The Rundown — December 16, 2025

Episode: "Unemployment Climbs to 4-Year High, Ford Hits the Brakes on EVs"

Host: Zaid Admani
Podcast by: Public.com
Episode Focus: A concise analysis of the day’s market and economic news, including the rising unemployment rate, Ford’s EV retreat, PayPal’s banking ambitions, and key stock movers. Includes a notable update about Nasdaq's plan for near-24/5 trading.

Main Theme & Purpose

The episode delivers a rapid update on the U.S. stock market with a particular focus on the latest jobs report indicating unemployment at a 4-year high, major corporate moves from Ford and PayPal, shifts in key stocks like Roku and Zillow, and Nasdaq’s proposal to stretch trading hours to nearly around-the-clock.

Key Discussion Points & Insights

1. Market Recap & Tech Stock Selloff

• Broad Market:
  • S&P 500 down 0.2%, Nasdaq down 0.6%.
  • Majority of S&P 500 constituents gained, but tech sector declines pulled indices down.
    • Notable tech drops: Broadcom (-5%), Oracle (-2%), ServiceNow (-11%).
• Tesla Exception (01:10):
  • Tesla surged 5%, closed at its 2025 high after CEO Elon Musk confirmed fully driverless “robotaxis” are now being tested in Austin, TX, with no safety drivers onboard.
  • “[Tesla] has been operating robo taxis in Austin since the summer… But it looks like Tesla is ready to go full driverless now. They still have a long way to go before they catch Waymo, but investors clearly like the progress.” — Zaid Admani (01:16)
  • Elon Musk’s net worth passes $600 billion, driven by Tesla’s rise and SpaceX’s $800 billion valuation.

2. Macroeconomics: Unemployment & Jobs Data

• Jobs Data (02:07):
  • October: 105,000 jobs lost, largely due to delayed impact from earlier government job cuts.
  • November: 64,000 jobs added (above expectations), but unemployment rises to 4.6%—the highest since 2021.
  • Labor market described as “low fire, low hire”—companies aren’t doing big layoffs, but also aren’t hiring much. AI cited as a potential cause.
• Looking Ahead:
  • CPI/inflation data to be released later in the week.

3. Ford’s “Stunning” EV Write-Down & Strategic Shift

• Ford Write-Down (03:19):
  • Announces $19.5 billion EV-related charge, “one of the biggest write downs in history.”
  • Effectively pivoting away from all-EV focus to hybrids and gas-powered cars, citing stronger US demand and better margins.
    • “[Ford] is actually pivoting away from EVs entirely and focusing on gas powered and hybrid cars, which the company says has a stronger demand and better margins in the US Market.” — Zaid Admani (03:41)
  • Halts production of F-150 Lightning EV.
  • $6 billion loss from failed Kentucky battery plant joint venture; facility will now produce stationary batteries for utilities/data centers.
  • GM has also taken a $1.6 billion EV charge; market overestimated EV demand, with high prices, “range anxiety,” subpar charging infrastructure, and expired EV tax credits cited as causes.
  • Personal commentary: Hybrids as a “happy medium”; host owns a Tesla but uses gas SUV for road trips (05:05).

4. PayPal’s Push to Become a Bank

• Banking Ambitions (06:10):
  • PayPal is applying for a Utah chartered Industrial Loan Company license, seeking to expand its lending and potentially offer interest-bearing savings accounts.
  • Motivation credited to a favorable regulatory climate following loosening by Trump administration; crypto firms also gaining approvals.
  • “The shift in the regulatory environment has opened the door for fintech companies like PayPal to make the move into traditional banking.” — Zaid Admani (07:20)
  • PayPal’s stock performance: down nearly 30% this year, 80% off its 2021 peak.

5. Stock Movers: Roku & Zillow

• Roku (08:08):
  • Shares up after Morgan Stanley upgraded the stock, citing gains in streaming, ad revenue, and growing traction for The Roku Channel.
    • “The Roku channel is now the second most engaged app on the platform in the US and accounts for roughly 6% of all US TV streaming time...” — Zaid Admani (08:48)
  • Price target raised to $135/share.
• Zillow (09:16):
  • Shares fell >8% following news that Google is testing real estate listings in Search, closely mirroring Zillow’s services.
  • Short-term analyst reactions are muted, but long-term threat to Zillow’s market share is cited.

6. Nasdaq’s Plan for 23-Hour Stock Trading

• News Recap (10:07):
  • Nasdaq files with SEC to expand trading from the current 16 hours/day to 23 hours/day (Monday-Friday), leaving one hour for maintenance.
  • NYSE is also considering 22 hours/day trading.
  • Rationale: facilitate international investment in US equities.
  • “[US stocks] make up nearly 2/3 of the world's equity value. So with extended trading hours, international traders wouldn't have to wait around for the opening bell anymore.” — Zaid Admani (10:41)
  • Host’s take: enjoys traditional structured trading hours and expects core liquidity to remain in regular sessions.

Notable Quotes & Memorable Moments

• On Ford’s EV shift:
  “Ford is actually pivoting away from EVs entirely and focusing on gas powered and hybrid cars, which the company says has a stronger demand and better margins in the US Market.” (03:41)

• On personal EV experience:
  “I have a Tesla fully electric. I love the car, but I only got it because my wife has a gas powered SUV which we take when going on long distances or road trips... plug in hybrids are like the happy medium.” (05:05)

• On PayPal’s regulatory window:
  “Just last week, crypto firms like Circle, Ripple and Paxos received preliminary approval to become bank banks, something that was extremely rare just a few years ago.” (07:10)

• On the stock market’s new hours:
  “US stocks make up nearly 2/3 of the world's equity value. So with extended trading hours, international traders wouldn't have to wait... Crypto has been trading 24 hours a day, seven days a week for the last decade.” (10:41, 11:18)

Timestamps for Key Segments

| Topic | Timestamp (MM:SS) | |---------------------------------------------------|-----------------------| | Market recap & tech stocks decline | 00:00 – 01:10 | | Tesla’s robotaxis & Musk’s net worth milestone | 01:10 – 02:07 | | October/November jobs data and unemployment | 02:07 – 03:19 | | Ford’s $19.5B EV write-down and pivot | 03:19 – 06:10 | | PayPal’s banking ambitions & regulatory landscape | 06:10 – 08:08 | | Roku's upgrade & performance | 08:08 – 09:16 | | Zillow’s Google threat | 09:16 – 10:07 | | Nasdaq 23-hour trading plans | 10:07 – 12:01 |

Summary

This fast-paced episode delivers a comprehensive update on investor-critical headlines: the shifting labor market and a concerning rise in unemployment, Ford’s costly pullback from the electric vehicle market, PayPal’s bid to become a fully-fledged bank, and pivotal moves in U.S. tech stocks. It wraps with a forward-looking discussion on how Nasdaq’s proposal for near-24/5 trading could reshape global market access, punctuated by the host’s candid takes and relevant personal anecdotes.