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• Climate change costs households in some parts of the country an average of $1,300 a year, according to a new study.
  
• The figure is a minimum: the researchers tallied some important costs, such as more expensive insurance, but haven't accounted for everything.
  
• Climate change-related costs are likely to increase in the future unless action is taken to counteract it.
  

Researchers have put a price tag on how much climate change costs you, and the price can be steep depending on where you live.

Households in the 10% of U.S. counties most affected by climate change pay an average of $1,300 a year in extra costs, according to a study released Monday by researchers at the University of California Los Angeles and MIT, published by the National Bureau of Economic Research. The average nationwide is on the order of $400 to $900, the researchers wrote.

The paper tallies up numerous ways that climate change often invisibly eats into household budgets, but the researchers admit it's only a partial accounting. More frequent and intense natural disasters and heat waves are driving increased insurance costs, more expensive housing, energy, and food; greater risk of damage from floods; and higher costs to governments that ultimately falls on taxpayers. The researchers also put an economic price tag on the risk of dying in a disaster, or from diseases caused by inhaling wildfire smoke.

Climate change affects far more than the natural world. Its impacts ripple through economies, communities, and daily life—driving up costs, disrupting jobs, and putting more pressure on household budgets that are already stretched thin.

People living in certain regions of the West, the Gulf Coast, and Florida are paying the highest toll, and lower-income households are disproportionately affected, according to the study.

What's more, today's climate price tag will only keep climbing in the years ahead.

"While current US costs are modest, most climate modeling indicates the importance of threshold effects that can cause costs to rise steeply in the future if climate change is not addressed," the researchers wrote. 

News of the day for Dec. 3, 2025

Stock futures are slightly higher and bitcoin is rising as the market looks to add to yesterday's gains; AI company Anthropic is reportedly considering an initial public offering; Apple is expected to post its best year of iPhone sales thanks to strong demand in China; shares of Marvell Technology are soaring after the chip company reported strong earnings; and American Eagle stock is surging after the retailer said its performance got a boost from its affiliations with Sydney Sweeney and Travis Kelce. Here's what you need to know today.

Stock futures are pointing to a slightly higher open this morning as the market looks to gain ground for the second straight session after having a week-long winning streak snapped on Monday. Futures tied to the Dow Jones Industrial Average, the benchmark S&P 500 and the tech-focused Nasdaq were up 0.2% recently. The major indexes posted solid gains on Tuesday as tech stocks rallied and bitcoin rebounded from a recent sell-off. Bitcoin was trading at $93,000 recently, up from an overnight low of around $91,000 and a low on Monday below $84,000. Gold futures were up 0.5% at $4,245 an ounce, while WTI crude oil futures rose 1.3% to $59.40 per barrel. The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, was at 4.06%, down from 4.09% at yesterday's close.

AI company Anthropic, backed by Amazon (AMZN) and the maker of the Claude chatbot, is reportedly in the early stages of considering an initial public offering the Financial Times reported. The company is reportedly working with a high-profile IPO law firm, and is in preliminary talks with banks to gauge interest. Anthropic is also considering raising more funding privately, with a new round that could include $15 billion from AI heavyweights Nvidia (NVDA) and Microsoft (MSFT) and would value Anthropic at over $300 billion. AI startups such as Anthropic and OpenAI have commanded tremendous amounts of money from the private capital markets in recent years, but few purely AI companies are on the stock market today. Reports have also suggested that ChatGPT maker OpenAI is considering an IPO, but not in the immediate future, according to CNBC. Going public would require more financial disclosures than OpenAI and Anthropic are required to provide as private companies, and test how prepared investors are to put money into AI chatbot makers that have been burning through tens of billions in recent years with an unclear path to profitability.

