Welcome to How Are Markets.
It’s Chewsday innit? Unemployment ticked up to 4.6%, retail sales fell flat in October, energy prices are falling hard, and Warner Bros. wants shareholders to pick Netflix. Markets were mostly red today.
See the full breakdown below!
📊 Market Close: 12/16/25
Nasdaq (+0.23%)
S&P 500 (-0.24%)
Dow Jones (-0.62%)
📰 Major Headlines
The Split Jobs Report 📋
The highly anticipated (and delayed) November jobs report arrived with a weird split.
The U.S. added 64,000 jobs, beating estimates, but the unemployment rate jumped to 4.6% (a four-year high).
This suggests that while hiring continues, it isn't keeping pace with the number of people entering the workforce.
Retail Sales Fall Flat 🛍️
New data showed October retail sales were virtually unchanged (0.0%), missing estimates for a slight gain. Consumers pulled back on big-ticket items like cars and building materials.
Netflix Defends WBD Deal 🍿
Warner Bros. told shareholders to vote for the Netflix deal.
Netflix CEOs Greg Peters and Ted Sarandos sent an internal memo today reaffirming their commitment to the Warner Bros. Discovery deal.
Netflix is attempting to block Paramount’s higher hostile bid by arguing that their deal is "pro-growth" and more likely to pass regulatory scrutiny due to a smaller combined U.S. viewing share (9%) compared to a potential Paramount/WBD merger.
Energy Prices Crater ⛽
Oil and Natural Gas prices suffered a massive sell-off. WTI Crude plunged below $55 a barrel for the first time since 2021.
The decline was fueled by three factors: a redrafted peace proposal between Russia and Ukraine, mild winter weather forecasts, and increased production from OPEC+.
📈 Earnings & Company News
TSLA (+3.07%): Surged to a new record high of ~$490. The stock was ignited by an X post from Elon Musk confirming that Tesla is actively testing fully autonomous robotaxis in Austin without human safety monitors.
XOM (-2.62%): ExxonMobil fell sharply as crude oil prices hit multi-year lows. Investors aggressively sold off the stock as the "upstream" profit outlook dimmed following declining Brent and WTI prices.
AVGO (+0.45%): Managed to eke out a small gain, finally stabilizing after a brutal last 5 days. While margin concerns from last week’s earnings call haven't disappeared, investors stepped in today to buy the dip.
🗓 Upcoming Economic Releases
Tuesday, Dec 16 - November Non-Farm Payrolls & Unemployment RateThe Federal Reserve cited a "weakening labor market" for its recent rate cut, so a weak report would support the case for future dovish policy (more cuts). In contrast, a strong report could trigger market volatility.
Thursday, Dec 18 - Consumer Price Index (CPI) for Nov
The core measure of inflation (excluding food and energy). A cool reading is needed to maintain optimism about further rate cuts in 2026, while a hot reading would make the Fed's rate cuts much more unlikely.
Thanks for reading!
— Gavin, How Are Markets
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⚠️ Disclaimer: I’m not a financial advisor — this newsletter is for informational and educational purposes only. Nothing here should be taken as financial advice or a recommendation to buy or sell any securities. Do your own research before making investment decisions.