The White House says President Trump is signing an Executive Order that will reduce tariffs on beef, tomatoes, coffee, and bananas. The move is aimed at lowering costs on groceries amid persistent food inflation.

White House Memo: Alibaba helps China military target the US - FT.

Officials seek to dissuade Trump on nuclear testing - CNN

Nvidia stock erases all losses and turns green on the day after falling as much as -4%.

earnings for the week of November 17, 2025

The S&P 500 is on pace for its worst 10-day start to November since 2015.

2-day Losses in Big Tech Stocks: 1. Palantir, $PLTR: -11.0% 2. Tesla, $TSLA: -10.5% 3. Intel, $INTC: -9.0% 4. AMD, $AMD: -8.0% 5. Oracle, $ORCL: -7.0% 6. Nvidia, $NVDA: -6.0% 7. Alphabet, $GOOGL: -5.0% 8. Amazon, $AMZN: -4.5% 9. IBM, $IBM: -4.0% 10. Microsoft, $MSFT: -2.5%

US Trade Representative Greer: The US is to announce food tariff exclusions today. Food exclusions to apply to countries with and without deals.

At $94,500, Bitcoin is now down 25% from its all-time high of $126,000 on October 6.

US Trade Representative Greer: The Swiss are to have a 15% tariff rate, similar to the EU.

US Commerce Department: US Q3 GDP second reading to be released November 26th at 8:30 AM ET. US Commerce Department: The October Personal Income, Spending, and PCE Inflation Index is to be released on November 26th at 10 AM.

US Labour Sec. Chavez-Deremer: I am unsure if the BLS will be able to release the October CPI.

The current NASDAQ 100 drawdown in context

% Below 52-Week High Apple: -1% S&P: -3% Gold: -4% Google: -5% Amazon: -8% Microsoft: -9% Nvidia: -12% Tesla: -16% Palantir: -17% Bitcoin: -22% Ethereum: -35% Coinbase: -36% MicroStrategy: -62% Dogecoin: -66% Trump Media: -73% Fartcoin: -90% Trump Coin: -91% Melania Coin: -99%

Serious Credit Card Delinquencies (unpaid balances for at least 90 days) are at their highest level in 14 years

The Bank of Canada is to restart treasury bill purchases on December 16th.

Drawdowns from recent highs: Mag 7 $MAGS -7% NVIDIA $NVDA -11% Bitcoin $BTC -21% Ethereum $ETH -33% Oracle $ORCL -34%

Annual US corporate bankruptcy filings are on track to be the highest since 2010: S&P data. "Expect more of these 'isolated incidents' to occur, potentially in other sectors like software."

Nasdaq losses accelerate to -2.5% on the day, now set for the biggest daily decline since October 10th. Nvidia alone has lost -$220 billion in market cap today.

S&P 500 having its worst day since October 10th ... that day, the advance-decline was -346; today, the advance-decline is -145

Officials present Trump with military options for Venezuela - CBS The military gave Trump Venezuela options for the coming days - CBS

WH Sr. Adviser Hassett: We're going to get half the employment report. We will get the jobs part, not unemployment rate for one month because of shutdown. Hassett: I expect 1.5% lower GDP because of shutdown in fourth quarter because of shutdown.

2% inflation is a myth...

As of November, consumers’ expectations for higher unemployment in next year soared to a new cycle high … now beyond global financial crisis peak and at highest since 1980

Michael Burry to close down his hedge fund by year end after acknowledging he doesn't understand today's market

S&P 500 operating profit margins expanded to 13.4% in Q3, their 2nd highest level on record

The S&P 500 is outperforming the Russell 2000 again this year. If that holds, it will be the fifth consecutive year of outperformance ... the last (and only) time that happened was 1994-1998

The White House says October jobs and inflation data may never be released.

The US House of Representatives will vote on a bill to officially end the 43-day government shutdown at 7 PM ET today.

MOC Imbalance S&P 500: +315 mln Nasdaq 100: +618 mln Dow 30: -15 mln Mag 7: +118 mln

AMD CEO Su: Customers not levelling off AI investments AMD CEO Su: Demand insatiable for AI compute infrastructure.

The US likely lost 50,000 jobs in October WSJ citing Goldman Sachs.

The S&P 500 has posted a positive return during the last 6 government shutdowns and is up 2.2% so far during the current shutdown (the longest in history at 41 days and counting), hitting 8 more all-time highs.

The US added an average of just 3,000 private-sector jobs per month over the last 3 months (ADP data), the slowest pace since the 2020 recession. A year ago, we were adding over 200,000 jobs per month.

MOO Imbalance S&P 500: +126 mln Nasdaq 10-0: -3 mln Dow 30: +50 mln Mag 7: -1 mln

Apple's Price to Sales Ratio: 9.8x 10-year average: 5.7x Apple's P/E Ratio: 36x 10-year average: 24x Apple's EV/EBITDA Ratio: 28x 10-year average: 18x

The US lost average of 11,250 private-sector jobs in four weeks ended October 25 - ADP

Consumer credit growth (revolving, in year/year terms, blue) now starting to catch down to more pessimistic sentiment (orange)

U.S. large caps continue to attract most flows and have dominated over past week, followed by global equities and government bonds

The median age of a US home buyer now sits at a record high of 61 years, while the share of first-time buyers has fallen to a record low 21%: National Association of Realtors data via SMCB's Troy Ludtka

GS schedule of likely data releases. Shutdown and delays may affect data accuracy. Payrolls data likely reliable; household survey and October CPI may be distorted or incomplete. November data quality expected to recover.

German ZEW Economic Sentiment Actual 38.5 (Forecast 41, Previous 39.3) German ZEW Current Conditions Actual -78.7 (Forecast -78.2, Previous -80.0)

Nvidia now reflects a record 8.5% of the S&P 500 and is now larger than 6 of the index's 11 sectors. It is now larger than the Materials, Real Estate, and Utilities sectors combined. With a market cap of ~$5.1 trillion, Nvidia also surpasses the combined value of the bottom 240 firms in the S&P 500.

Trump says the Supreme Court was "given the wrong numbers" and a ruling that his tariffs are illegal would result in over $3 trillion in refunds.

The top 10 US stocks now have a combined market cap of $24.5 TRILLION. This is 5 TIMES more than the total value of stocks in Europe’s broad Euro Stoxx 50 index. The top 10 are also 5 and 6 times larger than the size of Germany’s and Japan’s economies, respectively.

Trump says tariff "pay back" numbers would exceed $2 trillion if the Supreme Court rules his tariffs are illegal.

Fed Miran: A 50 bps cut is appropriate for December, 25 bps at a minimum.

WATCH LIVE: Trump Meets Syrian Interim President al-Sharaa www.youtube.com/watch?v=YLMO...

Trump: All money left over from the $2000 payments made to low and middle-income US citizens will be used to substantially pay down the national debt - Truth Social.

Trump: All Air Traffic Controllers must get back to work, NOW!!! Anyone who doesn’t will be substantially “docked.”