JUST THE FACTS

The Fed's third rate cut drove the week's gains, but a selloff in tech would drag on Wall Street Friday. At the closing bell, all three major indices were red for the day to leave the week's final outcome mixed.

The looming worries over big-name tech valuations and AI spending were back in full force this past week. The impact was substantial as investors dumped tech for cyclicals that climbed after the Fed's cut.

A divided Fed followed through with the year's third rate cut, but officials may be hitting the brakes in 2026. Wednesday's move was just as expected, but the wait for the next rate cut could be a long one. 

2026 is shaping up to be a very dramatic year for the Fed. Chairman Powell's term will end, his successor's independence is going to be a big deal, and new faces will be taking a seat at the Fed's policy table.

The incoming week will be loaded with a heavy dose of politics and data. The pick to be the next Fed chair could be named, November's jobs and inflation reads will land plus a new sentiment survey is due.

Shopping without having to go through  a formal checkout is already a reality on a limited scale. What may be on the way next will likely blow away current reality, and it won't be on a limited scale either.