This week delivered a heavy slate of economic data, highlighted by key employment and inflation reports. The November employment report came in above expectations, with the U.S. economy adding 64,000 jobs. While this was a positive surprise, it continues to reflect a broader slowdown in hiring. The unemployment rate rose to 4.6%, its highest level since September 2021, while wage growth softened, with average hourly earnings increasing just 0.1%, below expectations. Additional labor data released Thursday showed initial jobless claims of 224,000, in line with forecasts, reinforcing the view of a cooling—but still stable—labor market. Inflation data was the main market driver this week. Headline CPI fell to 2.7% and core CPI declined to 2.6%, its lowest level since early 2021. Part of this drop reflects a temporary data issue caused by the government shutdown, which delayed the collection of some housing prices and made inflation appear cooler than it truly is. Even so, the overall trend remains favorable, supporting stocks and giving the Federal Reserve more flexibility later this year if inflation continues to ease. Despite easing inflation and a modest rise in unemployment, markets are not expecting a near-term rate cut. According to the CME Group’s FedWatch Tool, the probability of a rate cut at the Fed’s January meeting currently stands at 19.9%. Markets are extending Thursday’s rally into Friday, though stocks remain roughly flat on the week, as early-week weakness offset recent gains.

This week, Elliot shares one of the most surreal experiences of his life: starting the week inside Mar-a-Lago as a guest of Glenn Beck, and ending it in New York City surrounded by left-wing influencers, LGBTQ leaders, intelligence officials, and cultural activists. Two worlds that never mix — and Elliot walked straight through both. At Mar-a-Lago, Elliot attended the American Journey Experience fundraiser and was invited into Glenn Beck’s private collection, which includes the original rough draft of the U.S. Constitution, FDR’s wheelchair, the flag flown over Normandy, and countless artifacts that most museums don’t even have access to. It’s one of the largest private American history collections in existence, and seeing it up close offers a perspective few people ever get. Less than a day later, Elliot was on the opposite end of the political spectrum at a major influencer conference in Manhattan. The room was filled with LGBTQ organizers, former intelligence officers, human-rights leaders, content creators, and activists who see the world through a completely different lens. What was surprising isn’t how different the groups were — but how similar their fears, assumptions, and motivations turned out to be. Elliot breaks down why both sides believe the other is an existential threat, how political rhetoric convinces people that disagreement equals death, and why this mindset is tearing the country apart. He also shares moments of genuine connection, humor, and unexpected conversations that show how much common ground actually exists when people stop arguing and start listening. This is an honest, unfiltered look at America’s cultural divide from someone who stepped directly into both realities in the same week. If you want political commentary grounded in real experiences — not headlines — this episode delivers.

We’re proud to feature Rocky Malloy on this week’s Murphy’s Market Minute. Rocky is a former U.S. Merchant Marine Commander whose life was transformed after a series of extraordinary, near-death experiences led him to faith. Today, he leads the National School Chaplain Association, bringing chaplaincy, hope, and spiritual support to students across the U.S. and around the world. Rocky is joining us in Kansas City this week—and he’ll also be starring in our newest episode of Backseat Ballers. Markets are heading into the holiday on a strong note, with all three major indices firmly in the green today. It’s been an impressive stretch overall, capped by a standout performance from the Nasdaq, which is up nearly 4.5% for the week. The rally is fueled by rising optimism around a December rate cut. According to the CME FedWatch Tool, investors now assign an 82.9% probability to a 25 bps cut at the December 10 FOMC meeting—up sharply from just 30.1% last week. On the economic front, inflation continues to cool. PPI rose 0.3% MoM in line with expectations, while Core PPI came in at a softer 0.1% versus the 0.3% forecast—further evidence of disinflation taking hold. Consumer sentiment, however, weakened sharply. Consumer confidence fell to 88.7, well below expectations and the lowest reading since April. At the same time, initial jobless claims dropped to 216,000, the lowest since April and below the 225,000 estimate—signaling continued strength in the labor market. After a strong Q3 earnings season and rising expectations for rate cuts, we remain constructive on equities heading into year-end and into 2026. Short-term volatility is always possible, but the broader outlook continues to lean positive.