Weekly roundup

Here’s what you missed while you were living your best life:

• 📰 UnitedHealthcare CEO Brian Thompson killed in NYC. The shocking murder of one of healthcare’s top executives has sent shockwaves through the industry. Thompson’s death raises questions about security for high-profile leaders and how the company will handle the abrupt loss of its CEO.

• 🚚 Cybertruck production faces major setbacks. Tesla’s long-awaited pickup is struggling with battery supply issues, leading to production delays and customer frustration. These challenges come at a critical time for Tesla, as the Cybertruck was meant to cement its dominance in the EV market.

• 💳 Gen Z hits record-high credit card debt. Younger consumers are rapidly accumulating credit card balances, reaching historic highs as they spend big on travel and entertainment. While spending points programs drive much of the behavior, the trend is raising concerns among economists about financial literacy and long-term stability.

Featured story

Rates Dip, Prices Climb: Housing Market Hits a Turning Point

Mortgage rates fell to 6.69% this week, their lowest level in over a month, offering some relief to prospective homebuyers navigating a challenging market. Despite the dip, rates remain more than double their 2020 levels, and affordability continues to weigh heavily on buyers. The median home listing price ticked up for the first time in 27 weeks, reaching $416,880, hinting at a potential shift in the market as 2024 winds down.

The modest rate drop spurred renewed interest, but holiday timing stalled activity, with fewer new listings and slower sales over Thanksgiving weekend. Homes spent an average of 62 days on the market in November—the slowest pace in five years—marking the 23rd straight week of extended selling times. Meanwhile, inventory continues to grow year over year, giving buyers more options even as listing activity cools, creating a tentative balance between supply and demand.

With mortgage rates expected to trend lower into 2025, industry experts forecast rates to hover in the low 6% range, providing some optimism for buyers and sellers. However, high prices and affordability challenges signal that the market will remain difficult for many, even as economic conditions show signs of stabilizing under the new administration. Whether these shifts mark the start of a sustained rebound or just a seasonal blip remains to be seen.

What to watch this weekend

Stocks are rallying as cooling inflation, and a dip in Treasury yields fuel optimism for a soft landing. Tech heavyweights like Apple and Nvidia are powering gains, while energy stocks falter amid weaker oil prices. Investors are watching closely for stability ahead of next week’s Fed decision.

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 💸 Fed’s December Meeting Approaches. The Federal Reserve will convene on December 17-18, with markets anticipating another 0.25% rate cut. Investors are watching for signals on the Fed’s path forward as economic data suggests a softer landing is still in play.

• 🚖 Uber and WeRide roll out robotaxis in Abu Dhabi. Uber has teamed up with Chinese autonomous vehicle company WeRide to launch a robotaxi service, signaling a push into the lucrative Middle Eastern market. The partnership showcases Uber’s commitment to autonomous driving as the next frontier in mobility.

• 📊 November job gains expected, but challenges persist. Economists forecast strong hiring numbers for November, reflecting resilience in the labor market. However, wage growth and participation rates remain subdued, tempering optimism about a full recovery.

Off-balance sheet items

Here’s what we’re reading this weekend:

• 🌊 Storm Bora batters Greece. The powerful storm brought torrential rain and gale-force winds, causing flooding, power outages, and widespread disruption across the region.

• 🗣️ The most mispronounced words of 2024. From “nepo baby” to “Wrexham,” Babbel’s annual list highlights the words and names that tripped up tongues across the globe.

• 🚫 Australia’s teen social media ban looms. Proposed legislation could sharply limit social media access for under-18s, sparking debates about creator content, advertising targeting, and digital freedom.

Chart of the week

US Trade Deficit shrinks on decline of exports

The trade gap narrowed 11.9% to $73.8 billion from a revised $83.8 billion in September, the Commerce Department's Bureau of Economic Analysis said on Thursday.

The bottom line

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