Here are the most important news items that investors need to start their trading day: 1. Market leftovers U.S. stocks will have a shortened trading day Friday after the market was closed Thursday for Thanksgiving. Equities fell entering the holiday, as some investors appeared to trim their stakes in major tech names. Still, both the Dow Jones Industrial Average and S&P 500 are hovering shy of all-time highs. Wednesday offered some fresh clues about the policy path ahead for the Federal Reserve, as year-over-year inflation of 2.3% matched expectations and the central bank’s latest meeting minutes indicated it plans to gradually cut interest rates if price increases continue to moderate. Follow live market updates. 2. Ho-hum holiday? As shoppers scroll and head to stores to find the best Black Friday deals, some retailers are preparing for a better holiday than others. Forecasts have projected only modest holiday growth this year, and earnings reports so far suggest that spending may be going to some retailers more than others. Recent market winners like Walmart and Abercrombie & Fitch continued to see success entering the holiday season, while stragglers including Target and Kohl’s struggled. 3. A red and blue Christmas The 2024 presidential election could also play a role in what consumers buy this year. Voters who backed President-elect Donald Trump appear to have a better outlook for the economy than those who supported Vice President Kamala Harris, which could influence how much each group spends. Shipping data in the two weeks after the election also indicate red-state shoppers may have been opening their wallets more after Trump’s win. 4. India’s growth slows India’s economic expansion moderated during the country’s fiscal second quarter. Its economy grew by 5.4% during the period, below expectations and the slowest in nearly two years. Economists expect activity in the world’s most populous country will continue to moderate in 2025. 5. DOGE goes to Washington Elon Musk and Vivek Ramaswamy, who are leading Trump’s so-called Department of Government Efficiency, will meet with Republican congressional leaders on Dec. 5. House Speaker Mike Johnson, R-La., said lawmakers plan to “discuss major reform ideas to achieve regulatory rescissions, administrative reductions, and cost savings” with the pair of entrepreneurs. While Musk and Ramaswamy have proposed massive cuts to the federal workforce and even the elimination of entire agencies, it remains to be seen how much influence they will have. – CNBC’s Alex Harring, Melissa Repko, Gabrielle Fonrouge, Lim Hui Jie, Matt Clinch and Lora Kolodny contributed to this report.