The Dow jumped 1,131 points, the S&P had its best day since April 8, and every one of its 11 sectors rose — chips surging as oil slid on hopes the Iran war may end.
Chip stocks rebound, Nvidia probe weighs | Stock indexes sharply higher as tech rallies, crude falls
ELECTIONS & CONGRESS
SCALISE VS. JORDAN: HOUSE GOP PICKS ITS NEXT LEADER TUESDAY — Secret ballot Tuesday: Scalise, the longtime operator, against Jordan, the fighter who promises a harder line against the new Democratic majority — with Emmer and Pfluger fighting for whip and Trump staying out of it.
JUDGE CALLS MIAMI-DADE ELECTIONS CHIEF’S PREDICTION “REALLY DUMB” — BUT LETS HER RUN THE RECOUNT — Judge David Leibowitz denied the bid to remove Supervisor Alina Garcia but mocked her prediction that her office would win the recount; Salazar leads by 1,090 votes, the machine recount began at 10 a.m. Monday in Doral, and results are due to the state by Thursday.
SENATE GOP VOTES TUESDAY TOO — THUNE UNOPPOSED, BUT SOME WANT TO WAIT — John Thune is seeking to stay on as the Senate’s Republican leader with no public challenger, but Ron Johnson and Mike Lee are pushing to delay the vote until the conference knows who’s in it.
DEBT-CEILING FIGHT LOOMS IN 2027 AS DEMOCRATS TAKE THE VOTES TRUMP NEEDS — The $41.1 trillion cap will be hit by mid-2027, the Bipartisan Policy Center expects; Trump wants it settled in the lame duck, but Democrats, who take both chambers in January, could demand Medicaid restoration, a tariff rollback or an end to the Iran war in exchange.
BUSINESS & YOUR MONEY
HOUSING STALEMATE DEEPENS: SELLERS WON’T CUT, BUYERS WON’T BUY — There were 62.6% more sellers than buyers in September, the widest gap since 2013; contracts fell 10.5% from a year ago and the median list price is down 2.2% — yet only one seller in five is cutting.
CHINA EXTENDS U.S. TRADE TRUCE TWO MORE MONTHS — The 24% additional tariff stays suspended for two more months from Tuesday, with 10% still in place, and export-control waivers run to January 10; Xi and Trump meet at APEC in Shenzhen next week.
TUESDAY’S CPI IS THE NEXT TEST — AND WALL STREET SAYS LAST WEEK’S ROUT WAS OVERDONE — Economists expect prices up 2.7% from a year ago when the report lands Tuesday at 8:30 a.m.; Morgan Stanley and UBS say last week’s AI selloff went too far, though hot jobs data keeps December hike fears alive.
ARAMCO PROFIT JUMPS 35% AS WAR KEEPS OIL PRICES HIGH — Net profit hit $36.25 billion in the third quarter on $95.20-a-barrel crude, but production fell to 11.05 million barrels a day and supply reliability slipped to 97.8% as Houthi attacks hit Saudi energy sites.
QUICK HITS
JEFFRIES AT 95¢ ON KALSHI TO BE THE NEXT SPEAKER
SPEAKER ON THE FIRST BALLOT PRICED AT 96¢
GOP MINORITY-LEADER RACE A COIN FLIP AT 50¢
FEDERAL GOVERNMENT
SUPREME COURT CLEARS BIG BEND BORDER WALL — FOR NOW — In an unsigned order, the justices lifted a judge’s injunction on the 17-mile vehicle barrier in Big Bend National Park, with Justice Ketanji Brown Jackson the lone public dissent; a 1996 waiver law likely bars judicial review, and the case continues below.
MILLER TAKES OVER AS WHITE HOUSE CHIEF OF STAFF TODAY — The architect of the deportation push starts Monday, replacing Susie Wiles, who resigned Thursday night and moved to Trump’s political operation; Miller, 41, ran the 3,000-a-day arrest quotas from his deputy chief of staff post.
TRUMP: ‘HIGHLY UNLIKELY’ I’LL ORDER NEW IRAN STRIKES IF TALKS PROGRESS — In a Sunday phone interview, Trump said fresh attacks depend on whether Tehran signs “a very strong agreement” — while noting the U.S. has identified 38 bridges it could knock down in an hour.
BUSINESS & YOUR MONEY
NVIDIA’S HUANG ADMITS AFFAIR AS BOARD PROBES SPY CLAIMS — CHINA CALLS IT A SMEAR — The board opened an independent probe Sunday into reports the CEO was targeted by a Chinese intelligence operation through a Megaspeed executive; Huang apologized to staff for the affair, the board says no secrets were compromised, and House chairs want a November 18 briefing.
