Major Averages Decline as Investors Await Economic Data and Powell's Speech

The major averages were broadly lower near noon, starting the month in the red as investors await fresh economic data and a speech from Jerome Powell at the Federal Reserve.Expectations that the Fed may cut rates this month remain elevated, with Bank of America saying it now expects a 25-basis-point cut in December followed by additional reductions in 2026, a shift from just weeks ago. Rate cut hopes have boosted sentiment somewhat, but markets remain in "risk-off" mode amid global headwinds, including hawkish signals from other central banks.Looking to commodities, gold prices edged higher, building upon last week's sharp gains. Oil prices also gained, with the commodity nearing $60 per barrel.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Nvidiais investing $2B in Synopsyscommon stock and the companiesThe U.S. government hasin principle with the United Kingdom on pharmaceutical pricingGoldman SachsInnovator Capital Management for a total consideration of roughly $2BLeggett & Platthas received anfrom SomnigroupBarrick Miningisof its North American gold assets2. WALL STREET CALLS:B. RileyKratos Defenseto Buy following recent selloffBNPToastto Outperform on restaurant growth potentialSionnato Underperform at RBC CapitalBarclaysCrown Castleand American Towerto Equal WeightWall Streetof Beta Technologieswith largely bullish ratings3. AROUND THE WEB:Swiss prosecutors have charged Credit Suisse and its owner UBSfor organizational failures tied to a suspicious $7M payment in the Mozambique "tuna bonds" scandal,UnitedHealthhas agreed to sell Banmedica, the company's last South American business, to Patria Investment for $1B,Airbushas discovered an industrial quality issue that is affecting the fuselage panels of dozens in the A320-family aircraft, a production flaw that will delay some deliveries but there are no immediate indications that it has impacted aircraft in service,Blackstoneis considering abandoning its bid for Big Yellow Groupahead of a December 8 deadline imposed by the Takeover Panel,Roskomnadzor, Russia's state communications watchdog, has threatened to block Meta's (META) WhatsApp from the country if it fails to comply with Russian law,4. MOVERS:Bausch Healthincreases in New York after Solta Medical completed itsNeumora Therapeuticsgains after RBC Capitalthe stock to OutperformCanadian Solarhigher in New York after resuming directRezolve AIlower in New York after announcing thefor initial $90MJoby Aviationfalls after Goldman Sachsof the stock with a Sell rating5. EARNINGS/GUIDANCE:Broadstone Net Leaseand FY26Kestra MedicalHumanafor FY25Strategyfor FY251933 Industries, with CEO Brian Farrell saying fiscal 2025 performance "reflects the strength of our strategy and the resilience of our team"INDEXES:Near midday, the Dow was down 0.44%, or 211.88, to 47,504.54, the Nasdaq was down 0.24%, or 55.93, to 23,309.76, and the S&P 500 was down 0.24%, or 16.24, to 6,832.85.