Good morning investors! Stocks jumped yesterday as investors seem to be coming back with BTC now again above $90,000.
Today we cover:
More layoffs in 2026?
Big earnings
Where happiness lies
📊 Economy and News
Tariffs May Trigger Layoffs in 2026
Corporate executives and economists warn that tariffs, designed to reshore U.S. manufacturing jobs, could instead force companies to cut domestic headcount in 2026 as higher import costs squeeze margins.
The Institute for Supply Management’s November factory survey revealed growing alarm: manufacturing activity contracted further (ISM index 48.2), and the employment gauge dropped to 44—its lowest since August. Respondents cited permanent staff reductions, new offshore production shifts, and expectations of major cash-flow and headcount cuts next year.
A fresh OECD report confirms the tariff bite has been delayed but is coming, with U.S. imports already declining sharply in affected categories. The Paris-based group warned the full impact on trade and growth remains ahead.
Global hits:
Euro zone inflation up a notch to 2.2% in November.
South Korea auto stocks rise after U.S. Commerce Secretary confirms tariffs lowered to 15%.
UK set for faster growth in 2026, slower inflation.
Don’t forget: President Donald Trump has decided on his nominee to replace Jerome Powell as Federal Reserve Chair when Powell’s term ends in May 2026.
Reminder: An estimated 202.9 million U.S. consumers shopped during the five-day stretch from Thanksgiving Day through Cyber Monday. That marks the largest turnout in all the years since 2017, when NRF began tracking the five-day period’s shopping total, and it topped last year’s turnout of 197 million shoppers.
Also, US gas prices drop below $3 a gallon for first time since May 2021.
Lastly, the asset-backed finance market is expected to top $9 trillion by 2029.
👨 Sponsored by Elf Labs
Tim Cook said:
“AR will be as big as smartphones — it’s a question of who builds the ecosystem.”
Apple has poured billions into AR. But they won’t own every layer of the ecosystem.
Instead of building hardware, Elf Labs is — turning their own IP — iconic characters like Cinderella & Snow White — into interactive, AI-driven 3D experiences that can live anywhere.
If AR becomes “as big as smartphones,” the companies that own the IP will be the biggest winners.
Elf Labs isn’t experimenting — they’re building the exact layer Tim Cook was talking about.
And early investors still have a window to get in before this ecosystem is priced like the next smartphone boom.
📈 Stocks
S&P 500 6 829,37 (+0.25%)
DJIA 47 474,46 (+0.39%)
NASDAQ 23 413,67 (+0.59%)
BRENT CRUDE 62.45 (-0.72%)
* Prices as of Dec 3rd, 12:20 AM UTC
Okta, American Eagle, and Marvell Technology Report
Okta beat Q3 estimates and issued upbeat guidance, but shares fell as investors wanted stronger AI demand signals. The company sees current-quarter revenue at $748M–$750M and adj. EPS of 84–85 cents (both above consensus). CEO Todd McKinnon said AI-agent upside isn’t yet in the numbers and could exceed Okta’s core TAM over five years.
American Eagle topped Wall Street’s Q3 estimates on both revenue and earnings. The retailer, fresh off partnerships with Sydney Sweeney and Travis Kelce, guided holiday-quarter comparable sales growth to 8–9%—roughly four times the 2.1% consensus. Despite the high-profile campaigns, sales at the core American Eagle brand came in softer than expected in Q3.
Marvell Technology reported stronger-than-expected Q3 fiscal 2026 results, posting adjusted EPS of $0.76 (beating estimates by $0.02) and revenue of $2.08B (slightly above the $2.07B consensus). The company issued upbeat Q4 guidance, forecasting EPS of $0.74–$0.84 (vs. $0.77 consensus) and revenue of $2.20B (vs. $2.17B expected). The stock, which closed at $92.89, has risen 46.68% over the past three months despite being down 3.15% year-over-year. Also, the company is set to acquire Celestial AI for as much as $5.5 billion.
Crowdstrike Holdings Inc posted a record annual recurring revenue and raised guidance, yet the stock fell. For the fourth quarter, it expects revenue of $1.29 to $1.30 billion, and adjusted net income of $282.1 million.
Interesting: Beta Technologies shares surged more than 8% after air taxi maker Eve Air Mobility announced an up to $1 billion deal to buy motors from the Vermont-based company.
Masayoshi Son said SoftBank sold Nvidia only to bankroll new AI bets, including OpenAI and data centers. Son rejected AI-bubble fears, predicting super AI will ultimately add at least 10% to global GDP.
Furthermore, Boeing jumped about 9% after financial chief Malave said that the manufacturer's recovery is "in full force”.
Surprising: OpenAI’s AI chatbot ChatGPT was down for some users yesterday. The company is serious about growth and is now facing major challenges from others like Gemini, which surpassed OpenAI on ARC-AGI-2 last month, offering better results at lower prices.
In other news, Costco has sued US government over tariff refunds ahead of Supreme Court ruling.
Apple iPhone 17 drives record 2025 sales amid looming 2026 market decline.
Samsung has launched its first multi-folding phone, The Galaxy Z TriFold that features three panels and a large, 10-inch inner display.
💵 Personal Finance
What You Truly Want
Your brain isn’t chasing possessions — it’s chasing dopamine, the chemical of desire and anticipation. The moment you own something, the thrill fades, and your eyes move to the next thing you don’t have.
As Morgan Housel explains, “It’s not the having that matters. It’s getting something — anything — that’s new.”
The real hack isn’t earning more; it’s shrinking the gap between what you have and what you want.
Wanting less has the same effect on happiness as doubling your income — but it’s 100% in your control and impossible to lose.
True wealth isn’t measured by how much you own, but by how little you need to feel content. A billionaire who’s always anxious about “what’s next” is poorer than someone with modest means who wakes up grateful every day.
Master that gap, and everything you already have suddenly feels like enough.
💰 Be a Better Investor
I finally know what distinguishes man from the other beasts: financial worries.”
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