Good afternoon! John Cena is taking one last walk down the ramp. After more than two decades, 17 world titles, and enough “You Can’t See Me” waves to fill a stadium, the WWE icon is stepping into his final match Saturday night in Washington, DC. It closes the book on a career that turned Cena into wrestling’s most reliable box office draw and one of pop culture’s most recognizable good guys.
But Cena’s legacy stretches way past the ring. He became WWE’s economic backbone in the 2000s, crossed over into Hollywood, and quietly turned Make A Wish into his most meaningful title belt with more than 650 wishes granted. The last fight may end the in ring chapter, but the brand, the catchphrases, and the moments are sticking around long after the bell rings.
MARKETS
Markets slipped to kick off the final full trading week of 2025, with the S&P 500, Nasdaq 100, and Russell 2000 all ending lower as investors moved into risk-off mode. Traders are bracing for the delayed November jobs report and Thursday’s CPI, both of which could reshape rate-cut expectations for next year.
Fed commentary didn’t help sentiment, with officials split between downplaying inflation risks and suggesting policy is already restrictive enough. Copper pushed to fresh highs, while Bitcoin slid back toward $85,000 as investors pulled back ahead of a data-heavy week.
STOCKS
Winners & Losers
What’s up 📈
Immunome surged 15.69% after positive Phase 3 results for varegacestat, its desmoid tumor treatment, putting the biotech firmly in breakout territory $IMNM
American Eagle climbed 6.05% as retail vibes improved and investors leaned back into apparel names $AEO
Abercrombie & Fitch rose 5.90% as mall stocks caught a second wind following a bullish Goldman Sachs call, proving baggy jeans still matter on Wall Street $ANF
GameStop jumped 4.00% on bullish options flow and renewed meme-stock buzz, reminding everyone the internet never forgets $GME
Tesla gained 3.56% to a fresh all-time high after Elon Musk said the company’s robotaxis are entering their next testing phase, adding fuel to the autonomy hype train $TSLA
What’s down 📉
iRobot collapsed 72.74% after filing for Chapter 11 bankruptcy, marking a brutal end to the Roomba maker’s long struggle to stay afloat $IRBT
Luminar Technologies plunged 60.82% after filing for bankruptcy following the loss of a major auto contract $LAZR
ServiceNow sank 11.56% after reports it’s nearing a $7 billion deal for cybersecurity startup Armis, reviving fears of overpaying at the top $NOW
Tilray Brands slid 10.04% as traders cooled on cannabis optimism amid uncertainty over federal rescheduling actually becoming reality $TLRY
Zillow dropped 8.47% as Google’s push into real estate listings raised alarms about a new heavyweight rival entering the housing search game $Z
Strategy fell 8.14% as bitcoin dipped below $86,000, a painful move after the firm loaded up on nearly $1 billion worth of BTC last week $MSTR
CoreWeave declined 7.94% as concerns spread about AI credit risk and the cost of financing hyperscale compute $CRWV
Lyft sank 6.14% after Tesla’s robotaxi progress reignited fears that autonomous vehicles could eat its lunch $LYFT
Broadcom slid 5.59% as investors soured on the AI hardware trade and questioned premium valuations $AVGO
Uber fell 3.82% as autonomy fears crept back into the ride-hailing narrative $UBER
AUTONOMY
Tesla Tests Driverless Robotaxis in Austin, Sending Uber and Lyft Shares Lower
Tesla just gave Wall Street the clearest signal yet that its Robotaxi ambitions are moving from hype to hardware.
Over the weekend, Tesla $TSLA began testing Robotaxis in Austin with no safety drivers inside the vehicle. No human in the front seat. No backup in the back. CEO Elon Musk later confirmed the sightings on X, saying the cars are now being tested “with no occupants in the car.” That single sentence did a lot of work for the stock.