Apple (AAPL) is expected to post a record number of smartphone shipments globally in 2025 thanks to the success of its iPhone 17 model, according to data released by International Data Corporation. IDC estimates that Apple shipments will surpass 247 million units this year, a 6.1% increase from the year before. Huge demand in China is primarily responsible for the surge. IDC projects that Apple's China sales for the fourth quarter will be 17% higher than a year ago, while sales growth for the full year will be up 3%, both well above previous projections. IDC expects the global smartphone market to contract by 0.9% in 2026 owing to a shortage of memory components. Also, Apple reportedly has considered moving the iPhone 18 launch to early 2027 rather than its typical fall announcement and release window.

Shares of Marvell Technology (MRVL) are soaring in premarket trading after the semiconductor manufacturer topped profit estimates and announced a $3.25 billion acquisition. Marvell posted earnings in its fiscal 2026 third quarter of 76 cents per share, slightly topping the Wall Street consensus, while revenue of $2.07 billion matched analysts' estimates. Meanwhile, Marvell announced a deal to acquire Celestial AI, whose technology Marvell says can help make the servers inside the data centers that train and run AI models more efficient. Marvell expects the deal to close in the first quarter of next year, with Celestial AI meaningfully contributing to revenue by the back half of fiscal 2028. Marvell stock, which through yesterday's close was down 16% since the start of the year, rose more than 10% ahead of the opening bell.

Shares of American Eagle Outfitters (AEO) are surging after the clothing retailer posted strong results and raised its outlook. The clothing retailer behind its namesake brand and others including Aerie said Tuesday it generated $1.36 billion in revenue in the third quarter, along with earnings per share of $0.53. Each was higher than the analyst consensus compiled by Visible Alpha. Comparable store sales rose 4% across the whole company. American Eagle lifted its forecasts for sales growth and operating income for the fourth quarter. In its earnings call, CEO Jay Schottenstein called out the company's recent marketing partnerships with celebrities such as actress Sydney Sweeney and Kansas City Chiefs star Travis Kelce, saying they delivered "measurable benefits," per an AlphaSense transcript.

• An aerospace giant got a lift on Tuesday, Dec. 2, 2025, as an executive provided an optimistic forecast for deliveries and free cash flow, while a major chipmaker extended its rally.
• Boeing shares took off after the plane maker's chief financial officer offered a bright outlook for 2026.
• Intel stock added to its recent string of gains amid speculation about new business from Apple.
  

Shares of an aircraft manufacturer skyrocketed as a top executive said deliveries and free cash flow would trend higher in 2026, while a large semiconductor player extended its hot streak.

Major U.S. equities indexes moved higher Tuesday, recovering from a sell-off in the prior session. The S&P 500 advanced 0.3%, the Dow added 0.4%, and the Nasdaq gained 0.6%. In another bright sign for risk assets, the price of Bitcoin (BTCUSD) clawed back some of its recent losses. See here for Investopedia's full coverage of today's top market stories. 

Boeing (BA) shares soared 10.2%, notching the top performance in the S&P 500, after Chief Financial Officer Jay Malave provided an optimistic outlook for the aircraft manufacturer heading into 2026. Speaking at an industry conference, the executive touted Boeing's progress on its recovery plans and said the company expects to increase deliveries of its 737 and 787 jets next year. The plane maker also anticipates strong free cash flow growth in 2026.  

Intel (INTC) shares jumped 8.7%, adding to gains posted late last week amid speculation that Apple (AAPL) could be poised to become a new Intel customer. A potential deal with the iPhone maker would come on top of a string of high-profile agreements for Intel this year, including a partnership with AI darling Nvidia (NVDA).

Stifel upgraded Teradyne (TER) stock to "buy" from "hold," and shares of the technology testing solutions provider gained 5.7%. Analysts pointed to a shift in Teradyne's focus toward high-growth markets, with AI applications expected to account for a more substantial portion of the firm's semiconductor test revenue as the business expands beyond its traditional smartphone and consumer markets.

