The Exchange

Prospects of fewer rate cuts are outweighing enthusiasm on the economy. We game out what today’s report means for the Fed and for the markets. Plus, the top tech opportunities in the software wreckage, and the CEO of Generac on data center tailwinds.

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It’s a big week for econ data, and we’re off to an ugly start with retail sales. Apple has quietly outperformed the rest of the Mag 7 this year, and our analyst says there are reasons to be bullish from here. Plus, why Bitcoin could be getting closer to a bottom.

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DA Davidson says Oracle is a 'Buy' on renewed optimism for OpenAI. Melius Research is downgrading Microsoft saying CEO Satya Nadella has "lost the AI narrative." Plus, why Bitcoin could drop to $38K

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The Dow soars more than 1,000 points, getting within striking distance of 50,000. With Amazon, Meta, and Microsoft lower on capex concerns, but the rest of the Mag 7, chips, and even software rallying after a rough week, we make sense of what's next in the AI trade. Plus, bitcoin climbs back above $70k, but Jefferies sees few bullish indicators when it comes to finding a crypto bottom.

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Tech's pain is consumer staples' gain, as the mag 7, chips, and software all take hits, while the likes of Coca-Cola and Hershey's hit highs. But, after fresh jobs data disappoints and Revelio Labs says the labor market is now "permanently smaller," is the market action rotation or risk-off? Plus, Bitcoin is on pace for its worst week since November 2022, putting Strategy's crypto hoard underwater.

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The software sell-off continues, but the CEOs of LegalZoom and Box both say AI agents will make those platforms more valuable in the long run. Futurum makes the case for Google as an AI infrastructure utility ahead of earnings. Plus, the potential headwinds on the horizon for Bitcoin.

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Elon Musk's SpaceX-xAI merger could be the biggest in history, but where does that leave Tesla? Disney names Josh D'Amaro as CEO Bob Iger's successor. Plus, Walmart joins the $1 trillion club.

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Oracle plans to raise $50 billion to shore up its AI spending, while Nvidia stalls its $100 billion investment into OpenAI. Mizuho says speculative money will move out of metals and into memory stocks. Plus, the partial government shutdown delays the January jobs report.

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President Donald Trump selects Kevin Warsh as the next Fed chair, leaving investors to wonder which Warsh will show up: the hawk or the dove? Plus, Senator Elizabeth Warren joins us after urging Republicans to not move forward with Warsh's nomination until the DOJ ends its inquiry into Jay Powell.

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Meta shares are surging, but will its big capex spending plans pay off? Tesla trades its Model X and S vehicles for humanoid robots. Plus, can Microsoft play catchup in the AI race?

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Why there could be more pain ahead for the dollar. Economist Claudia Sahm says the Fed is in wait-and-see mode as both downside employment risk and inflation cool. Plus, will this earnings season separate the wheat from the chaff when it comes to the Mag 7?

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Health insurers face pressure after a new Medicare proposal. How meme traders have changed investing, five years after the GameStop mania. Plus, is OpenAI's hiring slowdown a canary in the tech jobs coalmine?

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Gold and silver hit record highs, yet again, as the dollar hits a four-month low. The Mag 7 name Clockwise Capital says is the best-positioned to pivot on spending.  Plus, how the recent events in Minneapolis could result in a government shutdown.

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Will OpenAI be able to cover its cashburn or will it continue to fall behind Google's Gemini? Intel's momentum hits a wall after weak guidance sends shares tumbling. Plus, millions of Americans brace for a massive winter storm.

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Memory chips are in a super-cycle while the Mag 7 slows down. Will the AI race hit a wall or keep competitors cutthroat? Plus, Lowes's' new strategy to win over Gen Z shoppers.

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President Trump reiterates his pursuit for Greenland, but rules out using military force.  Justice Kavanaugh advocates for Fed independence as the justices question the legality of Fed Governor Lisa Cook's firing.  Plus, what the new housing investor ban means for real estate prices.

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Stocks tumble as trade war fears reignite, could that be a buying opportunity? Does America still have bargaining power when it comes to Greenland? Plus, how Europe could respond to Trump's tariff threats

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President Donald Trump wants to keep National Economic Council Director Kevin Hassett in his current position, shaking up the race for the Federal Reserve chair. A new provision of the Billionaire Tax could penalize tech founders. Plus, the White House's push for tech giants to fund new power plants.