CHIPS SURGE WITHOUT NVIDIA: AMD UP 13%, BROADCOM UP 9% — The chip index jumped more than 6% after plunging 12% last week — AMD up 13%, Broadcom 9%, Marvell and Applied Materials 10% or more — with Nvidia the index’s sole decliner.
WHOLESALE TRADE SALES JUMP 2.8% — BEST IN FOUR MONTHS — September wholesale sales beat the 1.1% forecast as third-quarter earnings track up 31% from a year ago, with 84% of S&P 500 companies beating estimates.
KKR POSTS RECORD QUARTERLY PROFIT — The investment giant’s shares rose 1% after reporting record quarterly profit, joining the broader market’s relief rally.
QUICK HITS
FED RATE HIKE IN 2026 PRICED AT 100%
NO CHANGE IN FED RATES AFTER DECEMBER AT 19%
GEOPOLITICS
TRUMP MEETS QATAR’S PM AT THE WHITE HOUSE — NO IRAN DEAL IN SIGHT — Closed-door talks Monday with Sheikh Mohammed bin Abdulrahman Al-Thani; Rubio says “I wouldn’t say we’re on the verge of a breakthrough” while Iran’s president says Tehran will negotiate “with dignity” — a two-day proposal is on the table.
U.S. “CAUTIOUSLY OPTIMISTIC” AS UKRAINE TALKS OPEN TUESDAY IN ABU DHABI — Witkoff and Kushner lead the U.S. side into the first trilateral round since February, with an Article 4/5-style security guarantee on the table and France, Germany and Britain joining; both sides are showing “flexibility” on territory.
PARAGUAY TEACHERS STRIKE AS PENSION MONEY STAYS FROZEN IN UENO — An indefinite nationwide strike began Monday over $60 million in fiscal pension funds and $355 million in social-security pension money frozen in the seized bank; Alliana is shuffling his cabinet and offering tax relief as prosecutors ask the U.S., Luxembourg and Argentina to help trace the funds.
SEOUL’S MARGIN RELIEF FADES FAST: KOSPI GIVES BACK THE MORNING RALLY — The KOSPI surged to 5,172.94 intraday on a three-month waiver of the 140% margin-collateral rule, then gave it all back to close at 5,018.85, down 0.81% — its lowest close since February 2 and third straight down day.
POPE FLIES TO CÓRDOBA TUESDAY, THEN ON TO PERU ON WEDNESDAY — Mass at Córdoba’s Military Aviation School grounds, a clergy meeting at the Cathedral of Our Lady of the Assumption and a youth vigil back in Buenos Aires Tuesday; Luján Mass and a flight to Lima Wednesday, then two full days in Chiclayo from Friday — his old diocese.
UKRAINE DRONES HIT RUSSIA’S SECOND-BIGGEST REFINERY — Overnight strikes set the Kirishi refinery ablaze, 800 kilometers from Ukraine; Moscow says it downed 81 drones as the plant — over 6% of Russia’s refined output, under U.S. sanctions — was hit again ahead of Tuesday’s Abu Dhabi talks.
FRANCE’S PM OFFERS WAGE TALKS AS COST-OF-LIVING UNREST ROLLS ON — Sébastien Lecornu met unions and employers Monday after months of school blockades and mass protests; a small minimum-wage rise is expected, but the CFDT wants €100 net a month and the CGT wants 10% — five months before the presidential election.
BUSINESS & YOUR MONEY
UAE OIL EXPORTS HIT 4.4 MILLION BARRELS A DAY DESPITE THE WAR — Up from 3.1 to 3.2 million before the war, shipped through the Fujairah pipeline that bypasses Hormuz — at times above prewar levels, with output rising as the conflict drags on.
EUROPE AND ASIA RALLY WITH WALL STREET — The Euro Stoxx 50 rose 1.96%, the Nikkei 2.33% and Shanghai 0.32% as the global relief rally followed Friday’s rout.
QUICK HITS
TRUMP EXPECTS TO MEET XI AND PUTIN AT APEC NEXT WEEK
ISRAEL–IRAN CEASEFIRE HOLDS THROUGH NOV. 15 AT 94¢
U.S. ENDS IRAN BLOCKADE BY NOV. 30 AT 21%
SPORTS
GIANTS STUN EAGLES 19-11 IN PHILLY — The upset of Sunday: the Giants beat the Eagles in Philadelphia, 19-11.
PACKERS ROUT PATRIOTS 45-27 AT GILLETTE — Jordan Love threw for 372 yards and three touchdowns as Green Bay rolled in Foxborough.
