S&P 500 jumps as AI momentum returns

The S&P 500 rose Wednesday as AI stocks rebounded and risk appetite was boosted by expectations that the Federal Reserve will end the year with another rate cut next month.

At 3:14 p.m. ET (20:14 GMT), the Dow Jones Industrial Average rose 405 points, or 0.9%, the S&P 500 index gained 0.9%, and the NASDAQ Composite climbed 1%.

NYC comptroller’s push to drop BlackRock creates test for Mamdani

New York City Comptroller Brad Lander is urging city pension fund officials to re-bid $42.3 billion managed by BlackRock, saying the fund manager has deprioritized climate concerns.

It marks the first major move by a Democratic official to counter pressure on financial companies from Republican allies of the fossil-fuel industry.

Stock market today: S&P 500 shrugs off Nvidia slip to close higher

The S&P 500 closed higher Tuesday, as a jump in health care and consumer stocks offset an Nvidia-led dip in tech.

At 4:00 p.m. ET (21:00 GMT), the Dow Jones Industrial Average gained 663 points, or 1.4%, while the S&P 500 index gained 0.9%, and the NASDAQ Composite added 0.7%.

HP to cut about 6,000 jobs by 2028, ramps up AI efforts

HP Inc said on Tuesday it expects to cut between 4,000 and 6,000 jobs globally by fiscal 2028 as part of a plan to streamline operations and adopt artificial intelligence to speed up product development, improve customer satisfaction and boost productivity.

Dell forecasts upbeat growth targets on strength in AI server sales

Dell forecast fourth-quarter revenue and profit above Wall Street estimates on Tuesday, as increasing investments in data centers to support artificial intelligence applications boost demand for its servers.

Shares of the company rose around 3% in extended trading.

The company, which raised its annual revenue and profit expectations, offers AI-optimized severs equipped with Nvidia’s powerful chips.

Wall St Week Ahead Black Friday puts focus on consumer spending for rocky markets

• Holiday shopping season to give read on health of consumer
• Wavering stock market could weigh on shopping
• Delayed US retail sales report due on Tuesday

With U.S. stocks in the midst of a grim month, investors will look in the coming week for signs of strength in the U.S. consumer with Black Friday putting the spotlight on the holiday shopping season.
The rally in stocks has stalled in November, with the benchmark S&P 500 (.SPX), declining more than 4% so far during the month. Strong quarterly results from semiconductor giant Nvidia Corp (NVDA.O), failed on Thursday to calm markets, which have been rattled by concerns about elevated valuations and questions about returns on massive corporate investments in artificial intelligence infrastructure.

No recession risk for US economy as a whole after $11 billion shutdown hit, Bessent says

• Bessent says inflation due to services economy, not tariffs
• Treasury secretary says Republicans should end filibuster in event of another shutdown
• Bessent says administration working to lower prices where it can

Treasury Secretary Scott Bessent on Sunday said the 43-day government shutdown caused an $11 billion permanent hit to the U.S. economy, but he was optimistic about growth prospects next year given easing interest rates and tax cuts.

Shipping giant CMA CGM resumes Russia trade with food cargo

French-based CMA CGM, the world’s third-largest container shipping line, has resumed limited services to Russia, notably to transport food, three years after withdrawing from the country following its invasion of Ukraine, the company said.

Like other Western firms, CMA CGM halted its activities in Russia, stopping its shipping services and also divesting stakes held in port terminals.

Babcock’s frigate contract bids heading ‘in right direction’ as profit jumps

• Half-year underlying operating profit up 19%
• Raises interim dividend 25%
• CEO says bids for Sweden, Denmark and Indonesia frigates
• Bids going ‘in right direction’
• Shares close 1.8% higher

British engineering company Babcock (BAB.L), said its bids for building frigates for Sweden, Denmark and Indonesia were going in the “right direction”, after it reported a 19% jump in first-half profit and forecast further growth this year.
In a statement late on Friday, the British government said it had reached a 4 billion pound ($5.24 billion) deal with Indonesia, led by Babcock, to jointly develop maritime capability for the Southeast Asian country’s navy and more than 1,000 vessels for its fishing fleets