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MARKET
Dow closes nearly 200 points higher on Wednesday ahead of Thanksgiving

Stocks rose on Wednesday as the November rally extended into Thanksgiving. The Dow Jones gained 184.74 points (0.53%), S&P 500 climbed 0.41%, and Nasdaq advanced 0.46%. Over half of NYSE stocks were up, indicating a broadening market rally. Small- and mid-caps outperformed, rising 0.7% and 0.6%. The energy sector lost 0.1% due to OPEC's delayed production cuts meeting. The 10-year Treasury yield briefly fell to 4.369%, the lowest since Sep. 22, recovering later. Nvidia reported strong earnings but warned of export restrictions on China, leading to a 2.5% share decline. The Fed signaled continued restrictive monetary policy, and markets paused after a five-day winning streak. Monthly gains persist, with the Nasdaq up 11% in November, Dow up nearly 7%, and S&P 500 up over 8%. The market remains optimistic about the Fed's stance. The NYSE is closed for Thanksgiving and will close early on Friday.

STOCKS
S&P 500 typically shows double-digit growth the year after the Fed stops hiking rates

Markets are anticipating that the Federal Reserve's rate hikes are finished, potentially leading to double-digit growth for the S&P 500 in the coming year. Historical data indicates that after previous rate tops, the S&P 500 has often experienced substantial gains. Analysts point out that the average growth in the index after a rate top is 17.4%. Since the assumed "last" hike in July 2023, the S&P 500 could potentially rally by 17% through the first half of 2024. The current index sits at 4,547, up about 1% in the past five days. Experts, including Jeremy Siegal, expect rate cuts to commence as early as March next year. However, the outcomes after central bank interest rate cuts are mixed, with historical examples showing varying market responses. Unique factors, such as the 9/11 attacks and the 2008 Financial Crisis, influenced the market differently compared to the rapid policy responses during the pandemic crisis in 2019, which facilitated a quicker equity recovery.

CRYPTO
Binance New CEO Affirms Strength In Company’s Fundamentals

Binance's new CEO, Richard Teng, expresses confidence in the company's fundamentals despite recent challenges. Teng highlights Binance's status as the world's largest crypto exchange by volume, emphasizing a debt-free capital structure, modest expenses, and robust revenues and profits. The CEO responds to concerns about a $4 billion fine, stating that Binance's total assets of $6.35 billion and $3.19 billion in stablecoins, excluding off-chain cash balances, position the company to meet the fine without crypto asset sales. The company's strength is underscored amid former CEO Changpeng CZ Zhao pleading guilty to US money laundering charges and agreeing to a $50 million payment. Binance faces one of the largest corporate penalties in US history, but the new CEO remains optimistic about the company's resilience.

BUSINESS
Sam Altman Is Reinstated as OpenAI’s Chief Executive

Sam Altman has been reinstated as the CEO of OpenAI after being ousted last week. The company's board of directors will undergo a significant overhaul, removing members who opposed Altman. Adam D’Angelo of Quora will be the sole remaining member. Altman and President Greg Brockman, who had resigned in solidarity, are returning. The board changes include Bret Taylor, Lawrence Summers, and Adam D’Angelo, with Taylor serving as chairman. Microsoft, OpenAI's major investor, supports the changes. Negotiations, led by D’Angelo, resulted in the board restructuring, with some members seeking concessions, including an independent investigation into Altman's leadership. Two members, Tasha McCauley and Helen Toner, stepped down to facilitate a fresh start for the board. The outgoing board aimed to limit Altman's power, opposing his and Brockman's return and objecting to potential members not challenging Altman.

ECONOMIC
U.S. unemployment claims fell by 24,000 to 209,000, highlighting labor market resilience

The number of Americans seeking unemployment benefits dropped significantly last week, indicating the continued resilience of the U.S. job market despite higher interest rates. According to the Labor Department's report on Wednesday, jobless claims fell by 24,000 to 209,000, with the previous week's total at 233,000, the highest since August. The four-week moving average, which smoothens week-to-week fluctuations, decreased by 750 to 220,000. These applications are considered a gauge for layoffs, and their historical lows suggest that most Americans experience uncommon job security. In total, 1.84 million Americans were receiving unemployment benefits in the week ending Nov. 11, showing a decrease of 22,000 from the previous week.

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