Producer prices rose 0.3% in October but 6.5% over the year — the biggest annual jump since November 2022 — and the breadth of it is what worries the Fed: food prices jumped the most in eight months, core goods posted their biggest gain since May, and truck freight surged 3.9%. Markets now fully price a December hike, with a half-point move openly on the table.
AP: Wholesale prices climb at fastest pace in nearly 4 years | Transport Topics: Truck freight jumps as PPI climbs 6.5%
ELECTIONS & CONGRESS
PELTOLA NOW LEADS BY 5,800 — AHEAD OF BOTH SULLIVANS COMBINED — The AP count has Peltola at 125,157 votes (49.2%) to Sen. Sullivan’s 119,357, ahead of both men named Sullivan combined by 1,601 — undercutting Trump’s demand that the other Sullivan’s votes be handed to the incumbent. Another batch of ballots is expected later today.
RANKED-CHOICE MATH: PELTOLA 50.5–49.5, BEGICH HOLDS THE HOUSE SEAT — FairVote’s preliminary tally of Alaska’s cast-vote record has Peltola winning the Senate race 50.5%–49.5% on second choices, Begich taking the House seat 53%–47%, and the repeal of ranked-choice voting trailing 53%–47%.
11 HOUSE RACES STILL UNCALLED — BOEBERT TRAILS, TWO RECOUNTS LOOM — Ten days after Election Day, 11 House districts have no projected winner: Boebert trails in Colorado’s 4th, Tennessee’s 4th is separated by 280 votes and Minnesota’s 1st by about 300. Decision Desk HQ forecasts Democrats at at least 259 seats, their biggest majority since the 1990s.
THE MIDTERMS WERE NATIONAL — AND THE MAPS DIDN’T SAVE THE GOP — Democrats flipped eight Senate seats without losing one, took at least five governorships, and won the national House vote by about 13 points, the largest midterm margin since 1974 — even after Republicans redrew maps mid-decade to target 15 Democratic seats.
CALLED SO FAR: DEMS 254, GOP 170 — 11 TO GO — NBC News has called 254 House seats for Democrats and 170 for Republicans, with 11 uncalled across seven states; Alaska’s Senate race, its governor’s race and two Louisiana runoffs on December 12 are the last open contests.
BUSINESS & YOUR MONEY
STOCKS GIVE UP THE BOUNCE — NVIDIA DRAGS THE NASDAQ DOWN AGAIN — Wall Street opened higher on the cooler monthly PPI, then turned lower: the S&P was down 0.93% and the Nasdaq 1.42% by mid-morning, with the chip index down about 5% as AMD fell 9.4% and Nvidia slid again after giving up its early bounce.
FED MEMBERS OPENLY DISCUSSING A 50-POINT DECEMBER HIKE — With PPI at 6.5% year over year — more than triple the Fed’s target — a quarter-point hike next month is a near-certainty and some Fed members are openly discussing 50 basis points, which would take the funds rate to 4.25%–4.50%.
ONE CHIP STOCK SOARS WHILE NVIDIA SINKS: CEREBRAS UP 15% — Cerebras jumped 15.3% after raising its 2026 forecast, while Nvidia opened up 0.6% and slid to a loss by 9:38 a.m. — on course for a sixth straight weekly loss — and the 10-year Treasury yield pushed above 5.16%.
QUICK HITS
KALSHI: PELTOLA 99¢ TO WIN ALASKA
BOEBERT STILL TRAILS IN CO-04 AS BALLOTS TRICKLE IN
ALASKA’S NEXT MILESTONES: FRIDAY BALLOT DROP, NOV. 18 TABULATION
JUDGE DENIES PELTOLA ABSENTEE-BALLOT BID; DOJ’S ALASKA SUIT TOSSED NOV. 1
FEDERAL GOVERNMENT
BESSENT TO LUTNICK: ‘COMMERCE HAS THE PEN’ — AND HE’LL TESTIFY IN DECEMBER — Treasury Secretary Bessent publicly blamed Commerce for failing to blacklist Megaspeed, the Singapore firm at the center of the Nvidia spy scandal, saying Treasury, War, State and USTR backed the listing “for months.” Senate Banking Chair Tim Scott has summoned Lutnick and Huang to separate hearings in early December.
FEDERAL AGENCIES TOLD TO GO ENGLISH-ONLY — The Justice Department’s new guidance tells agencies to “strive to operate solely in English” — correspondence, regulations, applications, websites and even AI tools — expanding Trump’s March 2025 order. HUD already stripped non-English services in August; GSA shut the Spanish USA.gov this week. Public comment runs through Jan. 11.
