The US Economy Continues To...?

Good morning. US stock futures moved higher in Thursday morning trading as investors digested news of better than expected economic growth.

🛍️ US economic growth surpasses expectations

📝 Our report: The U.S. economy strutted into the third quarter like a boss, growing even stronger than analysts and economist expected! According to figures released by the US Commerce Department, third quarter GDP accelerated at a 5.2% annualized pace. 

 🔑 Key points:

• The GDP acceleration topped the initial 4.9% reading and was better than the 5% forecast from economists polled by Dow Jones.

• Nonresidential fixed investment, or business spending, was revised up to a growth rate of 1.3% in the third quarter from a decline of 0.1%. Residential investment, which generally reflects conditions in the housing market, was revised much higher, to 6.2% from 3.9%.

• Meanwhile, consumer spending, America’s main economic engine, was revised slightly lower, to 3.6%, down from the 4% in the initial estimate.

💡 So what: Sustaining U.S. GDP growth is vital for multifaceted reasons. Beyond fostering job creation, economic growth enhances the standard of living, allowing for improved housing, education, and healthcare. It contributes to wealth creation for individuals, businesses, and the government, generating increased tax revenues to fund public services. A growing economy encourages innovation and technological progress, bolsters global competitiveness, and facilitates effective debt management.

Thursday - New York Fed President Williams Speaks, Initial Jobless Claims (wk end Nov 24)

Friday - Fed Chair Jerome Powell Speaks

 📈 Disney’s Iger talks pulling ads from X

💰 Robinhood goes to Britain

🚙 Tesla begins deliveries of Cybertruck

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🤖 Tech exec: Chip independence far away for the US

WHAT: Nvidia boss Jensen Huang doesn’t see the US breaking ties with other global suppliers in the semiconductor business anytime soon. In fact, Huang says that US “chip independence” is as much as 20 years away. Huang, speaking at the New York Times’s DealBook conference in New York, explained how his company’s products rely on myriad components that come from different parts of the world.

WHY: Europe also is pushing to build more manufacturing locally. It’s part of an attempt to roll back decades of globalization that has scattered production across the world, but has also led to chokepoints in areas such as Taiwan and South Korea.

🧑🏾‍⚕️ Health insurance giants discuss merger possibility

WHAT: Health insurance powerhouses Cigna and Humana might be tying the knot in a stock-and-cash mashup, aiming for a merger gig by year-end according to reports from the Wall Street Journal. The rumored deal comes after reports earlier this month that Cigna was exploring a sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older.

WHY: Humana had a market capitalization of roughly $62.84 billion and Cigna had a market value of $83.71 billion, based on their most recent closing stock prices.

📰 Canada, Google settle terms on news

WHAT: Canada and Google have reportedly settled their tiff over a law that wants big internet players to fork over ad cash to news folks. The agreement, reported by CBC News, would see Canadian news continue to be shared on Google's platforms in return for the company making annual payments to news companies in the range of C$100 million ($73.6 million).

WHY: The Online News Act, part of a global trend to make internet giants pay for news, passed the Canadian parliament in June and the government is finalizing rules that are expected to be released by a Dec. 19 deadline.

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