Stocks enjoyed a solid relief rally yesterday, though they’re subdued in light holiday-week trading today. Gold and silver are up notably, while crude oil and Bitcoin are easing back.
Federal Reserve policymakers helped fuel a relief rally to start off the Thanksgiving week. San Francisco Fed President Mary Daly and New York Fed President John Williams both backed the idea of a December interest rate cut in recent public comments. That balanced out previous remarks from colleagues who implied they were hesitant to cut again in 2025. The Fed meets Dec. 9 and 10.
GOOGL, NVDA, BBY (YTD % Change)
Data by YCharts
The battle for Artificial Intelligence (AI) spending dollars is heating up. Meta Platforms Inc. (META) is reportedly considering buying billions of dollars in processing chips from Alphabet Inc. (GOOGL), a move implying Nvidia Corp. (NVDA) will face more competition for AI-enabling chips now and in the future. Anthropic PBC had previously committed to buying up to 1 million of GOOGL’s tensor processing units (TSUs)
Black Friday is right around the corner – but at least one big retailer isn’t waiting until then to report solid results. Consumer tech and appliance retailer Best Buy Co. (BBY) beat revenue and earnings forecasts for the quarter ended Nov. 1, and raised its full-year sales target to $42 billion from $41.7 billion. BBY shares advanced on the news, though they’ve struggled throughout 2025.
Finally, if you’re looking for some good news, a Thanksgiving turkey should cost you LESS money this year. One survey from the Farm Bureau said turkeys are 16% cheaper than in 2024, while a separate study from Wells Fargo found them down 3.7% in price. Of course, rising food prices overall have been a problem for the last few years...and the consulting firm Deloitte says the OVERALL cost of a Thanksgiving meal (including sides) is up slightly – 0.6% –from 2024.
