With Black Friday in the rear view mirror, the week after Thanksgiving delivered a strange combination of “everything is booming” and “something feels off.” U.S. shoppers set new online spending records over Black Friday and Cyber Monday. Crypto markets whipsawed again, with Trump-linked tokens taking some of the biggest hits. Labour data looked strong on the surface, even as signs of stress continued to build under the hood. And in the background, policymakers and markets moved closer to the first Fed cut in months, while regulators quietly reshaped the crypto rulebook.
Here’s what actually happened this week — and what it could mean for your money.
Record Black Friday spending… but not everyone is flush
What happened
Black Friday and Cyber Week delivered eye-catching numbers: Adobe Analytics reported $11.8 billion in online spending on Black Friday (+9.1% YoY), $6.4 billion on Thanksgiving, and a record $14.25 billion on Cyber Monday. These figures suggest that U.S. consumers are still willing to shop aggressively during peak promotional periods. But digging deeper, the strength was driven largely by steep discounting, mobile shopping, and the rapid growth of Buy Now, Pay Later (BNPL), which Adobe says surpassed $1 billion in purchases for the first time. That signals not just enthusiasm, but financial stretching.
At the same time, multiple retail analysts noted that households are trading down to cheaper brands, abandoning discretionary categories, and favoring essential purchases. While transaction volumes were high, surveys show consumer sentiment remains cautious, shaped by higher rents, elevated grocery costs, and persistent childcare expenses. In other words: people are shopping, but they are doing so with tighter budgets and more reliance on short-term financing tools.
Read a deeper analysis in our article: “Black Friday trends and what they reveal about your budget”.
Why it matters
The holiday “boom” can be misleading. Record spending does not necessarily reflect broad financial stability; it reflects adaptation — using promotions and flexible payment plans to navigate higher living costs.
What it means for your money
- A headline about “record spending” shouldn’t influence your personal decisions — check your own numbers, not the national averages.
- Treat BNPL with caution. It spreads out payments, but it doesn’t remove them; too many installments at once can tighten early-2026 cash flow.
- If you have a weekly saving or investing habit, maintain that rhythm through December; it’s one of the most effective ways to avoid lifestyle creep during the holiday season.
Bitcoin’s week and the crash in Trump-linked crypto
What happened
Bitcoin started to recover from its late-November lows as markets grew more confident that the Federal Reserve may cut rates in December or early 2026. Yet the most dramatic action was in Trump-linked digital assets. American Bitcoin Corp. (ABTC) — associated with Eric Trump — dropped more than 50% in under 30 minutes when previously restricted insider shares became eligible for sale. The sudden unlocking flooded the market with supply, triggering an accelerated sell-off. Bloomberg reports the stock is now down roughly 75% from levels seen just weeks ago.
These personality-driven tokens trade thinly, react quickly to sentiment swings, and are highly dependent on insider activity. This week’s crash shows how fragile these ecosystems can be.
Read more about the year in crypto in our article “Crypto market 2025 year in review: 7 key lessons”.
Why it matters
This episode reinforces a well-documented dynamic: the more narrative-driven and concentrated a crypto asset is, the faster and more violently it can fail. These tokens are not proxies for Bitcoin or blockchain fundamentals — they are liquidity experiments tied to attention cycles.
What it means for your money
- Be careful with assets that move because of personalities, not fundamentals; volatility can erase gains in minutes.
- Distinguish between broad crypto infrastructure (BTC/ETH) and hype tokens; lumping them together leads to poor risk assessment.
- Only allocate money to speculative assets that you can afford to lose, and avoid making decisions based on social-media or political attention.
Source: Reuters – American Bitcoin steadies after share lock-up expiry sparks near 40% plunge
Jobless claims hit a three-year low — and still feel uneasy
What happened
The latest U.S. labor data showed initial unemployment claims falling to 191,000, the lowest since 2022. On the surface, this suggests a resilient job market heading into the final month of the year. However, economists caution that Thanksgiving week often distorts claims data, making short-term dips unreliable indicators of underlying strength. More telling is that continuing claims remain elevated, indicating that once workers lose their jobs, they are taking longer to find new ones.
This mixed picture aligns with other cooling signals across the economy: slower hiring in tech and logistics, rising layoff announcements in several white-collar sectors, and companies reducing hiring plans for Q1 2026. Together, the data paints a scenario where fewer people are being laid off week to week, but rehiring momentum is losing steam.
Why it matters
A low headline number can mask structural softening. The job market is still tight, but it’s becoming harder for displaced workers to re-enter — a sign of a late-cycle environment.
What it means for your money
- If your job feels secure, this is a smart moment to bolster your emergency savings; conditions can shift quickly.
- Be cautious about taking on new fixed expenses, especially in industries experiencing hiring freezes or reduced demand.
- Stay focused on long-term financial habits; labour indicators can swing sharply once seasonal factors fade.
