🚀 Walmart CEO Retiring

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Market Overview
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Year To Date Performances:

1. Walmart CEO Doug McMillon will retire in January after nearly 12 years leading the retail giant through its e-commerce transformation, handing the reins to Walmart U.S. chief John Furner, a longtime company veteran who will take over on February 1. McMillon, who will stay on as an adviser through 2027, leaves behind a legacy of turning Walmart into a digital powerhouse through moves like the Jet.com acquisition, the launch of Walmart+, and major expansion of its third-party marketplace, helping drive a nearly 300% rise in the stock since 2014. His tenure also saw major wage increases, pandemic-era turbulence, and the early stages of Walmart’s shift toward AI, a transition he says Furner is well-suited to lead. The CEO change comes days before Walmart reports quarterly earnings, with shares up 13% this year.

2. The U.S. and Switzerland reached a trade deal that will cut tariffs on Swiss goods to 15%, replacing the 39% rate imposed in July, while securing a pledge from Swiss companies to invest $200 billion in the U.S. by 2028 in areas like manufacturing, education, and training. U.S. Trade Representative Jamieson Greer said the agreement aligns Swiss tariffs with those applied to the EU and will shift more Swiss production—pharmaceuticals, gold smelting, rail equipment—into the U.S. to reduce Switzerland’s trade surplus. The Swiss government, which plans to release full details later Friday, called the move a stabilizing step for relations after the earlier tariffs had dragged on its export-driven economy and contributed to a downgraded 2026 growth forecast. The Swiss franc rose 0.4% on the news.

3. President Donald Trump said he will direct the Justice Department and Attorney General Pam Bondi to investigate Jeffrey Epstein’s ties to Bill Clinton, JPMorgan Chase, Larry Summers, Reid Hoffman, and others. Trump is framing the move as a response to what he calls Democratic attempts to weaponize Epstein’s history against him. The announcement comes as newly released House Oversight Committee emails show Epstein discussing Trump in 2018, claiming he could “take him down” and writing “I know how dirty donald is,” further reviving scrutiny of Trump’s own past association with Epstein. Trump, who denies any knowledge of Epstein’s abuse and says they fell out in the early 2000s, also faces an upcoming House vote on whether to force the release of sealed investigative files the DOJ has withheld despite earlier assurances.

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