BEARS EDGE BUCS 27-24 ON SUNDAY NIGHT — Chicago held on in the Sunday-night game, 27-24.
MICHIGAN WOMEN JUMP TO NO. 2 AFTER UPSETTING UCONN — The Wolverines’ 77-66 win Thursday is the highest ranking in program history; UConn falls to No. 4.
UCLA JUMPS 13 SPOTS AFTER UPSETTING ARIZONA — The Bruins climb to No. 9 in the first regular-season men’s poll; Florida stays No. 1 while Arizona’s Ivan Kharchenkov dropped 38 points and 10 rebounds in a losing cause.
AUGUSTANA STUNS NO. 4 MINNESOTA STATE 31-30 — Fourteen unanswered fourth-quarter points, capped by a 16-play, 86-yard drive with 31 seconds left, ended Minnesota State’s undefeated season; Ferris State tied the Division II record with 40 straight wins, 80-0 over Wayne State.
TRAVEL
THE 10 COZIEST FALL WEEKEND GETAWAYS IN AMERICA — A LateRooms study names Newport, R.I., the coziest fall weekend town in the country, followed by Hood River, Portsmouth, Charlottesville and Santa Fe — aim for the first two weeks of November.
COZY NOVEMBER WEEKEND GETAWAYS: HOCKING HILLS TO SAVANNAH — Cabins in Hocking Hills, Stowe’s foliage, Savannah’s squares, Asheville, Galena and Gatlinburg — the November escape list.
SMALL TOWNS WORTH THE ROAD TRIP — Abingdon’s Barter Theatre, Lanesboro’s trails, Hermann’s wineries, Ohiopyle Falls, Jim Thorpe’s scenic railway and a Wallace mine tour — small towns that earn the drive.
20 BEST FALL VACATIONS IN THE U.S. — From Carmel-by-the-Sea to Bar Harbor to Leavenworth, twenty small towns where autumn still belongs to the locals.
FOOD
72 THANKSGIVING RECIPES, FROM TURKEY TO LEFTOVER SANDWICHES — The full menu with a timeline: turkey to 165°F, three-ingredient cranberry sauce in 15 minutes, and a sandwich for the leftovers.
40 BEST SOUTHERN THANKSGIVING RECIPES — Deep-fried turkey, stuffed turkey thighs, cornbread dressing, candied yams and chocolate pecan pie — the Southern table, start to finish.
THE COPYCAT THANKSGIVING COOKBOOK: 63 RESTAURANT RECIPES — Cracker Barrel, Boston Market, Texas Roadhouse rolls and Popeyes Cajun turkey — the restaurant versions, made at home, updated today.
10 THANKSGIVING LEFTOVER RECIPES THAT TASTE BETTER — Turkey cranberry sandwiches, stuffing waffles, mashed potato pancakes and a pumpkin pie milkshake — the day-after menu that beats the feast.
THE SPY STORY HITS THE CHIP KING — Nvidia’s board opened an independent probe Sunday into reports CEO Jensen Huang was targeted by a Chinese intelligence operation, and Huang apologized to staff for an extramarital affair with a Singapore executive U.S. intelligence suspects of passing information to Beijing. China calls the claims a smear and the board says no secrets were compromised — but the market split the AI trade from its biggest name: Nvidia fell about 6% Monday while AMD jumped 13%, Broadcom 9% and the chip index rose more than 6%. House chairs want a briefing November 18; the question now is whether the chip king’s halo survives a scandal that mixes espionage, ethics and the most crowded trade in the market.
THE DEBT DIPS — AND THE CEILING FIGHT LOOMS — The Treasury’s Friday print put total public debt at $40,552,751,019,092, down $3,369,765,891 from Thursday — the first down print in the recent run of records, and a reminder that the number moves both ways. But the $41.1 trillion debt limit is still the looming fact: the Bipartisan Policy Center expects the Treasury to reach it by mid-2027, and the votes to raise it will belong to Democrats, who take both chambers in January and could demand Medicaid restoration, a tariff rollback or an end to the Iran war in exchange. Trump wants it settled in the lame duck; strategists doubt a deal gets done.
THE FREEZE DEEPENS — There were 62.6% more sellers than buyers in September, the widest gap since 2013, and 41 of the 50 largest metros are now buyer markets — yet homes under contract fell 10.5% from a year ago, the steepest drop in nearly three years, and only one seller in five is cutting prices. The median list price is $415,000, down 2.2%, but the 30-year mortgage averaged 7.33% in October, and sellers would rather wait than cut. The freeze is a standoff, not a crash — and neither side has blinked.
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