Source: Reuters – US weekly jobless claims drop to lowest level in more than three years
Also this week
The Dell family’s $6.25B pledge boosts Trump Accounts
Michael and Susan Dell pledged $6.25B to add $250 to millions of children’s future Trump Accounts. The federal program itself will contribute $1,000 to eligible children born from 2025–2028.
What it means: This is a national experiment in long-term compounding. It’s a reminder that early, steady investing — even in small amounts — can materially change outcomes over time.
Source: Los Angeles Times – Michael and Susan Dell pledge a historic $6.25 billion to expand ‘Trump accounts’
Jared Isaacman’s NASA nomination revives the “moon economy”
Trump re-nominated astronaut-entrepreneur Jared Isaacman to lead NASA, stressing urgency in beating China back to the Moon. Analysts project lunar supply chains, navigation, and mining could grow into a $170B market.
What it means: Space is shifting from exploration to economic competition. Instead of betting on individual space companies, broad exposure to innovation sectors may capture this trend over the long term.
Source: Reuters – Trump’s NASA pick stresses moon race urgency, pressed on Musk ties in Senate hearing
Economists and banks expect a December Fed rate cut
A large majority of economists expect a 0.25% rate cut as early as this month, with banks forecasting additional cuts in 2026. Markets have already priced in much of this expectation.
What it means: Borrowing may gradually ease, but don’t wait for interest-rate timing to guide your financial decisions — focus on consistent progress, not prediction.
Source: Reuters – ‘Jumped the gun,’ says Morgan Stanley as it reverses Fed call to December 25 bps cut
CFTC authorizes spot crypto trading on regulated exchanges
For the first time, the CFTC approved spot crypto trading on regulated U.S. exchanges, a move aimed at improving transparency and investor protection.
What it means: Regulation may make crypto markets more stable over time, but the asset class remains volatile. Treat it as speculative, not foundational.
Source: CFTC – Acting Chairman Pham Announces First-Ever Listed Spot Crypto Products on CFTC-Registered Exchanges
AI investment boom fuels new volatility concerns
Markets pulled back as enthusiasm around Nvidia cooled, with major indices slipping. Analysts warn that massive AI infrastructure spending may take time to translate into earnings.
What it means: Tech leadership can remain bumpy. Balance portfolios across different sectors rather than relying on a handful of AI-driven names.
Source: The Guardian – The question isn’t whether the AI bubble will burst – but what the fallout will be
Government shutdown continues to delay key economic data
The 43-day federal shutdown delayed several major reports — inflation, jobs, spending — leaving markets and analysts working with incomplete information.
What it means: Expect noisy data in the coming weeks. Avoid reacting to single data releases; look instead at broader, longer-term trends.
Source: Investopedia – These Are the Economic Reports We’re Still Waiting On After the Shutdown
China Vanke’s debt delay reignites property-sector fears
China Vanke requested a one-year extension on a 2-billion-yuan bond payment; several bondholders opposed the move. Its bonds have fallen toward 25% of face value, reflecting deep liquidity stress.
What it means: China’s property challenges continue to cast uncertainty across emerging markets. Anyone with exposure should ensure they understand where their funds allocate capital geographically.
Source: The Edge Malaysia – China Vanke asking for 12 months to pay bond under extension plan
Final Thought
This was a week of mixed signals: record spending paired with financial strain, a strong labour headline masking slower rehiring, and crypto markets reminding us how fast the narrative can flip. The common thread is that short-term noise — whether from holiday sales, token crashes, or shifting rate expectations — rarely reflects the underlying financial reality for most households.
What matters most is the part you control: keeping your budget honest, avoiding avoidable risks, and staying committed to steady, long-term habits even when the news cycle feels chaotic. In uncertain weeks like this one, discipline becomes your biggest advantage.
Sources
- Associated Press – Shoppers scoured for deals online on Cyber Monday and Black Friday set a record
- Reuters – American Bitcoin steadies after share lock-up expiry sparks near 40% plunge
- Reuters – US weekly jobless claims drop to lowest level in more than three years
- Los Angeles Times – Michael and Susan Dell pledge a historic $6.25 billion to expand ‘Trump accounts’
- Reuters – Trump’s NASA pick stresses moon race urgency, pressed on Musk ties in Senate hearing
- Reuters – ‘Jumped the gun,’ says Morgan Stanley as it reverses Fed call to December 25 bps cut
- CFTC – Acting Chairman Pham Announces First-Ever Listed Spot Crypto Products on CFTC-Registered Exchanges
- The Guardian – The question isn’t whether the AI bubble will burst – but what the fallout will be
- Investopedia – These Are the Economic Reports We’re Still Waiting On After the Shutdown
- The Edge Malaysia – China Vanke asking for 12 months to pay bond under extension plan
Disclaimer:
This material is for informational and educational purposes only and does not constitute financial, legal, or tax advice. It does not represent a recommendation to buy or sell any security. Investing involves risk, including possible loss of principal. Consider your financial situation, objectives, and risk tolerance before making investment.
