Key Factors Influencing the Market
Rising expectations that the Federal Reserve will slow its pace of rate cuts and uncertainty surrounding the impact of U.S. President-elect Donald Trump's cabinet appointments have led to market slumps. The S&P 500 and the Nasdaq notched their worst weekly losses in more than two months.Robert Pavlik, senior portfolio manager at Dakota Wealth, highlights that the changing expectations for monetary policy and Trump's cabinet appointments have made the market "a bit nervous."Results from Nvidia, which is set to report third-quarter earnings on Wednesday, will be crucial. Investors are assessing if the optimism around AI, which has driven much of the markets' tech-driven rally this year, can be sustained.Nvidia's shares fell 2.6% in premarket trading after a report suggesting that its new AI chips were overheating in servers. Despite this, the company's stock has nearly tripled in value this year and is currently the world's most valuable company.Pavlik remains optimistic about Nvidia's performance but acknowledges that the high level of optimism for the company has led to concerns of a potential selloff.With the key holiday shopping season about to begin, results from major retailers such as Walmart, Lowe's Companies, and Target this week will be closely watched to gauge the strength of the U.S. consumer.Dow E-minis were down 82 points, or 0.19%, S&P 500 E-minis were down 0.5 points, or 0.01%, and Nasdaq 100 E-minis were up 41 points, or 0.20%.Stock indexes have seen some of the sharp gains made in the wake of Trump's decisive victory fade. However, Wall Street remains relatively well-positioned as 2024 comes to a close. The benchmark index has gained nearly 3% in November and 23% year-to-date.Most other megacaps edged higher, with Nasdaq 100 futures gaining ground after the index fell for five consecutive sessions. Alphabet rose 0.6% and Amazon.com was up 0.4%.Tesla jumped 5.8% following a report that members of Trump's transition team were seeking to ease U.S. rules for self-driving cars.Chicago Fed President Austan Goolsbee is scheduled to speak on the same day. He is one of several central bank officials slated to speak this week. Their comments will be closely monitored after Chair Jerome Powell indicated that the Fed is in no hurry to cut rates.Traders are pricing in a 41.6% chance that the Fed will keep rates on hold in December, according to the CME FedWatch.CVS Health's shares gained 2.3% after the health insurer announced that it would add four new members to its board in an agreement with Glenview Capital Management.Elon Musk's Role and Benefits
Elon Musk, a key figure within Trump's inner circle, stands to gain immensely from this framework. He has placed great emphasis on the robotaxi, a vehicle capable of autonomous driving without human supervision. This has become a central focus for Tesla as it looks to shape the future of the automotive industry. With the potential for more lenient rules, Tesla can accelerate its efforts in developing and deploying these advanced vehicles.The report by Bloomberg indicates that Trump's transition team members have identified making a federal framework for fully self-driving vehicles a top priority for the Transportation Department. Currently, companies like Tesla, which are planning to sell vehicles without traditional steering wheels or foot pedals on a large scale, face substantial regulatory barriers. Additionally, the existing U.S. rules pose significant obstacles to Tesla's robotaxi plans, including limitations on their deployment.Analysts' Perspectives
Wedbush analysts have reiterated their outperform call on Tesla. They believe that a federal framework would be highly beneficial for the company and a major step forward in easing U.S. rules for self-driving cars. Wedbush, which has set a $400 price target on Tesla, stated last week that Tesla, being less dependent on credits compared to smaller competitors, could even thrive in a scenario with less government support for electric vehicles. Investors have been expecting a Trump presidency to roll back the EV credits provided under the Biden administration.Since the election day, Tesla shares have already seen a gain of more than 30%. In recent premarket trading, they were up by 6%, further highlighting the positive impact of these developments on the company's stock.Market Overview
