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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Home Depot reported a better-than-expected 6.6% increase in quarterly sales, helped by its acquisition of SRS Distribution and demand from hurricane-related repairs and warm weather. Despite these gains, the company notes that many consumers remain cautious, delaying home improvement projects amid high mortgage rates and economic uncertainty. Although Home Depot raised its full-year sales forecast, comparable sales are still down for the eighth consecutive quarter. CFO Richard McPhail remains optimistic about pent-up demand, though he acknowledges a mixed outlook influenced by housing market challenges, potential tariffs on imported goods, and the gradual recovery in consumer spending confidence.

2. Former Fed official Loretta Mester suggested the U.S. Federal Reserve might implement fewer rate cuts than anticipated in 2025, especially if President-elect Trump’s proposed global tariffs take effect. Mester, speaking at a conference in London, supported market expectations for a more cautious pace of cuts amid Trump’s fiscal policies, including a potential 10-20% tariff on U.S. imports and up to 100% on Chinese goods. Markets are currently predicting three rate cuts through 2025, with the Fed funds rate projected to settle at 3% to 3.25% by year-end 2025. Tariff-related inflation risks, along with potential shifts in tax, immigration, and spending policies, could lead to a recalibrated Fed outlook.

3. Netflix’s ad-supported tier now has 70 million monthly users worldwide, nearly doubling from 40 million in May. Launched in November 2022 to boost growth amid a subscriber slowdown, the cheaper tier has captured over 50% of new sign-ups in markets where it’s available. Despite strong recent subscriber growth, Netflix will shift its focus to revenue and financial metrics in future reports. The company has also sold out ad slots for its two live-streamed NFL games on Christmas Day, securing major sponsors like FanDuel and Verizon. The streaming ad space remains strong, and Netflix aims to expand its proprietary ad platform globally by 2025.

4. Headlines

   1. Exxon’s CEO is publicly pushing the Trump Administration to continue participating in global initiatives to reduce the effects of climate change.

   2. Donald Trump has announced that Lee Zeldin will be his administrator for the Environmental Protection Agency.

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