No Driver, No Training Wheels
This wasn’t a flashy product launch or a tightly controlled demo. These were real cars, on real streets, with no Tesla employee riding shotgun. Since the Robotaxi program launched in June, Tesla employees had been required to sit in the front seat as safety monitors. Removing them marks a meaningful shift in how confident Tesla is in its autonomy stack.
It also puts Tesla closer to a goal Musk laid out on the company’s most recent earnings call, where he said safety drivers would be removed across large parts of Austin by the end of the year. Last week, he reiterated that timeline at an xAI event. This weekend made it feel real.
Ride-Hailing Rivals Feel the Heat
Markets wasted no time connecting the dots. Tesla shares jumped, while Uber $UBER and Lyft $LYFT sold off as investors reassessed a future where ride-hailing no longer requires paying drivers. Even Alphabet $GOOGL, which owns Waymo, the current leader in commercial robotaxis, traded slightly lower early Monday, though it’s unclear how much of that move was Tesla-related.
Still, the competitive implications are obvious. A fully autonomous network changes the economics of ride-hailing overnight, and Tesla is signaling it wants in that game sooner rather than later.
Wall Street Is Leaning In
Wedbush analyst Dan Ives is already framing this moment as a potential inflection point. The longtime Tesla bull expects Robotaxis to expand to more than 30 US cities next year and believes Full Self Driving adoption could eventually climb above 50%, a shift he says would fundamentally change Tesla’s margins and financial model.
Bottom line: Tesla didn’t announce autonomy. It quietly drove it around Austin. And the market noticed.
NEWS
Market Movements
🚀 Data Centers in Space Move From Sci-Fi to Whiteboards: Tech leaders are increasingly floating the idea of orbital data centers as land-based power and permitting constraints worsen. Analysts caution that launch costs, cooling challenges, radiation damage, and maintenance make the concept technically possible but economically brutal for now. $GOOGL
🪙 Bitcoin Drop Hits Crypto Stocks Harder Than the Coin: Bitcoin slid below $87,000, but crypto-linked equities fell far more as miners and infrastructure names amplified the downside. High fixed costs and leverage mean crypto stocks tend to magnify price swings, turning modest drops into full-blown selloffs. $BTC $CIFR $CLSK $HUT $WULF
🤖iRobot Files for Bankruptcy After Meme-Style Spike: iRobot filed for Chapter 11 just 11 days after its biggest one-day rally ever, a move that will hand full equity ownership to its secured lenders while wiping out shareholders. The company blamed debt pressure, even though traders had rushed in earlier this month on hopes of a US robotics boom, ignoring prior warnings that iRobot’s balance sheet put its survival in doubt. $IRBT
🛡 ServiceNow Stock Slips on $7B Armis Talks: ServiceNow shares fell after reports it is in advanced talks to acquire cybersecurity firm Armis for up to $7 billion, a price that has investors questioning valuation discipline. Analysts say the deal would strengthen ServiceNow’s security offerings but warn the company may be paying a premium just as competition from Microsoft intensifies. $NOW $MSFT
🏠 Opendoor Rallies on Leadership Shuffle and Blockchain Hype: Opendoor jumped after naming Coinbase Canada CEO Lucas Matheson as president, extending a recent streak where executive changes have fueled speculative rallies. Investors are latching onto the company’s talk of blockchain and real-estate tokenization as a potential way to boost liquidity and reduce balance-sheet risk, even as fundamentals remain strained. $OPEN
📱 Meta’s China Ads Under Fire in Reuters Probe: A Reuters investigation found that roughly 19% of Meta’s China-linked ad revenue came from scams and prohibited content, despite the company’s platforms being banned in China. Internal documents show Meta briefly cracked down before easing enforcement, raising questions about how aggressively the company balances integrity against billions in ad dollars. $META
⚡ Nvidia’s AI Orbit Starts to Shake: Stocks tied closely to Nvidia’s data-center ecosystem fell sharply as investors focused less on AI demand and more on leverage and credit risk. Concerns are rising that capital-intensive neocloud players depend too heavily on cheap financing, signaling a shift from hype toward balance-sheet reality across the AI trade. $NVDA $APLD $CRWV $NBIS
💠 XRP ETFs Cross $1B Despite Crypto Cooldown: XRP-linked ETFs have surpassed $1 billion in assets just months after launch, standing out as broader crypto markets struggle. Analysts say demand reflects growing confidence in XRP’s differentiated role in digital payments, even as bitcoin and related products lose momentum. $BTC
🎮 GameStop Pops as Michael Burry Reenters the Chat: GameStop shares climbed after Michael Burry teased a return to commentary on the stock, reigniting meme-stock energy despite weak recent earnings. Options activity surged as traders bet on upside, proving once again that narrative often matters more than numbers in meme territory. $GME
🚗 Ford Takes $19.5B EV Write-Down and Pivots Strategy: Ford announced a massive charge tied to its EV business as it shifts focus toward energy storage and extended-range hybrid vehicles. The move highlights a broader pullback by legacy automakers from aggressive EV bets, even as EV-only players look to grab share. $F
CRYPTO
JPMorgan Launches Tokenized Money Market Fund, Bringing Wall Street Deeper Into Crypto
Crypto and banks used to tolerate each other at arm’s length. JPMorgan just closed that distance.
