Meta's Metaverse Cuts, Jobs Check-In & Homebuilder Hesitancy 12/4/25

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  You're listening to The Exchange.

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  Here's today's show.

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  Thank you very much, Scott.

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  And welcome to The Exchange.

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  I'm Kelly Evans,

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  and it's the end of an era for Meta and a comeback story for the dollar stores today.

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  We have lots of those names rallying, and we'll get more on that in just a bit.

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  But let's start with a look at the overall markets,

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  where stocks are largely in a holding pattern as we await that Fed decision next Wednesday.

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  The Dow down about five points.

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  You can see the S&P just below its all-time high still from late October.

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  But notably, the small caps are outperforming once again,

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  with the Russells up just about 1% right now.

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  As for big tech, we mentioned meta popping today.

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  The Nasdaq is turning back into positive territory in just the past hour or so,

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  as Nvidia and Oracle bounce off the lows.

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  The AI trade, in other words, was lagging this morning, but now it's kind of finding its footing.

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  And we're getting more significant moves from the industrials,

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  a little bit of the financials today as well.

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  Markets are still betting on a rate cut next week, despite those really strong,

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