Today At A Glance:

Stocks were mixed as traders stayed on the sidelines ahead of Wednesday’s Fed decision; rate-cut odds remained high but the messaging path is the wild card. Energy and private credit outperformed on upbeat corporate headlines, while megabanks lagged after a sharp expense warning from JPMorgan. Chip names churned on cross-currents around China export policy even as the broader tape held near highs. Homebuilders eased after a cautious outlook from Toll Brothers, and big-box/home-improvement sentiment softened on 2026 guidance. Net-net: mild index moves, but plenty of stock-specific action to sort through going into the Fed.

Today’s Index Performance

• Dow Jones Industrial Average: The index opened today at 47,724.52 and closed today at 47,598.46, a −0.30% move on the day.
• S&P 500: The index opened today at 6,840.61 and closed today at 6,853.52, a +0.19% move on the day.
• Nasdaq Composite: The index opened today at 23,504.61 and closed today at 23,600.46, a +0.41% move on the day.

Gainers Of Note:

• Ares Management (ARES): alternative asset manager; jumped after S&P Dow Jones Indices said it will join the S&P 500 on Dec. 11, replacing Kellanova following its Mars deal.
• Designer Brands (DBI): footwear retailer; ripped higher on a Q3 profit beat and stronger gross margins, with some short-squeeze chatter adding fuel.
• CVS Health (CVS): pharmacy/managed care; rose on a stronger multiyear outlook highlighted in investor updates.

Losers Of Note:

• JPMorgan Chase (JPM): bank; slid after flagging 2026 expenses of about $105B, well above Street expectations.
• Toll Brothers (TOL): homebuilder; fell after mixed results and a softer FY26 earnings outlook despite revenue upside.
• Home Depot (HD): home improvement; eased on muted 2026 comps/EPS guidance into its investor updates.

Active Traders Of Note:

• NVIDIA (NVDA): AI semiconductors; remained among the day’s dollar-volume leaders as traders digested China-export headlines into the Fed.
• Tesla (TSLA): EVs/energy; sat atop most-active by dollar volume as options flow stayed elevated.
• Apple (AAPL): consumer tech; heavy activity amid fresh analyst price-target hikes that kept AI/iPhone upgrade narratives in focus.

Looking Forward:

All eyes are on the Fed’s statement and dots: a 25 bp cut is largely priced, but guidance on 2026 and the vote split will steer yields—and risk appetite—into week’s end. Corporate catalysts remain in play: index rebalances (e.g., Ares) and guidance resets (HD, homebuilders) could keep single-name dispersion high. Any fresh headlines on AI-chip trade policy may continue to sway the semis complex and broader tech leadership.

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