Companies in the paper and packaging business came under pressure Tuesday. The industry has faced concerns about sluggish consumer spending, elevated costs, and excess supply. Packaging Corporation of America (PKG) shares sank 5.3%. In its most recent earnings report released in October, Packaging Corp. posted lower-than-expected profit. Shares of competitors International Paper (IP) and Smurfit WestRock (SW) each fell 3.4% on Tuesday.

AutoZone (AZO) shares slipped 3.1% following cautious commentary about the auto parts retailer from analysts at Morgan Stanley. The investment bank noted that AutoZone could face cost headwinds related to tariffs and increases in selling, general, and administrative expenses, although analysts still believe the company is positioned to benefit from positive industry trends.

• President Trump has imposed a wide range of tariffs throughout 2025, frequently changing or adding new trade measures and creating a fast-shifting policy landscape.
• As of Dec. 2, his broad import taxes now affect most countries worldwide, reshaping global trade and influencing the U.S. economy.

President Donald Trump upended trade policy and the economy in 2025 by imposing a slew of tariffs on nearly every country in the world.

Trump began imposing tariffs almost as soon as he took office this year and has frequently added new ones, altered or called off old ones, and threatened others, making trade policy a fast-moving target to keep track of.

Tariffs influence prices, supply chains, and market volatility, shaping key financial decisions for consumers and investors.

Here's where his far-reaching import taxes stand, as of Dec. 2.

The announcement of widespread and aggressive tariffs has threatened the economy, contributing to a slowdown in job growth and an increase in prices.

The government collected $195 billion in tariff revenue for the fiscal year that ended in September, surpassing the $77 billion collected in the prior fiscal year.

• Procter & Gamble's CFO said Tuesday that the consumer product maker was seeing a "nervous and cautious" consumer in recent months.
• Tariffs and the government shutdown have exacerbated the "tougher context" for sales in the U.S., CFO Andre Schulten said.

Procter & Gamble (PG) shares hit their lowest point in two years on Tuesday after the consumer goods giant's finance chief issued a warning about the health of the American economy.

"I think the context in the US is more volatile, probably the most volatile we've seen in a long time," said P&G CFO Andre Schulten when asked at a Morgan Stanley conference about the state of the packaged goods business.

Sales appeared to be down "significantly" in both volume and value in October, said Schulten, who added he didn't expect November's results to be "materially different."

"We knew the consumer was more nervous and cautious" coming into the quarter, and that a port strike last year that led customers to stockpile goods would make for tough year-over-year comparisons, he said. The government shutdown and delay of some SNAP benefits also weighed on sales.

Procter & Gamble makes dozens of products across several industries that American consumers use every day, from Dawn dish soap to Tide and Gain laundry detergents and Pampers diapers. The company is uniquely positioned to comment on the health of the American consumer, considering the range of essentials it sells.

Shares declined as much as 3% on Tuesday morning to trade at their lowest level since December 2023. The stock pared its losses and finished the session 1.1% lower.

Procter & Gamble has made a slew of changes this year. It announced a restructuring effort in June that would include layoffs of 7,000 employees and potential exits from certain sectors, and named a new CEO in July.

Last month, Schulten said that the company was seeing the most sales growth in the high end of its product lines, suggesting that higher-income households were "trading up" to premium products, while middle and lower-income consumers stretched budgets and opted for cheaper store brand products.

• Strategy CEO Phong Le last week stunned investors when he said the company would sell bitcoin under certain conditions.
• The enterprise software company has not sold a single bitcoin since it established a coin treasury in August 2020
• Strategy stock has lost about 60% of its value since hitting a record high in July.

Math is greater than faith, apparently.

Strategy (MSTR), the enterprise software company made famous for stockpiling bitcoin, stunned its investors with the possibility that it could sell. Though Strategy executive chairman and bitcoin evangelist Michael Saylor has long advocated for holding bitcoin indefinitely and recently said that he "won't back down", the company's CEO Phong Le said last week that the company would, under certain conditions, sell.