The banking giant is launching My OnChain Net Yield, or MONY, its first tokenized money market fund, debuting with $100 million in seed capital. The fund goes live tomorrow and is aimed squarely at wealthy individuals and institutions, with minimums of $5 million for individuals, $25 million for institutions, and a $1 million ticket to get in the door.
This isn’t JPMorgan flirting with crypto. This is JPMorgan putting one of finance’s most boring products on a blockchain.
From Idle Stablecoins to Yield on Chain
Tokenization takes a traditional asset and represents it as a digital token on a blockchain. In MONY’s case, investors get money market exposure while keeping assets fully on chain, instead of parking cash in stablecoins that sit idle and earn nothing.
That matters in a world where stablecoins now total more than $300 billion in market value. Tokenized money funds let crypto-native investors earn yield without touching the traditional banking system, while fund managers get faster settlement, lower operational costs, and access to a new client base. Some tokenized funds are even accepted as collateral on crypto exchanges.
MONY will run on Ethereum and be supported by Kinexys Digital Assets, JPMorgan’s in-house blockchain platform that’s been quietly built over several years. Investors can subscribe using cash or USDC and receive tokenized fund shares directly into their crypto wallets.
Wall Street Follows the Chain
JPMorgan isn’t alone. BlackRock, Franklin Templeton, and others have already rolled out tokenized funds, with BlackRock now running the largest tokenized money market fund at over $1.8 billion in assets. Goldman Sachs and BNY Mellon are working on similar infrastructure, and crypto platforms like Robinhood and Kraken are pushing tokenized stocks overseas.
Regulators are also easing the path. The OCC recently gave conditional approval for Circle and Ripple to form national trust banks, and twelve trust-bank applications have been filed this year alone. The GENIUS Act has only accelerated the shift.
Banks Adapt or Get Bypassed
Traditional banks aren’t thrilled. Industry groups have warned that crypto firms could cherry-pick profitable services without facing the same regulatory burden. But the direction is clear.
Money is moving onto digital rails. JPMorgan’s tokenized money market fund isn’t a bet on crypto hype. It’s a hedge against being left behind.
CALENDAR
On The Horizon
Tomorrow
Wall Street is getting hit with a data dump this week, and it starts right out of the gate tomorrow. We’ll get the long-delayed November jobs report alongside October retail sales, giving markets a clearer read on both hiring and consumer spending as the year winds down.
The jobs numbers are the main event. Because of the government shutdown, the report rolls in chunks of October data too, making it a two-month gut check for the labor market. Economists are looking for about 40,000 new jobs and unemployment holding at 4.4%, and anything softer could light a fire under risk assets.
On the earnings front, it’s quiet. The lone name on the calendar worth watching is homebuilder Lennar, which could offer some clues on housing demand heading into 2026.
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