Major index stock futures are showing a mixed trend. Futures tied to the Dow Jones Industrial Average are down by 0.2%. S&P 500 futures have inched up fractionally. Nasdaq 100 futures, on the other hand, are up by 0.2%. These market indicators provide a snapshot of the overall market sentiment and the potential influence of Tesla's developments on the broader market.In conclusion, Tesla's journey in the self-driving vehicle space is being closely watched. The potential easing of regulations under a Trump administration could open up new opportunities for the company and reshape the future of the automotive industry. As Tesla continues to innovate and push the boundaries, it remains a key player in this evolving landscape.Harvard Football's Last-Second Victory Secures Ivy Title
Section 1: The Early Struggles
The Crimson started the game with a promising opening drive, with Craig completing his first four passes. However, they stalled at the Quaker 25 and freshman Kieran Corr missed a 43-yard field goal. On the next drive, Craig was sacked and knocked out of the game on fourth-and-three from the Penn 48. This was the "one play" that changed the course of the game, and DePrima took over as the quarterback.Even while the Crimson saw Craig knocked out, they welcomed the return of senior caption running back Shane McLaughlin, who had missed several games with injury. Big Mac gained 33 of the 86 yards in Harvard’s ensuing drive, barreling through some cavernous holes made by the offensive line and scoring on a four-yard burst. Now, however, we saw a switch at placekicker: Fingersh in for Corr. Fingersh delivered the point after. Harvard 7, Penn 7.
Section 2: Penn's Early Lead
Penn broke through in the second quarter, with the running of marvelous Quaker back Malachi Hosley forcing the Crimson defense to tighten. Quarterback Liam O’Brien took over and opened up the attack, tossing a 31-yard touchdown to Bisi Owens. Sam Smith kicked the extra point. Penn 7, Harvard 0.Even while the Crimson saw Craig knocked out, it welcomed the return of senior caption running back Shane McLaughlin, who had missed several games with injury. Big Mac gained 33 of the 86 yards in Harvard’s ensuing drive, barreling through some cavernous holes made by the offensive line and scoring on a four-yard burst. Now, however, we saw a switch at placekicker: Fingersh in for Corr. Fingersh delivered the point after. Harvard 7, Penn 7.
Section 3: Harvard's Comeback
DePrima and the offense responded magnificently. On the ensuing drive, DePrima used his legs for gains of 27 and 11 yards. He then hit sophomore running back Xavier Bascon in stride over the middle for a 23-yard score. Fingersh kicked the point. Penn 21, Harvard 14.The defense forced a Quaker punt. The Crimson reassumed the ball at their own 13 and began marching. On this drive, the most significant plays came consecutively: first, senior wideout Scott Woods diving and stretching out his entire five-foot-eight frame to snag a 23-yard pass from DePrima near the left sideline; then, DePrima bolting for 27 yards to the Penn nine. On the next play Bascon cantered into the end zone. Fingersh booted. Harvard 21, Penn 21.
Section 4: The Final Moments
There was no quit in the Quakers. O’Brien employed the running of Hosley and some timely passing to reach the Harvard four, from where he rushed untouched into the end zone. Smith kicked. Penn 28, Harvard 21.Back on trotted the Crimson offense. DePrima engineered a 75-yard drive. He hit Woods for 15 yards. A little later, he connected with sophomore tight end Sean Gilmartin for 18. After using McLaughlin as a battering ram to get into touchdown position, DePrima on first and goal took the snap, ran left and sifted his way nine yards into the end zone. Fingersh again kicked. Harvard 28, Penn 28.
With just under two minutes left, the Quakers reached the Harvard 24. On fourth and six, Smith came on to kick a 41-yard field goal—just within his range. But before the ball was snapped, Penn was called for a false start. The ball was moved back five yards. Now the field goal would be from 46 yards. The ball was snapped…the kick was up and…it slid wide right. No good! From the original distance, it might well have snuck through the uprights.
