Monday's Scoop: Stable☀️

Hey friend - I hope it was a great weekend. Short week! I’ve already started eating more in preparation for more eating.

Insiders, catch up with your last Weekly Scoop ever! (Weekend scoops coming to the app)

Heads up: There will be no scoops this week on Thursday and Friday due to the Thanksgiving holiday.

Heads up, part two:

Here’s what you need to know today to inform your work, spending, and investments:

1. Business accelerated in November.

2. The financial system passed its health checkup.

3. Countries hit hard by climate change will be getting some more support.

Unemployment Rate: 4.1%
^{Relatively normal, low}

The US economy accelerated this month. S&P Global's US Composite PMI, which tracks activity in the services and manufacturing sectors, rose in November to the highest level in 31 months, indicating more sales and production. The services sector drove most of the business acceleration while the slump in manufacturing leveled off. New orders picked up while inflation calmed down. The number of businesses reporting charging higher prices to customers fell to the lowest level since May 2020. Despite increased optimism, companies were still cautious about hiring.

Global Energy Emissions: 37.4 billion tonnes of CO₂
^{An all-time high, up 1.1% from 2022. (IEA)}

Countries hurt by climate change will be getting more support. Global leaders concluded the 2024 United Nations Climate Change Conference (COP29) in Baku by agreeing to triple climate finance for developing countries to at least $300 billion annually by 2035, aiming to mobilize $1.3 trillion annually from public and private sources. This will help with adaptation and reconstruction efforts for developing nations suffering the worst impacts of climate change. Despite this milestone, some nations like India criticized the amount as insufficient to address climate challenges. The deal also paved the way for the global trading of carbon credits, financial instruments representing removed or avoided fossil fuel pollution. While this could help incentivize efforts to remove fossil fuel pollution from the atmosphere through actions like forest restoration, environmental groups caution that the new rules might allow for low-quality carbon credits that undermine carbon reduction progress. The slow and underwhelming outcomes of this year’s primary climate conference highlight the challenges in reaching the necessary scale and speed of effective action against climate change.

The Market: ⬆️ +0.3%
S&P 500: 5,987.37
1Mo: +3% | 1Yr: +32% | 5Yr: +91%

The market continued climbing on Monday as investors responded positively to President Trump's newest cabinet appointments, particularly his pick for the Secretary of Treasury. He is an experienced hedge fund manager expected to take a pragmatic approach to tariffs, deregulation, and government spending.

Policymakers say the financial system is mostly stable. The Federal Reserve's latest Financial Stability Report notes that banks are doing well with lots of cash in reserve, but there are some concerns to watch out for. Stocks and homes are currently very expensive, which could be a problem if prices suddenly drop. Most people aren't overloaded with debt, but there's an increase in missed payments on car loans and credit cards, especially among those with lower credit scores. Businesses are carrying a lot of debt, and some investment funds are borrowing more than usual, putting them at risk if there’s a downturn. The Federal Reserve is also worried about the growing national debt and potential issues with international trade. These factors could pose risks to the economy if they're not addressed.