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The last full trading week of 2025 started with stocks, bonds and the dollar wavering as Wall Street geared up for key economic data that will help shape the Federal Reserve rate outlook.

On the eve of the jobs report, the S&P 500 closed mildly lower. A renewed tech slide saw Broadcom Inc. posting its worst three-day plunge since 2020. Oracle Corp. extended its multi-session selloff to about 17%. A rout in cryptocurrencies also kept a lid on riskier assets.

Treasury two-year yields edged down amid bets the Fed will cut rates twice next year to support the job market even as inflation shows signs of stickiness. The dollar barely budged, but closed at the lowest since October.

Following the Fed’s latest decision to slash rates, the November jobs report — due on Tuesday — is expected to show a sluggish labor market. The reading will also include an estimate of October payrolls — figures that were delayed by the federal shutdown.

• Today's show features:
  Bloomberg TV and Radio International Economics & Policy Correspondent Mike McKee on the week ahead in economic data and global central bank activity
• Meghan Robson, Head of US Credit Strategy for BNP Paribas, on the credit market outlook for 2026 and market jitters over tech sector capital spending
• Sally Librera, President, National Grid New York, on the state’s energy infrastructure and the creation of energy demand as a result of data center projects
• Bloomberg News Chief Wall Street Correspondent Sri Natarajan on McKinsey & Co. plotting a wide swath of layoffs

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UiPath is a leader in agentic automation, empowering enterprises to harness the potential of AI agents to autonomously execute and optimize complex business processes. The company says its platform combines controlled agency, developer flexibility, and seamless integration to help organizations scale agentic automation safely and confidently, and that it supports enterprises as they transition into a future where automation delivers on the full potential of AI to transform industries.
Ashim Gupta, the CFO and COO of UiPath, discusses the firm's wide-ranging customer base and the key drivers behind the rally in its share price in 2025. Ashim speaks with Carol Massar, Tim Stenovec and Bloomberg News Senior Editor Nina Trentmann on Bloomberg Businessweek Daily.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Wall Street traders took profits on the year’s biggest artificial intelligence winners, dragging global gauges back from the brink of record highs. Longer-dated bond yields climbed.
A disappointing sales outlook from Broadcom Inc. sent the chipmaker tumbling 11% and weighed on rivals, further fueling investor anxiety over AI wagers initially prompted by Oracle Corp. The AI bellwether’s stock drop started Thursday following a forecast for rising capital outlays and a longer timeline to a revenue payoff. The slump deepened Friday on a report of delays to some of Oracle’s data center projects. Shares of companies tied to the AI power infrastructure also slid.
The Nasdaq 100 dropped 1.9% while The S&P 500 fell 1.1% after the index had notched a record close in the previous session. The Dow Jones Industrial Average and Russell 2000 pulled back from all-time highs.
The selloff put a damper on the ebullience sparked by the Federal Reserve’s third-straight interest rate cut this week. Investors also had to contend with mixed messages from Fed officials after they left their outlook for a single cut in 2026 intact.
Today's show features:

• Stephanie Guild, Chief Investment Officer at Robinhood Markets, on markets, retail investing trends., interest rates and Federal Reserve policy
• Bloomberg Intelligence Senior Analyst for E-Commerce and Athleisure Poonam Goyal on the coming CEO change at Lululemon as well as the firm’s latest earnings
• Bloomberg News Space Reporter Sana Pashankar and Bloomberg Intelligence Senior Defense Analyst Wayne Sanders on Friday’s Big Take detailing President Donald Trump’s proposed missile and air defense system that could cost more than $1 trillion
• Andrew Krei, Chief Investment Officer at Crescent Grove Advisors, on Federal Reserve policy and the market outlook

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Aptera Motors Corp. was formed in 2019. The company's principal business is the development, production, and distribution of energy efficient solar-powered, battery-electric vehicles. Management anticipates that the Aptera vehicle will provide up to an estimated 40 miles per day and 11,000 miles per year of solar powered driving by collecting energy from the sun and storing it in its proprietary battery pack. Each vehicle is designed to have over three-square meters of embedded solar panels. In addition, the Aptera vehicle twill charge from either a standard home electrical outlet or by using the North American Charging Standard “NACS” connector.

