<div id="readability-page-1">The beginning of the week saw fairly muted trading, as investors awaited Wednesday's highly anticipated interest rate decision. The central bank cut rates by 25 basis points for the third -- and final -- time this year, bringing the target range to 3.50% - 3.75%. According to the central bank's dot plot, the Fed projects one rate cut in 2026, though the CME Fedwatch tool is pricing in a 68% chance of two rate cuts next year. Though the broader market enjoyed the Fed-induced lift, AI valuation concerns brought on by Oracle's (ORCL) sharp post-earnings drop quickly put a damper on the tech sector. However, the Dow Jones Industrial Average (DJI), S&amp;P 500 Index (SPX), and small-cap Russell 2000 Index (RUT) all notched record closes on Thursday, as investors rotated back into cyclical stocks. At this point on Friday, however, the AI rout is bleeding into the broader market, with all three major benchmarks deep in the red midday. At this point, the Dow is still headed for a weekly win, while the S&amp;P 500 and Nasdaq eye weekly losses. <h2>Major Merger &amp; Acquisition News</h2> Netflix (NFLX) drew scrutiny this week, after the company announced a $72 billion deal to buy Warner Bros Discovery (WBD) -- including its film studios, HBO, and HBO Max -- pending regulatory approval. In response, Paramount Skydance (PSKY) submitted a hostile bid valued at $108.4 billion, or $30 per share, $18 billion more in cash than its competitor. Meanwhile, IBM (IBM) is acquiring Confluent (CFLT) for $11 billion, the U.S. approved Nvidia's (NVDA) chip sales to China, AeroVironment (AVAV) secured an $874.26 million contract with the U.S. army, and Fermi's (FRMI) AI data center deal fell through. Plus, both Eli Lilly (LLY) and Corbus Pharmaceuticals (CRBP) posted strong trial data for their obesity drugs. <h2>Earnings, Weed News Trickle In</h2> Homebuilding stock Toll Brothers (TOL) marked its fifth-straight post-earnings loss amid a choppy home sales environment. Broadcom (AVGO) pulled back from its record highs after earnings, succumbing to broader AI concerns amid margin pressures. Elsewhere, Planet Labs (PL) stock hit an all-time high after its strong report, while Costco Wholesale (COST) brushed off a quarterly win and price-target hikes. Weed stocks, particularly Tilray (TLRY), are surging Friday after the Washington Post reported that U.S. President Donald Trump plans to reclassify marijuana and dramatically loosen restrictions. According to CNBC, the executive order could be signed as soon as Monday of next week. <h2>The Year's Last Full Trading Week</h2> The last full trading week of 2025 will bring plenty of economic data as well, along with earnings reports from Nike (NKE), Micron Technology (MU), and several more. As we round the corner, Schaeffer's Senior Quantitative Analyst Rocky White put together a list of the best and worst stocks to own during the second half of December, which also tends to be a historically bullish time for the market. Zooming out, Senior V.P. of Research Todd Salamone noted several S&amp;P 500 levels to watch as bulls remain in control. </div>

奈飞

航空环境

美联储将利率下调 25 个基点，这对市场产生了影响，科技股因对人工智能的担忧而下滑。奈飞宣布以 720 亿美元收购华纳兄弟探索公司，而 IBM 以 110 亿美元收购了 Confluent。英伟达向中国的芯片销售获得批准，航空环境公司获得了一份美国军方合同。由于潜在的大麻重新分类消息，相关股票大幅上涨。2025 年的最后一个完整交易周将发布关键经济数据和财报

Fed Rate Cut, Big Tech Slide Highlight Volatile Week

- 本周初交易平淡，投资者等待美联储利率决策。  
- 美联储将利率下调 25 个基点至 3.50%-3.75%。  
- Netflix 宣布以 720 亿美元收购华纳兄弟，面临监管审查。  

美联储降息和大型科技股下滑突显了本周的市场动荡