Exuberance and caution are clashing across markets — whipsawing stocks, sinking crypto and sending risk-on/risk-off traders into and out of gold.

The big picture: An increasingly pricey AI trade has proven too tempting for investors to quit, but volatility is expected to remain in the coming weeks as markets brace for a key Fed rate decision and earnings from AI's biggest player.

The latest: The tech-heavy Nasdaq index was down 1.9% this morning before reversing to a small gain. That followed a sell-off Thursday, with indexes suffering their largest declines in a month.

• The VIX index measuring stock volatility — known as Wall Street's fear gauge — is up roughly 15% since Wednesday.
• Bitcoin is down nearly 3.8% over the past 24 hours. The cryptocurrency entered November trading above $110,000 — it's now below $95,000, a slide of more than 13%.
• Gold slid 2.8% today to $4,074 an ounce.

What they're saying: "We're kind of switching back and forth between this risk-on [and] risk-off type of a trade," said Brian Mulberry, a client portfolio manager at Zacks Investment Management, per CNBC.

What we're watching: Chip giant Nvidia is scheduled to report earnings Wednesday. Analysts are framing it as a crucial test to support the sky-high valuations propping up the AI trade.

• The Fed's next rate decision is coming Dec. 10. A month ago, market expectations indicated a 94% chance that there'd be another quarter-point cut. That's fallen to 46% today following multiple signals from Fed officials that it's no sure thing.

Walmart CEO Doug McMillon is retiring at the end of January, ending a 12-year tenure leading the nation's largest retailer, Axios' Mike Allen and Ben Berkowitz write.

• He'll be succeeded by John Furner, CEO of Walmart U.S. — a company lifer who started as an hourly associate in 1993.
• Furner previously served as CEO of Sam's Club and head of marketing for Walmart China. He's also a past chair of the National Retail Federation.

📈 By the numbers: Since McMillon took over as CEO in February 2014, Walmart stock has quadrupled, doubling the performance of the retail sector's main players over that time.

The big picture: Furner takes over the retail giant at a crucial moment, with tariffs weighing on the economy and growing pressure from both consumers and the government over affordability.

• The company's also in the early stages of an AI transformation that McMillon has said will eventually change some aspect of every one of Walmart's 2 million-plus jobs.

What we're watching: Walmart reports earnings next week, and analysts are sure to press for clues about Furner's plans.

💊 A federal bankruptcy judge approved a $7.4 billion bankruptcy settlement for OxyContin maker Purdue Pharma that will end years of litigation over the company's role in the opioid epidemic. (Axios)

📈 Warren Buffett's Berkshire Hathaway disclosed a new position in Google-parent Alphabet — it's the conglomerate's 10th largest equity holding as of the end of September. (CNBC)

🇨🇭The Trump administration said it reached a trade agreement with Switzerland, with the European nation confirming a lower tariff of 15%. (Axios)

Topgolf Callaway Brands is reportedly in talks to sell its Topgolf business to private equity firm Leonard Green, WSJ reports.

• 📉 The business — think mini-golf meets a driving range and then meets a Dave & Busters — is being valued at about $1 billion, people familiar with the matter tell the publication.

Zoom out: Callaway's deal to acquire Topgolf in 2021 valued the business at $2 billion. Golf was flying high after the pandemic, and Topgolf seemed well-positioned to usher in a big new base of customers.

• Things haven't worked out as imagined though — people haven't seemed too willing to shell out the high prices that Topgolf demands.

Flashback: Callaway, which makes golf equipment, said last summer that it planned to spin off the unit.