Bonds & Stocks
US stock futures trimmed losses as dip buyers stepped in after concerns over Oracle Corp.’s plans for vast capital outlays on artificial-intelligence infrastructure drove a broad retreat from risky assets. Futures on the S&P 500 were 0.4% lower after narrowing an earlier drop of 1.1%. Nasdaq 100 contracts also recovered ground after sliding 1.6%. Oracle, viewed as a bellwether of the AI investment boom, sank more than 13% in premarket trading after cloud sales missed estimates and the company lifted its 2026 capital spending outlook by $15 billion to $50 billion.
Economy
Applications for US unemployment benefits rose last week by the most since the onset of the pandemic, underscoring the volatile nature of claims at this time of year. Initial claims increased by 44,000 to 236,000 in the week ended Dec. 6, according to Labor Department data released Thursday. That was the biggest jump since March 2020 and followed the lowest level of applications in more than three years in the previous week, which included Thanksgiving. The figure exceeded all but one estimate in a Bloomberg survey of economists.
World
Mexican lawmakers gave final approval for new tariffs on Asian imports, broadly aligning with US efforts to tighten trade barriers against China, as President Claudia Sheinbaum seeks to protect local industry. Mexico’s Senate on Wednesday voted in favor of the bill that imposes tariffs of between 5% and 50% on more than 1,400 products from Asian nations that don’t have a trade deal with Mexico. The bill passed with 76 votes in favor, five against and 35 abstentions. The new levies will take effect starting next year and hit a wide range of products from clothing to metals and auto parts, with the massive output of Chinese factories emerging as the legislation’s focus.