TRUMP SAID ‘LET’S DO IT’ THREE TIMES — THE CHIP CRACKDOWN STILL NEVER HAPPENED — Trump authorized action against suspected Nvidia chip diversions to China in May, August and again Nov. 5 after consulting Elon Musk — but Axios reports the restrictions were never implemented. Sen. Michael Bennet has demanded answers by Nov. 24.
WHITE HOUSE TOUTS 290+ EXECUTIVE ORDERS IN 21 MONTHS — The administration’s new release claims a record-setting 147 executive orders in the first 100 days and more than 290 since January 2025, plus the largest drop in violent crime in American history in 2025 and four new advanced reactors reaching criticality by July 4.
JUDGE BARS DOJ LAWYER, THREATENS DEFAULT JUDGMENT OVER ‘BAD FAITH’ LETTER — Judge Sanket Bulsara barred a DOJ lawyer from an ICE case, calling a Nov. 4 letter a deliberate attempt to mislead the court, and demanded the government’s withdrawal by today.
BUSINESS & YOUR MONEY
OIL HEADS FOR A SECOND WEEKLY DROP AS IRAN BLOCKADE HOLDS — Brent eased to $95.45 and WTI to $88.06, both on track for roughly 3% weekly declines after last week’s plunge — and Iran says four tankers were hit by explosions in the Strait of Hormuz, while Houthis struck Saudi oil infrastructure.
WALL STREET SURRENDERS ITS OPENING GAINS AS NVIDIA SLIDES — By late morning the S&P was down 0.3% and the Nasdaq 0.7%, with Nvidia down about 2.3% intraday — the cooler monthly PPI reading did nothing to stop the slide, and the Dow was only slightly higher.
QUICK HITS
INTERIOR CALLS SHREDDING REPORTS ‘100% FALSE’
VANCE HAD BLAMED THE IRAN WAR FOR GOP MIDTERM LOSSES
BBC MUST ANSWER $10B DEFAMATION SUIT BY DEC. 1
LUTNICK SAT ON A JULY 2025 RULE TO CLOSE THE CHIP LOOPHOLE, EX-OFFICIAL SAYS
GEOPOLITICS
A MILLION EXPECTED AS POPE LEO COMES HOME TO CHICLAYO — Vast crowds gathered before dawn on the Pampas de Pimentel for the centerpiece Mass of the pope’s South America tour, in the diocese he led for eight years — some walked miles after traffic jammed the roads, and one 76-year-old rode a bus 12 hours from Lima. He has drawn an estimated 10 million people on the trip so far.
KREMLIN HEDGES ON EUROPE’S SEAT AT THE UKRAINE TABLE — A day after U.S. envoys said Putin agreed to European participation, spokesman Dmitry Peskov said Moscow must first see Europe’s “genuine intention and readiness to contribute.” The Abu Dhabi talks were the first direct Russia-Ukraine negotiations in nine months, yielding an agreement in principle on the war’s largest prisoner exchange.
INDONESIA’S VICE PRESIDENT RESIGNS — AND THE RUPIAH HITS A RECORD LOW — Gibran Rakabuming Raka, son of former president Jokowi, handed in his resignation Thursday after courts ruled his education documents didn’t meet election requirements. His father then publicly backed President Prabowo, easing a rift — but the rupiah still fell to a record low of 18,255 to the dollar.
PARAGUAY PROSECUTORS RAID THE PRESIDENTIAL RESIDENCE — A FIRST IN HISTORY — Economic-crimes agents raided the presidential palace in Asunción to extract data in the Ueno Bank probe — the first such raid in Paraguay’s history, per historian Herib Caballero. Ousted president Peña remains in pretrial detention at a military facility, and Fitch has put the country on downgrade watch.
HOW THE UENO COLLAPSE TOPPLED A STAUNCH TRUMP ALLY — Peña faces up to 15 years on breach-of-trust and personal-gain charges, prosecutors alleging he steered public and pension money into Ueno — and that the bank gave him two simultaneous $580,000 loans in May 2024 to build his San Bernardino summer home, where a hidden vault was later found empty.
BUSINESS & YOUR MONEY
KOSPI GIVES BACK A 5,500 RALLY, CLOSES DOWN 1% — Seoul fell 0.98% to 5,290.53 after opening up 2% — foreigners sold 555 billion won as Samsung and SK hynix both slid. Monday brings the three-month waiver of the 140% margin-collateral rule, the relief leveraged retail traders have been waiting for.
