Key Points
* Nvidia's Huang talks chip restrictions.
* Markets climb on rate-cut hopes.
* Labor slowdown intensifies.
* Tariffs might stay.
* Cash is king, Dan Niles says.
skynesher | Getty Images
After shaking off some of the weakness at the start of the month, markets seemed to be ready to board Santa's sleigh, and rode into a second straight day of gains this week.
Wednesday's rally was on the back of surprisingly weak private jobs data, with payrolls processing firm ADP's November report showing 32,000 job losses, sharply missing the 40,000 gain expected by economists polled by Dow Jones.
This further strengthened investors' conviction that the U.S. Federal Reserve will cut rates in its final meeting of the year on Dec. 9-10.
But before one starts celebrating like Charlie Bucket who has found a golden ticket to Willy Wonka's chocolate factory, remember, what looks like a catalyst for portfolios in the short term can mask economic weakness in the longer term if job losses continue.
For now, markets are savoring the sugar rush, but whether this rally lasts is anyone's guess.
What you need to know today
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Huang talks chip restrictions. Nvidia CEO Jensen Huang said he met with President Donald Trump on Wednesday and that the two men discussed chip export restrictions, as lawmakers consider a proposal to limit exports of advanced artificial intelligence chips to nations like China.
Markets climb on rate-cut hopes. All three U.S. indexes rose as traders bet on a Fed rate cut on the back of weak job numbers. The Dow Jones Industrial Average was the largest gainer, up 0.86%. The Europe Stoxx 600 closed 0.1% higher.
Labor slowdown intensifies. Payrolls processing firm ADP reported that companies cut 32,000 workers in November, marking a sharp step down from October's gain of 47,000 positions, and well below the Dow Jones consensus estimate from economists for an increase of 40,000.
Tariffs might stay. Treasury Secretary Scott Bessent on Wednesday predicted that the administration still will be able to implement its tariff agenda regardless of whether it prevails in a pending case before the Supreme Court, adding that the administration will implement the levies "permanently."
PRO] Cash is king. The [best investment idea right now is cash, said Dan Niles, founder of Niles Investment Management, but there are some other sectors he is also optimistic on.
And finally...
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Apple announces a new design language for its operating systems called "Liquid Glass" during the annual Apple "Worldwide Developers Conference" (WWDC) at Apple Park, the corporate headquarters of Apple Inc., in Cupertino, California on June 9, 2025.
Josh Edelson | Afp | Getty Images
Design executive behind 'Liquid Glass' is leaving Apple
Apple's head of user interface design, Alan Dye, will join Meta, in a notable shift of executive talent in Silicon Valley.
The iPhone maker confirmed Dye's departure on Wednesday and Apple CEO Tim Cook said in a statement that the company prioritizes design and has a strong team. The statement said that veteran designer Stephen Lemay will succeed Dye.
In June, Dye revealed a redesign of Apple's software interface for iPhones, Macs and the Apple Watch called Liquid Glass.
Reviews were mixed on the Liquid Glass update, which shipped with new iPhones in September.
— Kif Leswing