US stock futures are higher as markets try to stabilize after last week’s 2% drop in the S&P 500 (^GSPC) and Nasdaq (^IXIC). Bitcoin (BTC-USD) is back above $85,000 but remains well off its weekend highs, underscoring a risk-off mood heading into a busy stretch of retail earnings and economic data . Investors are watching tomorrow’s PPI and retail sales reports for fresh insight into inflation and consumer strength heading into the holidays.

The White House is also preparing a new framework to extend Affordable Care Act subsidies for two years and introduce new eligibility limits to help offset a surge in health insurance premiums. Treasury Secretary Scott Bessant said the announcement is expected this week — a development closely watched by insurers like Oscar Health (OSCR) and Centene (CNC) .

Thanksgiving travel is also in focus: airlines expect to carry 31 million passengers, a record for the holiday week. Carriers including United Airlines (UAL) reported a major booking rebound once the government shutdown officially ended — with mid-November bookings up 16% from the previous weekend before the deal was reached .

Retail earnings kick off with reports from Kohl’s, Best Buy, Abercrombie & Fitch, and Dick’s Sporting Goods, each facing a different version of the same question: how resilient is the U.S. consumer heading into Q4? Abercrombie’s Hollister brand remains a standout with strong Gen Z momentum, while Kohl’s struggles to reverse years of negative same-store sales and is set to officially name interim CEO Michael Bender as its permanent chief executive .

Fed commentary continues to steer markets. Governor Chris Waller reiterated support for a December rate cut, citing a softening labor market and expecting major downward revisions to the September jobs report. But Boston Fed President Susan Collins signaled the opposite — saying she does not see a strong case for cutting in December and could dissent. Markets remain most focused on last week’s pivotal comments from New York Fed President John Williams, who opened the door to a near-term cut, shifting rate expectations sharply lower .

Takeaways:

Futures rise as markets attempt to stabilize after last week’s slide

Bitcoin climbs back above $85K but remains well off weekend highs

White House expected to extend ACA subsidies for two years amid premium surge

Record 31 million travelers expected for Thanksgiving; bookings jumped after shutdown ended

Retail earnings from Kohl’s, Best Buy, Abercrombie & Fitch, and Dick’s Sporting Goods test consumer strength

Fed officials split on a December cut; Waller supports it, Collins skeptical, Williams seen as the key signal

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