Chris Anthony, the Co-Chief Executive Officer of Aptera, discusses his company’s performance since its October direct listing, as well as its plans to begin mass-production of its solar-powered cars. Chris speaks with Carol Massar and Matt Miller on Bloomberg Businessweek Daily.

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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Hollywood has a rich history of personal vendettas, political discord and uncertain loyalties shaping the industry. It just usually doesn’t involve the US president.

Donald Trump’s declaration that he will involve himself in the proposed sale of Warner Bros. Discovery Inc. has thrust an already tumultuous battle between Netflix Inc. and Paramount Skydance Corp. over some of the crown jewels of Tinseltown into uncharted waters.

The decision to inject himself is particularly extraordinary given Trump’s own conflicts and interests, according to legal experts.

Trump has already signaled one personal precondition for a sale: new ownership of longtime bogeyman CNN, in a bid to exert more favorable coverage from the cable network. But the connections don’t stop there for a president who considers himself the dealmaker-in-chief.

Trump’s son-in-law and former aide, Jared Kushner, has helped arrange financing for Paramount chief David Ellison, whose father, Larry Ellison, is a longtime donor and supporter.

The president has received entreaties from both sides. Netflix co-Chief Executive Officer Ted Sarandos has mounted a charm offensive of his own, meeting repeatedly with Trump and even chatting about how the first family were “big fans” of the streamer. The tech giant has spent recent months expanding its lobbying operation in Washington, seeking to boost its influence across a city now controlled by Trump and his allies.

Today's show features:

• Bloomberg News Media Reporter Hannah Miller on Disney’s $1 billion investment in OpenAI and the political battle brewing over a potential Warner Bros. Discovery merger
• Lauren Goodwin, Economist and Chief Market Strategist at New York Life Investments on the market and economic outlook heading into 2026
• Cathy Seifert, Senior Vice President and Equity Analyst at CFRA Research, and Bloomberg News Investing Team Co-Team Leader Katherine “Kat” Chiglinsky, on expectations for Berkshire Hathaway as Warren Buffett prepares to step down
• Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners, breaks down Broadcom’s earnings report and outlook

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Lifeway Foods is America's leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces a variety of cheeses as well as a line of products for kids. Lifeway's fermented dairy products are sold across the United States, Mexico, Ireland, South Africa, United Arab Emirates, and France.

Julie Smolyansky, the publicly-traded firm's CEO, discusses her company’s most recent earnings report and recent announcement that is its cheese products will expand into 2,000 Walmart stores across the US. Julie speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

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Federal Reserve officials delivered a third consecutive interest-rate reduction and maintained their outlook for just one cut in 2026.

The Federal Open Market Committee voted 9-3 Wednesday to lower the benchmark federal funds rate by a quarter point to a range of 3.5%-3.75%. It also subtly altered the wording of its statement suggesting greater uncertainty about when it might cut rates again.

Speaking to reporters after the meeting, Chair Jerome Powell suggested the Fed had now done enough to bolster the threat to employment while leaving rates high enough to continue weighing on price pressures.

When asked if it were a foregone conclusion that the Fed’s next move would be a cut, Powell demurred, but added that he didn’t see a rate hike as any official’s base case.

Today's show features:

• Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey on the bond market’s reaction to Wednesday’s Federal Reserve rate call
• Steve Moore, Co-Founder of Unleash Prosperity and a former Trump Economic Advisor, and Bloomberg Economics US and Canada Economist Stuart Paul, on the search for the next Chairman of the Federal Reserve
• Bloomberg Intelligence Senior Technology Analyst Anurag Rana breaks down quarterly earnings from Oracle and Adobe
• Zach Wasserman, Chief Financial Officer at Huntington National Bank, on the financial sector outlook following the Federal Reserve's latest rate decision

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