The company's about-face lands amid what would appear to be the onset of crypto winter, and after more than five years of holding onto every single bitcoin it bought since establishing a bitcoin treasury. Between bitcoin's roughly 30% tumble from recent peaks and Strategy's own stock performance, a near-term sale is in the realm of possibility and could drag coin prices even lower.

At least one of the two conditions Le outlined—if the company's stock market capitalization falls below the net asset value of its bitcoin holdings—is close to being met. Strategy's stock has fallen 60% since hitting a record high in July, bringing its market cap very close to the value of its bitcoin in spite of the lift shares are getting today along with a bitcoin bounce.

Michael Saylor, Strategy's co-founder and executive chairman, is a bitcoin whale, a closely watched market influencer. If Strategy does sell its bitcoin, it could spook crypto markets and send bitcoin prices lower.

"My hope is our mNAV doesn't go below one, but if we did and we didn't have access to other capital, we would sell bitcoin," he said in an interview last week. "There's the mathematical side of me that says that would be the absolutely right thing to do."

Strategy's "mNAV," a valuation metric that compares the market value of its shares to the value of its bitcoin holdings on a fully diluted basis is 1.01, according to blockchain analytics firm Artemis.

Saylor on Monday justified the possibility of selling bitcoin. "We will make rational decisions that are in the best interest of the equity shareholders," he said in an investor presentation. "Now there are some people that will say, 'Well, if you sell bitcoin that means you're not committed to bitcoin.' Well, that's not really true."

While the news of Strategy's possible plans for selling inspired some told-you-so posts on social media, others appear to be rallying behind the company as crypto prices rallied in recent sessions. Bitcoin was back above $91,000 Tuesday afternoon, after falling as low as $84,500 over the weekend. Strategy shares gained about 6% on Tuesday.

Meanwhile, the company on Monday announced that it bought 130 more bitcoin, boosting its stockpile to 650,000, valued at roughly $59 billion based on recent prices. It also set aside $1.44 billion to pay the dividends on its preferred stock and interest on its outstanding debt, and updated its 2025 earnings guidance assuming a lower year-end price for bitcoin of $85,000 to $110,000. The company previously set guidance around bitcoin being around $150,000 at the end of the year.

Major U.S. equities indexes gained ground on Tuesday, with tech stocks trending higher after a day of declines on Monday. The Dow Jones Industrial Average and benchmark S&P 500 gained 0.3% and 0.2%, respectively, and the tech-centric Nasdaq rose 0.4%.

Boeing (BA) shares surged 8%, the leading gainers on the S&P 500 after the plane maker's new CFO said at a conference held by UBS that its plan to ramp up production after safety issues substantially slowed production last year are going according to schedule, and said Boeing expects to generate positive free cash flow next year after burning through billions in the last two years.

Intel (INTC) stock rose 7% as the chipmaker announced plans to invest about $200 million to increase its manufacturing footprint in Malaysia. The stock is also extending a rally that was sparked Friday by reports that Apple (AAPL) could be the company's next big customer.

Shares of database software maker MongoDB (MDB) popped nearly 25% a day after the company's latest quarterly results easily topped estimates as it also lifted forecasts for the full year, a month after appointing a new CEO.

U.S.-listed shares of Chinese electric vehicle maker XPeng (XPEV) fell 6% after releasing sales data for November. The company said it delivered just under 37,000 EVs in November, up 19% from the same time a year ago, but below the number that it sold in October in the competitive EV of China.

Symbotic (SYM) shares tumbled 16% as the Walmart (WMT)-partnered robotics company gave back some of the gains it earned rallying nearly 40% after last week's earnings report. The company topped sales estimates, and announced its first partnership with a medical supply company.

Sandisk (SNDK), the newest member of the S&P 500, led decliners on the index with a 5% drop. The computer storage hardware maker joined the index last week, with shares rallying after the move was announced.

Crude oil futures slipped 0.5% to about $59.00 per barrel, while gold futures sank 1.4% to roughly $4,212 an ounce. The yield on the 10-year Treasury note stayed flat at around 4.09%. The U.S. dollar was little change compared to the euro and pound, and gained on the yen.

