**Pre-Market Moves** 1. On Thursday, December 4, U.S. stock index futures edged higher. As of writing, Dow futures rose 0.08%, S&P 500 futures gained 0.04%, and Nasdaq futures inched up 0.01%. 2. European markets also climbed, with Germany’s DAX up 0.79%, the UK’s FTSE 100 rising 0.18%, France’s CAC 40 advancing 0.43%, and the Euro Stoxx 50 increasing 0.39%. 3. WTI crude oil rose 0.47% to $59.23 per barrel, while Brent crude gained 0.37% to $62.90.

**Market Highlights** - **BofA’s Cautious Outlook**: Despite Wall Street’s bullish sentiment, Bank of America warns that the S&P 500’s three-year rally may lead to "lower excess returns" in 2026, projecting the index to end next year near 7,100. Strategist Savita Subramanian noted that while corporate earnings may grow double-digits, stock returns could moderate. She cautioned that AI-driven tech investments, yet to yield profits, might face a "growth gap." - **BlackRock Defends AI Boom**: BlackRock dismissed comparisons to the dot-com bubble, arguing that AI’s surge is fueled by tangible corporate investments and productivity gains. Jean Boivin, head of the BlackRock Investment Institute, emphasized that skepticism in markets reflects healthy risk awareness, not irrational exuberance. - **Fed Rate Cut Doubts**: PGIM’s Gregory Peters questioned whether potential Fed Chair Kevin Hassett could deliver rapid rate cuts, citing limited consensus-building power within the committee. - **Silver’s Volatility Warning**: Strategist Mike McGlone flagged silver’s 83% surge above its five-year average as unsustainable, projecting potential swings between $75 and $40 per ounce in 2026. - **Copper’s Short-Lived Rally**: Goldman Sachs expects copper’s breach of $11,000/ton to be temporary, with supply shortages unlikely before 2029.

**Stock-Specific News** - **Meta (META.US)**: EU regulators may probe Meta’s integration of AI into WhatsApp, signaling tighter scrutiny of generative AI in core platforms. - **Intel (INTC.US)**: Abandoned plans to spin off its networking unit, opting instead to focus on internal AI and edge computing integration. - **Palantir (PLTR.US) & Nvidia (NVDA.US)**: Partnered with CenterPoint Energy (CNP.US) to develop AI software ("Chain Reaction") for streamlining data center construction. - **Salesforce (CRM.US)**: AI tools drove Q3 revenue up 8.6% YoY to $10.3B, with raised FY2026 guidance lifting shares 2% pre-market. - **Snowflake (SNOW.US)**: Shares tumbled 8% pre-market as weak product revenue guidance and margin concerns overshadowed a Q3 earnings beat. - **C3.ai (AI.US)**: Despite an 89% jump in government contracts, subscription revenue fell 13% YoY, pushing shares down 2%.

**Upcoming Economic Data & Earnings** - **20:30 GMT**: U.S. November Challenger Job Cuts - **21:30 GMT**: Weekly Initial Jobless Claims - **Friday Earnings**: Hewlett Packard Enterprise (HPE.US), DocuSign (DOCU.US), Tuniu (TOUR.US).