Major Averages Decline as Markets Await Fed Rate Decision

The major averages had a down day as markets brace for the Federal Reserve's rate-decision later this week. The core of sentiment seems driven by widespread expectations that the Fed will deliver a 25 basis-point cut, though there still remains unease under the surface. The challenge facing the Fed given uncertainty over what constitutes a "neutral" interest rate could make this week's meeting contentious.Looking to commodities, gold was fractionally lower, while oil dropped to below $60 per barrel.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:IBMConfluentfor $31 per share, or a total enterprise value of $11BParamount Skydancehasof $30 per share for all of Warner Bros. Discoveryfollowing Netflix'sdeal with the company late last week and the company said it will advise on its board recommendation on Paramount's bid within 10 daysJPMorganChasehas named Todd Combs, Investment Manager of Berkshire Hathaway, to head theof the firm's new Security and Resiliency InitiativePresident Trump said anis coming this weekMicrosoftis in talks to design custom chips with Broadcom,2. WALL STREET CALLS:Morgan Stanley analyst Andrew PercocoTeslato Equal Weight and upgraded General Motorsto Overweight as the firm adjusted ratings in the autos and shared mobility group following a change in analystsMorgan Stanley's Percoco alsoRivianand to Lucid Groupto UnderweightBenchmarkMarvellto Hold, citing "a high degree of conviction" that the company has lost both Amazon'sTranium 3 and 4 designs to its Taiwanese competitorPivotal Research and RosenblattNetflixto Neutral-equivalent ratings after the "surprise announcement" of an agreement to acquire Warner Bros.'studios and HBO businessesHSBCVisaand MasterCardto Buy3. AROUND THE WEB:PepsiCowill look at its North American supply chain as one of a number of steps it is taking to complete talks with activist investor Elliott Investment Management,NextEra Energyand Exxon Mobilare developing a 1.2 gigawatt data center for a hyperscaler,Metais delaying the release of its mixed-reality glasses codenamed "Phoenix" from the second half of 2026 to the first half of 2027,South Korea's industry ministry and Arm Holdingshave signed an agreement to strengthen the nation's semiconductor and AI sectors, according to a presidential policy adviser,Eli Lilly'sMounjaro will be added to China's state-run health insurance scheme for patients with type 2 diabetes beginning January 1,4. MOVERS:Wave Life Sciencesincreases in New York after announcing data from itsStructure Therapeuticsgains after reporting data from theImmutephigher in New York afterwith Dr. Reddy'sfor Eftilagimod AlfaLegend Biotechfalls after announcing newCoreWeavelower after5. EARNINGS/GUIDANCE:Kamadareiterated itsTreasure Globalfor FY26Byrna Technologiesreportedand provided guidance for FY25Virco, with EPS and revenue lower year-over-yearOracleon December 10INDEXES:The Dow fell 215.67, or 0.45%, to 47,739.32, the Nasdaq lost 32.22, or 0.14%, to 23,545.90, and the S&P 500 declined 23.89, or 0.35%, to 6,846.51.