Evening Briefing: Americas

Is it all too good to be true? On Wall Street, if you have to ask that question, you probably already know. Bitcoin has been rallying to the moon, meme stocks are surging for (as usual) no good reason and bearish bets are cratering. Bill Gross, the retired bond king with a sense of history, doled out some sage advice to those still partying hard amid the market surge. “I am heeding this herd wave but am wary of circumstances that may slow or end this party,” said Gross, a fan of defensive-looking trades including dividend-rich companies and banks.

Caution and a risk-filled 2025 notwithstanding, the bulls raged anew Friday after data showing the continued vigor of the labor market. The S&P 500 ended the week at fresh records and the Nasdaq 100 is up more than 28% this year. Credit markets continue to validate the good vibes across Corporate America, with borrowing premiums sitting at their lowest in more than two decades. But still, there’s that nagging question. —David E. Rovella

What You Need to Know Today

US labor market growth bounced back from a weak October (laid low by hurricanes and strikes), providing renewed signs that while unemployment has now ticked up to 4.2%, evidence remains that the Federal Reserve strategy to land the plane gently continues to bear fruit. The unemployment rate indicated cooling demand for workers with long-term joblessness at the highest in almost three years. Traders interpreted it as confirming the case for another interest-rate cut when policymakers meet later this month. Here’s your markets wrap.

Baby Boomers are far and away the generation that’s most selfish when it comes to passing on their riches during their lifetimes. That’s according to a new survey from Charles Schwab, which found just 21% of boomers with at least $1 million in investable assets said they “want the next generation to enjoy my money while I’m alive.” That compares with 53% of millennials and 44% of Gen X Americans with assets in the same range. You would think that, with $105 trillion about to change hands, people would open their wallets a little more. But what might seem like stinginess could be thoughtfulness in disguise.

President Bashar Al-Assad, who with the help of Vladimir Putin has killed hundreds of thousands of his own people during a long Syrian civil war triggered by calls for democracy, is now desperate for Kremlin and Iranian help. In recent days, rebel forces have suddenly made major advances and are closing in on the strategically important city of Homs. This time, however, Assad’s friends in Moscow and Tehran are otherwise occupied. The military resources of both are stretched thin by their own conflicts, Iran in the Middle East and Russia with its own brutal war of aggression on neighboring Ukraine. After capturing Hama on Thursday, the Syrian rebels are now mere kilometers from Homs, the last major city on their path south to Damascus. Taking Homs could close the land route between Assad’s government and his Alawite sect’s Mediterranean strongholds, which are also home to a Russian naval base. That would further undermine his chances of holding onto power.

Syrian leader Bashar al-Assad, left, with Vladimir Putin in Moscow on July 24 Photographer: Anadolu

Tulsi Gabbard, Donald Trump’s nominee to be America’s most senior intelligence official, has secretly met with Assad and defended Putin’s war on Ukraine. Viewed as “compromised” and even a “Russian asset” by Democrats who, along with some Republicans, vehemently oppose her becoming national intelligence director, Gabbard now faces a broader coalition of opponents. The Associated Press reported that almost 100 former diplomats, intelligence community members and national security officials from both parties have urged the Senate to have closed-door hearings on her nomination, allowing for a broad review of all classified government information on the former Congresswoman.

TikTok’s Chinese parent company faces a US ban next month after a three-judge panel in Washington unanimously upheld the federal restriction, ruling it didn’t violate free speech protections. Unless the company is sold, the decision leaves the Supreme Court as the company’s last realistic hope for stopping the ban from taking effect Jan. 19. Lawmakers have said legislation was necessary to prevent China from allegedly using the app to obtain information on US citizens, spread propaganda, steal data or otherwise endanger national security. Despite these fears, Trump this year contradicted his earlier stance (he tried to force a sale in his first term) and came out against the ban in a bid for the youth vote. The Republican’s continued opposition as president could kneecap any enforcement effort.

Apple is preparing to finally bring one of its most ambitious projects to market: a series of cellular modem chips that will replace components from longtime partner—and adversary—Qualcomm. More than half a decade in the making, Apple’s in-house modem system is said to debut next spring. The technology is slated to be part of the iPhone SE, the company’s entry-level smartphone, which will be updated next year for the first time since 2022.