^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0830 - PCE price index y/y for November: Expected 2.5%; Prior 2.3%
0830 - PCE price index m/m for November: Expected 0.2%; Prior 0.2%
0830 - Core PCE price index y/y for November: Expected 2.9%; Prior 2.8%
0830 - Core PCE price index m/m for November: Expected 0.2%; Prior 0.3%
0830 - Consumer spending m/m for November: Expected 0.5%; Prior 0.4%
0830 - Fed’s Williams speaks
1000 - UMich consumer sentiment (final) for December: Expected 74.2; Prior 74

Crypto Stocks

-7.03%

Trading sharply lower as a group in tandem with a drop in Bitcoin, which is trading below the $93,000 level as of early Friday morning. The cryptocurrency has been trading sharply lower since Wednesday, when comments from Fed Chair Powell spurred a market-wide drop. Ethereum, meanwhile, is down 14% and trading just below $3200.

COIN, MSTR, MARA, RIOT, IBIT, ETHE, HUT, CLSK, IREN, CAN, HIVE, HOOD

Tesla Inc (TSLA)

-5.72%

Trading sharply lower premarket after the National Highway Traffic Safety Administration announced a recall that could impact up to 694,304 of the company’s vehicles. Tesla, Inc. is recalling select 2024 Cybertruck, 2017-2025 Model 3, and 2020-2025 Model Y vehicles due to a tire pressure monitoring system (TPMS) issue that may fail to alert drivers of low tire pressure. The issue is being addressed with a free over-the-air (OTA) software update.

Nike Inc (NKE)

-7.03%

Trading lower premarket following its earnings report. The company posted GAAP earnings of $0.78 per share and sales of $12.354 billion, beating estimates of $0.65 and $12.133 billion; however, revenues were down 8% year-over-year. Inventories of $8 billion were flat on a year-over-year basis, while NIKE Direct revenues dropped by 13%. New CEO Elliott Hill said that the company is taking “immediate action” to get back to its roots as a sports-focused business.

NVIDIA Corp (NVDA)

-3.04%

Pulling back after gaining 1.37% to close out Thursday’s session. The company received approval from the European Commission for its proposal to acquire Run:ai Labs. The acquisition agreement for the software provider was initially announced in April 2024.

Trump Media & Technology Group (DJT)

-6.02%

Gapping down after an SEC filing revealed that President-elect Donald Trump has transferred his 53% ownership stake in the company to the Donald J. Trump Revocable Trust. As of Thursday’s close, Trump’s stake is valued at roughly $4 billion. This transfer is aligned with Trump’s earlier pledge not to sell his shares. The stock has surged over 100% year-to-date.

Novo Nordisk A/S (NVO)

-17.88%

The company’s US-listed shares are gapping down after the REDEFINE 1 Phase 3 trial results showed that its hybrid drug, CagriSema, achieved superior weight loss of 22.7% over 68 weeks compared to individual components and placebo. The company had previously predicted that CagriSema would reduce weight by 25%. Eli Lilly (LLY), which is also known for its weight loss drug, is trading sharply higher premarket in antipathy to this announcement.

Palantir Technologies Inc (PLTR)

-3.91%

Pulling back sharply premarket after ending Thursday’s session nearly 4% higher. Thursday’s rally was driven by an extension of the company’s contract with the US Army. Cathie Wood’s Ark Invest sold 33,402 Palantir shares on Thursday evening, valued at $2.5 million.

FedEx Corp (FDX)

+6.93%

Trading sharply higher premarket after its earnings report, where the company announced plans to spin off its FedEx Freight unit. Adjusted earnings of $4.05 per share beat estimates of $3.91, but sales of $22 billion missed estimates of $22.112 billion. The company’s adjusted EPS guidance for fiscal 2025 came in well below its previous estimates. Loop Capital upgraded the stock to Buy following the report.

Quantum Stocks

-9.14%

Several tickers in the group are continuing to trade sharply lower with volume following large selloffs on Thursday, with Rigetti (RGTI) and Quantum Computing (QUBT) each ending the session more than 30% lower. These tickers gained increased attention in early November after the election of Donald Trump as US President and were further aided by Google’s announcement of a quantum chip. Citron Research has published negative notes on both Rigetti and Quantum Computing over the past week.

RGTI, QUBT, IONQ, QSI, QBTS

Helius Medical Technologies Inc (HSDT)

+147.92%

Gapping up on no apparent news catalyst. The stock has a market capitalization of $4.4 million and a float of 3.56 million shares, approximately 2.5% of which are sold short.