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The U.S. stock market is drifting near its record levels on Wednesday following mixed reactions to profit reports from Macy’s, Marvell Technologies, and other companies. The S&P 500 rose 0.2% and pulled within 0.7% of its all-time high set in late October. The Dow Jones Industrial Average was up 174 points, or 0.6%, as of 11:50 a.m. Eastern time, and the Nasdaq composite was virtually unchanged. Marvell rose 4.1% after the supplier of semiconductor products delivered a stronger profit for the latest quarter than analysts expected. CEO Matt Murphy credited strong demand for its data center products, while also announcing a $3.25 billion purchase of Celestial AI to bolster its artificial-intelligence infrastructure business. American Eagle Outfitters was another winner and rallied 16.1% after the retailer reported a better profit than expected. Its CEO, Jay Schottenstein, said it also saw a strong start to the holiday shopping season with an acceleration in demand across its brands during the Thanksgiving weekend. Outside of earnings reports, Capricor Therapeutics surged 352% after the biotech company reported encouraging results for its potential therapy for people with Duchenne muscular dystrophy. On the losing end of Wall Street were relatively few companies, including one out of every three stocks in the S&P 500 index. But among them were some of the market’s most influential stocks, which kept indexes in check. Microsoft fell 2% and was the heaviest weight on the S&P 500. Nvidia slipped just 0.4%, but because it’s the most valuable stock on Wall Street, it was another one of the heaviest weights dragging on the index. Macys fell 1% despite reporting a profit for the latest quarter that was much better than the loss that analysts were expecting. Its stock may be feeling the pressure of high expectations after it came into the day with a rally of 34.1% for the year so far, more than double the S&P 500s rise. CrowdStrike slipped 0.5% despite topping analysts expectations for profit. It too came into the day with a big gain for the year so far, raising the stakes, at 51%. In the bond market, Treasury yields eased after a report suggested U.S. employers outside of the government may have cut more jobs in November than they added. The data from ADP was much weaker than economists expected, but it has not had a perfect track record predicting what the more comprehensive jobs report from the U.S. government will say each month. Wednesdays data may be discouraging for people looking for jobs, but it also keeps alive expectations that the Federal Reserve will cut its main interest rate next week. If the Fed does, that would be the third such cut this year in hopes of bolstering the slowing job market. A report later in the morning on activity for U.S. services business was more encouraging. It said growth was stronger last month than expected for businesses in the retail, finance, insurance, and other industries. Perhaps just as important was that the Institute for Supply Management’s survey also said prices were increasing at their slowest rate since April. That could help the Fed because fears of high inflation are the main argument against cutting interest rates. The yield on the 10-year Treasury fell to 4.07% from 4.09% late Tuesday. Easing bond yields can boost prices for all kinds of investments, and bitcoin climbed again to top $92,000 following its scary downward run in recent weeks. It briefly plunged below $81,000 last month. In stock markets abroad, indexes were close to flat in Europe following a mixed finish in Asia. Japans Nikkei 225 jumped 1.1% on gains for technology stocks like Tokyo Electron, which jumped 4.7%. SoftBank Group Corp. leaped 6.4% following reports that its founder, Masayoshi Son, regretted having to sell shares in computer chipmaker Nvidia to help pay for other investments. Chinese indexes sank following the release of data showing weaker factory activity. Stocks fell 1.3% in Hong Kong and 0.5% in Shanghai. Stan Choe, AP business writer AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
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E-Commerce
The Food and Drug Administration (FDA) has once again expanded its warning on certain brands of imported cookware, this time adding nine additional products that may leach significant levels of lead into food. That list of cookware has grown significantly since the FDA issued its original alert, which was updated twice, after tests found certain brass and aluminum cookware (known as Hindalium/Hindolium or Indalium/Indolium) could be leaching lead into food when used for cooking or food storage, making it unsafe to eat. The FDA investigation remains ongoing, and the agency said it will be adding additional products to the list as needed. Here’s what you need to know. Is lead dangerous to health? Yes. Lead is toxic for humans, and even low levels can cause serious health problems. Children, women of childbearing age, and those who are breastfeeding could be at higher risk after eating food from cookware that leaches lead. Babies and kids are more susceptible to lead toxicity due to their smaller size, metabolism, and rapidly developing bodies, according to the FDA. Which cookware is listed in the FDA’s expanded warning? As Fast Company previously reported, the FDA’s original recall warning on August 13 was issued for Saraswati Strips Pvt. Ltd., an Indian aluminum cookware company that