• Costco Wholesale is suing the Trump administration over tariffs imposed earlier this year.
• As the Supreme Court weighs whether the tariffs were legal, Costco argues they are not and says it should be refunded what it has paid.

Warehouse retail giant Costco Wholesale (COST) has joined the list of companies looking for a refund on tariffs.

The company filed a lawsuit against U.S. Customs and Border Protection and the Trump administration on Friday. In the Court of International Trade, Costco said that it would seek a refund of the tariffs it has paid on imports in the last several months if the Supreme Court finds Trump's tariffs unconstitutional.

Costco did not specify in the filing how much it has paid in tariffs, but executives have said in earnings calls that the company was working with its suppliers to minimize the impact and that it would work to keep prices as low as it could.

In its complaint, Costco is requesting that the trade court find the tariffs are invalid, prevent CBP from collecting further tariff payments, and guarantee a refund of the tariffs the company has paid and those it may pay before the case is decided.

Several retailers were clear after Trump's tariffs were revealed that they would likely have to raise prices to compensate for the additional costs. Costco has said it would work to keep prices low by shifting where it gets products and what products it chooses to sell to maintain its margins.

The Supreme Court heard arguments last month on Trump's tariffs after lower courts found them to be unconstitutional, and several justices appeared to be skeptical about Trump's powers to impose the sweeping changes to U.S. trade policy.

There is no timeline for when the Supreme Court will decide its case, but it could happen before the end of the year. It's also unclear if or how companies like Costco could potentially see a refund of any collected tariffs if they are struck down.

Costco shares are little changed in early trading Tuesday, and are flat since the start of the year.

• The U.S. Solicitor General on Monday supported Bayer's efforts to get its case heard by the Supreme Court over whether it is liable for failing to abide by state-level laws concerning cancer risk warnings.
• The company argues that federal regulators have determined the chemical in question isn't likely to be a carcinogen, meaning Bayer doesn't need to include a cancer risk warning on the label.

Shares of pharmaceutical conglomerate Bayer (BAYRY) are surging 12% on their home exchange in Germany after the U.S. Solicitor General supported its efforts to have the Supreme Court review prior rulings on whether Roundup weed killer, produced by Bayer-owned Monsanto, needs a cancer risk warning label.

The solicitor general said in a Monday filing that the Environmental Protection Agency has for years said that glyphosate, a chemical used in Roundup, is "not likely to be carcinogenic in humans," and said the Food and Drug Administration has approved "hundreds of labels for Roundup" that did not include any information about cancer.

Bayer has argued that since federal agencies have determined the chemical doesn't require a cancer warning, customers should not be able to sue for violating state laws regarding a failure to warn customers about cancer risks. Bayer said most of the tens of thousands of outstanding lawsuits are "grounded in failure-to-warn theories," meaning they would be invalidated by a ruling that Bayer isn't bound by state failure-to-warn laws.

Bayer-owned Monsanto faces tens of thousands of outstanding lawsuits alleging the company failed to warn about cancer risk for chemicals used in Roundup weed killer. The Supreme Court hearing Monsanto's case and agreeing with its arguments could mean the company avoids paying out billions in settlements, while the Court disagreeing could be a win for thousands of cancer patients and their families.

Bayer said it welcomes the support. It said a ruling from the Supreme Court on whether companies can be sued for violating state laws when complying with a federal agency's determination of a chemical's safety would provide clarity for the company and customers. Bayer said it "continues to advance its multi-pronged strategy designed to significantly contain the litigation by the end of 2026."

Monsanto was acquired by Bayer in 2018 for $63 billion, and a California jury held Monsanto liable just months after the deal was closed for failing to warn about Roundup's potential cancer risks after a groundskeeper was diagnosed with cancer.