QUICK HITS
EUROPE PUSHES FOR SEAT AT UKRAINE TALKS AS RUSSIA RESISTS
PUTIN OPENS DOOR TO EUROPE IN TALKS, STANDS FIRM ON TERRITORY
INDONESIA VP HANDS RESIGNATION TO PARLIAMENT AS JOKOWI BACKS PRABOWO
SPORTS
SPURS GO FOR 11 STRAIGHT AGAINST A CURRY-LESS WARRIORS — San Antonio returns home on a 10-game win streak after erasing a 22-point deficit in Chicago — Wembanyama had 32 and 9 — while Golden State arrives without Steph Curry, out at least two weeks with a right oblique tear.
CARMELO’S ADVICE TO WEMBY: ATTACK THE RIM AND ‘NOBODY CAN STOP YOU’ — The Knicks legend praised the Spurs star’s historic November — a 52-point, 24-rebound, 8-block night, then 40 points in 25 minutes — and now Wembanyama sits at the front of the MVP race at 30.3 points a game.
FRIDAY NIGHT: THREE COLLEGE GAMES, TWO NBA CUP SHOWDOWNS — Florida State visits Pittsburgh at 7, Illinois meets No. 4 UCLA at 9, and No. 14 Houston plays at Colorado at 10:15 — plus Knicks-Pacers and Warriors-Spurs in NBA Cup group play.
VIKINGS AT 49ERS JUST GOT A LOT MORE INTERESTING — Minnesota re-acquired Kirk Cousins from the Raiders this week, and Sunday night’s trip to San Francisco could decide the NFC’s No. 1 seed — one of the 15 games that will shape the rest of the season.
WEMBY IS AVERAGING 32.6 A GAME DURING THE STREAK — The Spurs are 10-2 and second in the West, both teams 1-0 in NBA Cup Group C, and the preview calls it Spurs 121, Warriors 110 — with Golden State missing Curry, Butler and Moody.
TRAVEL
15 THANKSGIVING GETAWAYS — FROM NYC’S 100TH PARADE TO THE DESERT — New York for the 100th Macy’s parade, Orlando for families, San Diego for mild weather, New Orleans for food — plus Tucson and Palm Springs if you’d rather skip the coat entirely.
10 THANKSGIVING TRIPS, FROM GREENVILLE LIGHTS TO FORT LAUDERDALE SUN — Greenville’s downtown lights and open-air rink, Nashville’s laid-back weekend, Charlotte’s Thanksgiving Eve parade — and Fort Lauderdale for anyone trading the turkey for a swimsuit.
FIVE TRENDING THANKSGIVING SPOTS — PLYMOUTH GOES BIG FOR AMERICA 250 — Plymouth builds its hometown celebration around the nation’s 250th, San Antonio’s River Walk parade lights up the day after, and Dollywood’s Smoky Mountain Christmas runs on 6 million lights and a nightly drone show.
11 WARM THANKSGIVINGS — EIGHT NEED NO PASSPORT — Puerto Rico tops the no-passport list at 86 degrees, Key West is the warmest spot in the continental U.S., and Maui’s whale season is just beginning — all backed by real late-November temperatures.
AMERICA’S TOP THANKSGIVING TRIPS: NYC, ORLANDO — AND CANCUN — Allianz’s survey of 145,000 itineraries puts New York City first at home and Cancun first abroad, with nearly 62% of travelers saying being near loved ones mattered most.
FOOD
20 THANKSGIVING PIES THAT BELONG ON THE TABLE — King Arthur’s roundup runs from the classic pumpkin and old-fashioned pecan to maple cream pie, cranberry chiffon and a no-bake pumpkin mousse — with gluten-free and vegan versions of the headliner.
15 EASY PIES FOR THE COOK WHO DOESN’T WANT A MIDNIGHT CRUST CRISIS — Every recipe is built on a store-bought or no-bake crust and a one-bowl filling — the easiest of the lot is key lime, 20 minutes of work and four hours in the fridge.
50+ THANKSGIVING DESSERTS, FROM PECAN DUMP CAKE TO NO-BAKE PIES — Pumpkin pie and pecan pie for the traditionalists, cheesecake bars and apple crisp for the crowd, and plenty of no-bake options for when the oven is already working overtime.
12 DESSERTS THAT COVER THE WHOLE TABLE — One traditional pie, one fruit dessert, one easy-to-serve option: pumpkin dump cake, apple crisp, no-bake pumpkin cheesecake and Ina Garten’s apple pie bars among them.
THE MAKE-AHEAD HOLIDAY DESSERT PLAYBOOK — Freeze cookie dough and unfrosted cakes up to a month out, bake fruit pies two days ahead, and plan one serving per person plus 10% — with cranberry pecan pie and apple pie with a cheddar crust among the tested recipes.
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