3. Rough outlook for EVs

Auto executives are a lot more bearish on the short-term prospects for electric vehicle adoption than they were a year ago. For 2030, the median expectation for EV sales in the U.S. is 35% of the market for new vehicles, according to a KPMG survey of 900 industry executives. That’s down from 65% last year, and well below the Biden administration’s goal of 50%. The new reading reflects concerns about the high cost of materials to make EVs, as well as broader economic worries, such as higher interest rates and inflation. “There’s still a sense of optimism long term, and yet, most importantly, there’s a sense of realism in the near term. You see this realism throughout the entire survey,” said Gary Silberg, KPMG global head of automotive.

4. Target's high stakes holiday

Target has a lot riding on this holiday season. The big box retailer is much bigger than a lot of other retailers under scrutiny, and so it can ride out a rough patch. But it needs to turn things around, and soon, after struggling with bloated inventory, three quarters of disappointing earnings and a weak outlook for the current quarter. The company hopes an emphasis on value will save the day – that means bigger signs touting low prices, more aggressive promotion of a price-match guarantee and prominent displays featuring affordable gift options. This strategy could well stick around after the holidays, too, as the company tries to reignite growth.

5. Congress unveils funding bill

Leaders in Congress released a $1.7 trillion bill to fund the government and avoid a shutdown that would begin this weekend. The measure, which is the last big bit of business lawmakers will likely conduct before Republicans take over the House in the new year, is expected to pass with more bipartisan support in the Senate. The bill also includes more aid for Ukraine as Russia continues its aerial assault across the country. It does not, however, include an expansion of the child tax credit or immigration provisions, as Democrats had hoped for. Lawmakers also included tighter laws intended to prevent another insurrection like the pro-Trump Capitol invasion on Jan. 6, 2021. That move came on the heels of the Jan. 6 committee officially referring the former president to the Justice Department for prosecution.

— CNBC’s Tanaya Macheel, Annie Palmer, Michael Wayland and Melissa Repko contributed to this report.

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