Everything You Need to Know Today

When a CEO leaves and the stock jumps 10% after hours, Wall Street is politely saying, “Thank you for your service, please hand over the keys.” That’s what happened at Lululemon, where Calvin McDonald’s exit landed alongside earnings that technically beat and emotionally disappointed. Yes, EPS topped estimates, and revenue cleared the bar. But net income still fell, guidance still sagged, and the Americas business is shrinking while international carries the spandex load. Investors ignored the beat and cheered the reset of interim co-CEOs, softer expectations, and founder pressure relieved. Now just slide some new leadership into yoga pants and make LULU start feeling less like a lemon.

No Data But Plenty of Speeches: December 12 is a clean slate for macro traders because there is no real U.S. economic data. Just three Fed officials stepping up to a microphone. Paulson at 1, Hammack at 1:30, Goolsbee at 3:35. None are billed as policy events, but in the post-meeting haze, the tone is everything. Do they lean into the “Dissent: Soft or Hard?” vibe or push back on how aggressively the market wants to price 2026 cuts? With a silent data calendar, even a passing comment can tug front-end yields or the dollar.

Outdoor Fashions: Before the open, Johnson Outdoors and Rent the Runway post small cap but clean reads on outdoor leisure and fashion rental demand. So, yeah, that’s… happening?

Bottom line: A thin Friday with tone, not data, steering the market.