Welcome to Markets Desk, here's what's moving.
The Federal Reserve held rates steady today, but the bigger signal came with a structural change — the central bank is shifting to seven policy votes next year, down from the traditional eight. That's a meaningful calendar shift that could compress windows for adjustment if inflation proves stubborn heading into the new year.
Turning to Robinhood, the company posted a striking reversal in its revenue mix this quarter. Prediction-market contracts — event-based trades on outcomes ranging from elections to sports — surged more than sixfold to one hundred seventy-three million dollars, actually overtaking cryptocurrency revenue, which fell fifty-five percent from a year ago. It signals a genuine behavioral shift in where retail traders are putting their attention.
And in M-and-A, optical networking company Lumentum is seeing its shares jump on reports that a deal with chip giant Marvell could come as early as next week. Investors are reading the potential combination as a validation of Lumentum's positioning in the data infrastructure buildout, and the market is pricing in a premium accordingly.
That's the tape. Markets Desk, signing off the floor.
