Cost Index, FOMC Rate Decision, MBA Mortgage Applications Index, Treasury Budget, Wholesale Inventories

Thursday (Dec/ 11): Continuing Claims, EIA Natural Gas Inventories, Initial Claims, Producer Price Index (PPI), Core PPI

Friday (Dec. 12): -no reports-

🟢 Earnings:

Monday (Dec. 8): Compass Minerals International Inc. (CMP), Phreesia Inc. (PHR), Toll Brothers Inc. (TOL)

Tuesday (Dec. 9): AeroVironment Inc. (AVAV), AutoZone Inc. (AZO), Braze Inc. (BRZE), Campbell's Co. (CPB), Caseys General Store Inc. (CASY), Core & Main Inc. (CNM), Ferguson Enterprises Inc. (FERG), GameStop Corp. (GME), Sailpoint Inc. (SAIL)

Wednesday (Dec. 10): Adobe Inc. (ADBE), Chewy Inc. (CHWY), Daktronics Inc. (DAKT), Hello Group Inc. (MOMO), Nordson Corp. (NDSN), Oracle Corp. (ORCL), Photronics Inc. (PLAB), Synopsis Inc. (SNPS), Uranium Energy Corp. (UEC), Vail Resorts (MTN)

Thursday (Dec. 11): Broadcom Inc. (AVGO), Ciena Corp. (CIEN), Costco Wholesale Corp. (COST), Lovesac Co. (LOVE), Lululemon Athletica Inc. (LULU), Netskope Inc. (NTSK) RH Inc. (RH)

Friday (Dec. 12): Johnson Outdoors Inc. (JOUT), Zedge Inc. (ZDGE)

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