Now the Crimson took over with a chance to win the game. To advance the ball DePrima cannily connected twice with Harvard’s best receiver, junior Cooper Barkate, for a total of 27 yards. Eventually the ball reached the Penn 30; Fingersh’s field-goal range was unknown. Here, on third-and-one, DePrima took the snap and made one of the damnedest runs in Harvard history, a winding jaunt which he began by going left, then stopping and circling back right. The official gain was 16 yards, to the Penn 14, but DePrima must have run a full field’s worth.
It took five plays to set up the denouement. Then, with the ball having reached the Quaker three and one second left, the Crimson signaled timeout. Fingersh was called on to try a field goal, essentially a glorified extra point. Back at Capistrano Valley (Calif.) High School, he had booted a walk-off field goal during a playoff game. But this was Ivy League football! Of course, a botched game-clinching field-goal try led to Harvard’s only loss this season, against Brown, but that was seven games ago.
The teams lined up. The ball was snapped…the kick was up…and soon Fingersh was being mobbed by his teammates. Harvard 31, Penn 28. Hello, Ivy champs. And the name of Dylan Fingersh ’28 was enrolled in the annals of Harvard football.
When it was over, DePrima had rushed for 122 yards and passed for 169, completing 13 of his 18 tosses. He was not intercepted. McLaughlin gained 83 yards on 16 carries. Barkate caught 11 passes for 129 yards (both game highs). Woods had six receptions for 65 yards. On defense, junior defensive back Ty Bartrum led with eight tackles, while senior linebacker Mitchell Gonser chimed in with seven.So congratulations to Coach Aurich on capturing an Ivy title in his first season. However, throw out the record books—Eli’s coming! Aurich displayed appropriate and admirable tunnel vision. “I literally grabbed the guys before we went in the locker room, and I told them that we did not come here to celebrate sharing a championship, and the only way we can ensure that’s the case is if we go take care of business next week,” he said.You are quite the party pooper, Coach! But we understand. After all…what have you done for us lately?TIDBITS: Harvard now leads the series 53-39-2.….The victory was the fourth straight for the Crimson over the Quakers….Penn last defeated Harvard at Franklin Field in 2016….Harvard’s seven-game winning streak is its longest since the 2015 team opened with eight straight victories….The consecutive titles are the first since the three straight from 2013-15.Weekly RoundupColumbia 21, Brown 12Cornell 39, Dartmouth 22Yale 42, Princeton 28Coming up: The 140th Playing of The Game! Harvard returns to the Stadium next Saturday for the annual finale against archrival Yale. Kickoff: Noon. TV: ESPNU. Radio: 92.9 FM WBOS, 1330 AM, 1450 AM. The Elis are 6-3 overall and 3-3 in Ivy play. In a series that began in 1875, Yale leads 70-61-8. The Bulldogs have won the last two, including last year’s 23-18 victory in New Haven.For coach Andrew Aurich, this will be his first Game day. Here are how his fellow Harvard head coach predecessors fared during their first Games in the Ivy League era, which began in 1956:COACH YEAR RESULTLloyd Jordan 1956 Yale 42, at Harvard 14*John Yovicsin 1957 at Yale 54, Harvard 0Joe Restic 1971 Harvard 35, at Yale 16Tim Murphy 1994 Yale 32, at Harvard 13*Pre-Ivy, Jordan’s first Game was a 14-6 loss at Harvard in 1950.THE SCORE BY QUARTERSHarvard071410—31Penn01477—28Attendance: 12, 286THE SEASON SO FAR: follow Dick Friedman’s dispatches.Football: Harvard 26-Columbia 6Football: Harvard 31-Dartmouth 27Football: Harvard 45-Princeton 13Football: Harvard 35-Holy Cross 34Football: Harvard 38-Cornell 20Football: Harvard 28-New Hampshire 23Football: Brown 31-Harvard 28Football: Harvard 35-Stetson 0Pre-season:Harvard Football: New Season, New CoachFive Questions with Captain Shane McLaughlin ’25