News of the day for Dec. 2, 2025

Stock futures are slightly higher as major indexes look to rebound from a sluggish start to the month; a new economic forecast sees the global economy slowing next year because of tariffs; Costco is suing the Trump administration over those same tariffs as it looks for a refund; Bayer has received a vote of support from the U.S. Solicitor General in its efforts to stem lawsuits over whether Roundup weed killer causes cancer; and shares of software maker MongoDB are popping following a solid earnings report. Here's what you need to know.

Stock futures are pointing to modest gains this morning after major indexes had their five-session winning streaks snapped on Monday. Futures tied to the Dow Jones Industrial Average were up 0.1% recently, while those linked to the S&P 500 and the tech-heavy Nasdaq advanced 0.3% and 0.4%, respectively. Bitcoin was at $87,400, rebounding from a big slump yesterday that saw the digital currency move as low as $84,000. Gold futures were down 0.8% at $4,240 an ounce, while WTI crude oil futures slipped 0.3% to $59.15 per barrel. The yield on the 10-year Treasury note, which affects borrowing costs on a wide array of consumer loans, was at 4.12%, up from 4.10% at Monday's close and below 4% late last week.

The Organisation for Economic Co-operation and Development said Tuesday the global economy has been more resilient to tariffs and other trade barriers than it had previously expected. However, the group noted that several risks remain. It cited "the prospect of further trade barriers, a potential sharp repricing of risk in financial markets, potentially amplified by stresses in leveraged non-bank financial institutions and volatile crypto-asset markets." The OECD said that the economy is being propped up to a certain extent by spending on artificial intelligence development, and that it expects economic growth to slow next year as the true impact of the Trump administration's tariffs are felt. The gross domestic product of the 20 largest economies is expected to grow 3.2% this year and 2.9% next year, while U.S. GDP is projected to grow 2% this year and slow to 1.7% growth in 2026.

Warehouse retail giant Costco Wholesale (COST) has joined the line of companies looking for a refund on tariffs. The company filed a lawsuit against U.S. Customs and Border Protection and the Trump administration on Monday, informing the Court of International Trade that it would seek a refund of the tariffs it has paid on imports in the last several months if the Supreme Court finds Trump's tariffs unconstitutional. Costco did not specify in the filing how much it has paid in tariffs, but executives have said in previous earnings calls that the company was working with its suppliers to shift where it imported products from if possible to minimize the impact. The Supreme Court heard arguments last month on Trump's tariffs, after lower courts have found that they are unconstitutional, and several justices appeared to be skeptical about Trump's powers to impose the sweeping changes to U.S. trade policy. There is not currently a timeline for when the Supreme Court will decide its case, or when companies like Costco could potentially see a refund of any collected tariffs.

Shares of food and drug conglomerate Bayer are surging more than 10% on their home exchange in Germany after the U.S. Solicitor General supported its efforts to have the Supreme Court review prior rulings on whether Roundup weed killer, produced by Bayer-owned Monsanto, causes cancer. The Solicitor General said the Environmental Protection Agency has for years said that glyphosate, a chemical used in Roundup, is "not likely to be carcinogenic in humans," and that the Food and Drug Administration has approved "hundreds" of warning labels for Roundup that did not include any information about cancer. Bayer said in a statement that it welcomes the support, and said a definitive ruling from the Supreme Court on whether companies can be sued for violating state laws when they are in compliance with a relevant federal law would provide clarity. The company said it "continues to advance its multi-pronged strategy designed to significantly contain the litigation by the end of 2026."

MongoDB (MDB) stock is soaring in premarket trading after its latest quarterly results handily topped estimates. After markets closed Monday, the database software maker said it earned an adjusted $1.32 per share on $628.3 million in revenue, each well above the analyst consensus compiled by Visible Alpha. The company also lifted its outlook for the rest of its fiscal year, as new CEO CJ Desai said that "existing customers are expanding with us and net-new customer additions continue to show strength." Desai was appointed last month, when the company also said it expected third-quarter results to top its own prior outlook. MongoDB shares were up more than 20% ahead of the opening bell, on pace to hit their highest level since early last year.