• Nvidia shares are down 2.6% this morning. The AI chipmaker reported sales this quarter will beat Wall Street predictions, but the beat was smaller than in recent quarters. Given the stock’s 850% surge over two years, it needed to blow away estimates to spark further gains. 
• Ukraine said Russia fired an ICBM during an attack on the country, apparently the first reported use of that type of long-range missile in the war. Stocks briefly fell and oil prices ticked higher on the news.
• Bitcoin is on the cusp of a spike past $100,000 level. US exchange-traded funds investing directly in the digital currency have surpassed $100 billion in total assets. 
• US prosecutors charged Indian tycoon Gautam Adani in a $250 million bribery scheme. The shares and bonds of his energy and infrastructure companies sank and one canceled a debt offering. Adani said the allegations are baseless.  
• Starbucks is exploring options for its Chinese operations including the possibility of selling a stake in the business, people familiar with the matter told Bloomberg.

This week’s earnings reports from Walmart and Target are exacerbating the divergence in the retailers’ stocks in 2024. 

Walmart shares have surged 66% this year and are on track to post their biggest annual gain since 1999. The stock notched a fresh record this week after the company’s strong earnings report. Meanwhile, Target shares are down 15%, driven in large part by a plunge on Wednesday after the retailer slashed its profit outlook. 

Target’s bleak report is stoking concern that it’s losing ground to Walmart as well as Amazon.com. Citi and Deutsche Bank were among firms that downgraded their ratings on Target after earnings, citing signs of deteriorating market share and worries around how much the company will need to invest to compete with its larger rivals.

Given Walmart’s market-share gains have come primarily from wealthier consumers, “Target seems to be the one most at risk of losing additional share,” Citi analyst Paul Lejuez wrote. Walmart has revamped stores and added high-end products, and it’s built out its e-commerce operations.

Analysts are also positive on the growth of Walmart’s higher-margin ancillary businesses, including digital advertising and its third-party marketplace.

Retail earnings continue today with results from Gap and Ross Stores. Discount chains Dollar Tree and Dollar General, also victims of Walmart’s success, report in early December. —Katrina Compoli

Snowflake gained 20% in premarket trading, putting the stock on track for its biggest jump in more than two years. The software company, which uses AI to help clients analyze data, gave a better-than-expected sales outlook, suggesting new products are receiving a strong reception from customers. —Subrat Patnaik

The UK stock market is drawing a fresh look from investors in the wake of Donald Trump’s election victory in part because it’s seen as more insulated than other European markets from the effects of potential US tariffs. Also, the FTSE 100’s price-earnings ratio is low and it offers fat dividends, bulls point out. 

 “The FTSE looks like an incredibly cheap, high-yielding, quality place to go for the next six to 12 months,” says Michael Browne, chief investment officer at Martin Currie Investment Management. “That’s what we’re doing at the moment.” —Michael Msika

It's been a banner year for exchange-traded funds all over the world, fueled by the sizzling stock rally. So far, ETFs have taken in $1.5 trillion globally, data compiled by Bloomberg Intelligence show, with every region seeing record money. That's with more than five weeks to go. A further plus: December is known to be a historically strong inflow month for these cheap products for the masses. —Isabelle Lee