5 things to know before the stock market opens Monday

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Here are five key things investors need to know to start the trading day:

The stock market is coming off a rough week as investors mulled concerns about the state of the artificial intelligence trade and the economy. But stocks regained some ground on Friday, bolstered by renewed hope for another interest rate cut.

Here’s what to know:

• The Dow Jones Industrial Average and S&P 500 each dropped close to 2% last week. The Nasdaq Composite tumbled 2.7% for its third straight negative week as tech felt the brunt of the declines.
• But the market bounced on Friday, after New York Federal Reserve President John Williams said he sees “room for a further adjustment” on interest rates.
• Fed funds futures began pricing in a higher likelihood of a rate cut at the Fed’s December meting following Williams’ commentary. Traders now see a more than 73% chance of a decrease next month, up from around 42% a week ago, according to CME’s FedWatch tool.
• On the other hand, Boston Fed President Susan Collins said over the weekend that she sees “reasons to be hesitant” about lower rates at the central bank’s next policy meeting.
• Speaking to NBC News’ “Meet the Press” on Sunday, Treasury Secretary Scott Bessent acknowledged that some sectors are feeling economic pressure but said he believes the U.S. won’t enter a recession next year.
• Follow live markets updates here.

A legal filing released on Friday accuses Meta of halting internal research that allegedly found that people who stopped using Facebook became less depressed and anxious.

Meta allegedly started the study in 2019 to examine the impacts of its products on “polarization, news consumption, well-being, and daily social interactions,” the legal brief said. The filing is tied to high-profile litigation against social media platforms — including Meta, Google’s YouTube, Snap and TikTok — from plaintiffs such as school districts and state attorneys general.

Meta spokesperson Andy Stone said the company disagrees with the allegations, which he said “rely on cherry-picked quotes and misinformed opinions in an attempt to present a deliberately misleading picture.”

U.S.-listed shares of Novo Nordisk fell more than 10% this morning after the Danish drugmaker announced that its Alzheimer’s trial didn’t meet its main target.

Analysts expected the trial — which tracked if semaglutide, the active ingredient in diabetes and weight loss drugs Ozempic and Wegovy, helped slow cognitive decline — to be a long shot. However, previous trials found that use of the drug helped with Alzheimer’s-related biomarkers.

Martin Holst Lange, Novo’s chief scientific officer, said the company felt it had a “responsibility to explore semaglutide’s potential, despite a low likelihood of success.”

U.S. airlines are expecting another record Thanksgiving travel period. As American Airlines operations chief David Seymour put it: “The stakes are high.” Lobbying group Airlines for America estimated that airlines will service more than 31 million people between Nov. 21 and Dec. 1.

The holiday travel frenzy comes not long after the end of the federal government shutdown which resulted in disrupted travel for 6 million flyers, according to A4A. Officials announced last week that air traffic controllers and technicians who had perfect attendance while the government was closed will get $10,000 bonuses.

Universal’s “Wicked: For Good” raked in around $150 million in domestic ticket sales this weekend. It’s the second-biggest opening weekend for a 2025 film release and the largest-ever debut for a Broadway adaption. The film’s haul also exceeds that of the first film installment of “Wicked,” which was released last year.

Around 10 million “Wicked: For Good” tickets were sold during the opening weekend, according to data EntTelligence. Paul Dergarabedian, head of marketplace trends at Comscore, said that the movie-musical could help this year’s Thanksgiving film slate give 2024’s record period “a run for its money.”

Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.

Here’s what we’re keeping an eye on this holiday week:

• Tuesday: Best Buy, Dick’s, Abercrombie & Fitch and Kohl’s earnings (before the bell); Workday, Dell and HP earnings (after the bell); September producer price index; September retail sales data
• Wednesday: Fed’s Beige Book
• Thursday: Thanksgiving, markets closed
• Friday: Stock market closes early

CNBC Pro subscribers can see a full calendar and rundown for the week here.

— CNBC’s Sean Conlon, Jeff Cox, Annie Nova, Yun Li, Kif Leswing, Leslie Josephs, Elsa Ohlen and Sarah Whitten, as well as Reuters, contributed to this report. Josephine Rozzelle edited this edition.