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Wells Fargo upgrades AI and memory chips. A key crypto bill loses industry support. Plus, why upending Fed independence could spur inflation.  

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JPMorgan’s Chief US Economist makes the case for the Fed to hold interest rates steady in 2026. With oil prices climbing amid Iran tensions, Citi calls this crude’s “show me moment.” Plus, why real estate is shifting from “frozen to functional,” according to ‘Owning Manhattan’’s Ryan Serhant. 

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The Department of Justice’s probe into Fed Chair Powell could create a “shadow Fed” and backfire against the Trump administration’s goals of lower interest rates, according to Strategas.  Why a limit on credit card interest rates could boost names like Visa and Mastercard. Plus, chips analyst Chris Caso’s favorite AI idea in 2026. 

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Former Fed Governor Larry Lindsey says there are no heroes in the Justice Department’s investigation into Fed Chair Powell, while Brooking’s David Wessel warns the probe could ultimately spur more inflation. A portfolio manager who outperformed the S&P last year makes the case for chip stocks not named Nvidia. Plus, both traditional banks and fintech names are under pressure after President Trump proposed capping credit card fees. 

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President Trump directs GSEs to buy $200B in mortgage bonds, will it help lower rates? Oil Executives meet at the White House to discuss what’s next in Venezuela. Plus, Meta’s big bet on nuclear power.

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President Trump proposing new restrictions on corporate landlords and defense companies. S&P Global sees a copper shortage in the near-future. Plus, the structural shift happening in the labor market.

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A bearish strategist emerges as the Dow and S&P 500 both hit record highs. Memory chips are on a tear as Nvidia's CEO calls it a "completely underserved market." Plus, defense climbs to an all-time high amid geopolitical tensions.

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The VanEck Semiconductor ETF hits its third straight all-time high. Why the “death of crypto” was greatly exaggerated. How Google might be undercutting the robotics part of Tesla’s valuation case.

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Following the U.S. military strike in Venezuela, we break down the effects on stocks, geopolitics and oil prices. AI takes center stage as the Consumer Electronics Show kicks off in Las Vegas. Plus, Goldman Sachs issues a bullish call on a crypto company.

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A decline in Tesla deliveries allows a rival to become the world's top EV seller. Furniture stocks surge after President Trump delays a tariff hike. Plus, will the Dow stocks with the highest dividend yields continue to outperform in 2026?

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As 2025 wraps, we break down the year's top market drivers. Biotech deals dominated the sector, will the M&A momentum continue in 2026? Plus, it's the end of an era for Berkshire Hathaway as Warren Buffett steps down.

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Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

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The Mag 7 is no longer a monolith. Bitcoin has pulled back 30 percent since hitting an all-time high in October, will it continue to slide? Plus, a key housing metric hits the highest level in nearly three years.

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Nvidia strikes a $20B deal with Groq. China imposes sanctions on 20 U.S. defense-related companies. Plus, as holiday shopping wraps up, returns are just beginning.

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Nvidia reportedly stops testing Intel’s production process to manufacture advanced chips. A retail analyst checks in from his last-minute shopping trip to the mall. Plus, how grocery chain Stew Leonard’s is leveraging AI as inflation sticks around.  

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Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

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With the Nasdaq 100 turning positive in December, we debate whether the AI trade is back. Fast Money trader Tim Seymour’s two nice stocks, and the name on his naughty list. Plus, the discounter Loop Capital says can “comp the comps” in 2026. 

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Christmas & A New Player in Predictions
Description: Over $7 trillion of options expire today-- the largest expiration ever. Retailers are coming to the rescue in the last-minute holiday shopping rush. Plus, DraftKings CEO Jason Robins joins us as the gambling giant enters prediction markets.

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Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

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As Medlife opens at $6/share above its IPO price, we break down the big offerings to watch in 2026. The Warner Bros. Discovery Board unanimously votes to reject Paramount's hostile bid in favor of Netflix's offer. Plus, the fintech company that's expanding its prediction market offerings.

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We break down the differences between the leading contenders for the next Fed chair. Medline's IPO will be the biggest since 2021. Plus, Instagram launches a new app for TV.

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The low P/E stocks our strategist says will benefit from the rotation. It’s ‘Game of Thrones’  for the media stocks, and Wedbush’s Dan Ives says 2026 will be a ‘Monster Year’ for Tesla.

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