sells Tiger White brand cookware. In September, three additional products were added to the list, including Silver Horse cookware distributed by Patel Brothers, and JK Vallabhdas products distributed by the Indian supermarket chain Indiaco. Since then, the FDA has added nine additional products to the list. Those product details are as follows: Brand and product name: Sonex Aluminum, Pot, an ISO 9001:2000 5 certified company Retailer: Alanwar Food Corp. (Balady Foods) 7128 5th Ave Brooklyn, NY Manufacturer: Sonex Cookware 60-61 / A, Small Ind. Estate #2 Gujranwala, Pakistan Recall status: Recall initiated on 11/18/25. Brand and product name: IKM Aluminum Saucepan(7023672411878 Aluminum Pan 2 Size Pouted Wooden Handle 9) Retailer: India Metro Hypermarket, 5130 Mowry Ave Fremont, CA Manufacturer: SM Foods, New Delhi, India Recall status: Distributor agreed to recall on 11/19/25. Brand and product name: Brass Tope Retailer: India Metro Hypermarket, 5130 Mowry Ave Fremont, CA Manufacturer: Kraftwares (India) Ltd. Mumbai, India Recall status: Distributor agreed to recall on 11/19/25. Brand and product name: Aluminum Kadai Size 5 A cook brand Retailer: India Metro Hypermarket, 5130 Mowry Ave Fremont, CA Manufacturer: Kraftwares (India) Ltd. Mumbai, India Recall status: Distributor agreed to recall on 11/19/25. Brand and product name: IKM 4-Quart Pital Brass Pot(7023672414398 Brass Hammered Handi No 3) Retailer: INDIA CASH AND CARRY, 39175 Farwell Dr Fremont, CA Manufacturer: JSM Foods, New Delhi, India Recall status: Distributor agreed to recall on 11/19/25. Brand and product name: Silver Horse Aluminum Coldero 28 Retailer: Punjab Supermarket & Halal Meats, 8767 Philadelphia Road Rosedale, MD Manufacturer: Recall status: FDA notified retail location of sample results. Brand and product name: Silver Horse Aluminum Coldero 28 (765542732177 Aluminium Degda 20) Retailer: Punjab Supermarket & Halal Meats, 8767 Philadelphia Road Rosedale, MD Manufacturer: Recall status: FDA notified retail location of sample results. Brand and product name: Silver Horse Aluminum Degda 24 Retailer: Punjab Supermarket & Halal Meats, 8767 Philadelphia Road Rosedale, MD Manufacturer: Recall status: FDA notified retail location of sample results. Brand and product name: Chef Milk Pan 24 cm (Milk Pan 24 cm MF 0732131905632) Retailer: Punjab Supermarket & Halal Meats, 8767 Philadelphia Road Rosedale, MD Manufacturer: Shata Traders, 10227 Avenue D, Brooklyn, NY 11236 Recall status: Distributor agreed to recall on 11/19/25. FDA recommendations According to the FDA, consumers should check their homes for the cookware and throw it away. Do not donate or refurbish it. Consumers who are concerned they may have been exposed to lead or elevated levels of lead should contact their healthcare provider. Retailers and distributors are encouraged to consult with the FDA regarding the safety and regulatory status of any products used in contact with food that they market or distribute. Additional questions can be sent to the FDA via email at premarkt@fda.hhs.gov.
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E-Commerce
Treasury Secretary Scott Bessent said Wednesday he would push a new requirement that the Federal Reserve‘s regional bank presidents live in their districts for at least three years before taking office, a move that could give the White House more power over the independent agency. In comments at the New York Times’ DealBook Summit, Bessent said that there is a disconnect with the framing of the Federal Reserve and added that, unless someone has lived in their district for three years, we’re going to veto them. Bessent has stepped up his criticism of the Fed’s 12 regional bank presidents in recent weeks after several of them made clear in a series of speeches that they opposed cutting the Fed’s key rate at its next meeting in December. President Donald Trump has sharply criticized the Fed for not lowering its short-term interest rate more quickly. When the Fed reduces its rate it can over time lower borrowing costs for mortgages, auto loans, and credit cards. The prospect of the administration vetoing regional bank presidents would represent another effort by the administration to exert more control over the Fed, an institution that has traditionally been independent from day-to-day politics. The Federal Reserve seeks to keep prices in check and support hiring by setting a short-term interest rate that influences borrowing costs across the economy. It has a complicated structure that includes a seven-member board of governors based in Washington as well as 12 regional banks that cover specific districts across the United States. The seven governors and the president of the New York Fed vote on every interest-rate decision, while four of the remaining 11 presidents vote on a rotating basis. But all the presidents participate in meetings of the Fed’s interest-rate setting committee. Bessent argued last month in an interview on CNBC that the reason for the regional Fed banks was to bring the perspective of their districts to the Fed’s interest rate decisions and break the New York hold on the setting of interest rates. But now, he said last month, three, maybe four of the Fed presidents were appointed from outside their districts, with some living in New York. Im not sure thats the way the Federal Reserve was designed, he said in the interview. Christopher Rugaber, AP economics writer
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