Nvidia fell 2% to $162.85 — its sixth straight weekly loss — as AMD gave back its whole post-resignation rally, the Nasdaq slid 0.9% and the 10-year yield topped 5%.
SMW Markets: Biggest stock movers today | Motley Fool: Nasdaq plunges as Nvidia turmoil deepens
ELECTIONS & CONGRESS
DEMOCRATS’ SWEEP NOW STANDS AT 254 HOUSE SEATS, 55 IN THE SENATE — ALASKA THE LAST HOLDOUT — Ten days after Election Day, NBC News has called 254 House seats for Democrats and 170 for Republicans, with 11 races still uncalled — and the Senate stands 55–44 with only Alaska left, where ranked-choice tabulation is set for November 18.
JEFFRIES HECKLED IN DENVER AS VAN HOLLEN MOVES ON SCHUMER — The incoming speaker was shouted down by protesters at a Denver Democrats’ gathering, where about 10 hecklers demanded new, more progressive leaders and an end to the Iran war — and Sen. Chris Van Hollen announced a leadership challenge to Chuck Schumer from the same stage, drawing a standing ovation.
FRESHMEN TO JEFFRIES: SWEAR OFF CORPORATE PAC MONEY OR LOSE OUR VOTES — A bloc of incoming Democrats is holding out on Jeffries’ speaker bid, with Reps.-elect Don Leonard (OH) and Richard Ojeda (NC) demanding a corporate-PAC ban as the price of their vote ahead of the November 18 caucus election. Jeffries needs 218 floor votes in January; his 100-day agenda includes extending ACA tax credits and repealing Trump’s tariffs.
DEMOCRAT HOLDS KANSAS GOVERNOR’S MANSION IN THE CLOSEST RACE SINCE 1974 — The AP called the Kansas governor’s race Thursday for Democrat Cindy Holscher — nine days after Election Day — by just over 7,000 votes (50.3%) over Trump-endorsed Ty Masterson, who conceded. It is the first time Kansas voters ever elected back-to-back Democratic governors; Holscher campaigned on halting new AI data-center construction.
DEMOCRATS’ FIRST 100 HOURS: RESTORE ACA AID, REIN IN TARIFFS — In their first 100 hours, Democrats plan to restore the enhanced ACA subsidies and reverse the Medicaid cuts, reassert Congress’s authority over tariffs, and force new war-powers votes on Iran — while Jeffries promises “bold, dramatic change” and oversight chairs tell the administration to “lawyer up.”
BUSINESS & YOUR MONEY
WHOLESALE INFLATION HITS 6.5% — FASTEST IN FOUR YEARS — October producer prices rose 0.3% on the month and 6.5% year over year — the biggest annual gain since November 2022 — keeping a December Fed hike firmly on the table. Goods were up 0.5%, food prices jumped 1.3%, and one economist put it bluntly: “There is no silver lining in the report.”
MORTGAGE RATES JUMP BACK ABOVE 7.1% AS INFLATION LIFTS YIELDS — The 30-year fixed mortgage averaged 7.16% APR after October’s hot inflation report sent Treasury yields higher and lenders priced in a December Fed hike — up 0.15 points in a day — and most experts expect rates near or above 7% through year-end.
CISCO POSTS A RECORD QUARTER — AND THE STOCK FALLS 6% ANYWAY — Cisco beat on revenue — $18.52 billion, up 24% — and earnings of $1.40 a share, and raised its full-year outlook, but margin pressure and a softer current-quarter guide sank the shares 6%. Gross margin fell 250 basis points to 65.6% on hardware mix and memory costs.
HOME SALES CRATER TO A 16-YEAR LOW — Existing-home sales fell 5.5% to a 3.75 million annual rate, the lowest since August 2010, as the median price hit $416,700 and the 30-year mortgage averaged 7.33%.
QUICK HITS
KALSHI: PELTOLA 99¢ TO WIN ALASKA
PELTOLA NOW LEADS BY 5,800 — AHEAD OF BOTH SULLIVANS COMBINED
RANKED-CHOICE MATH: PELTOLA 50.5–49.5, BEGICH HOLDS THE HOUSE SEAT
11 HOUSE RACES STILL UNCALLED — TWO RECOUNTS LOOM
JUDGE DENIES PELTOLA ABSENTEE-BALLOT BID; DOJ’S ALASKA SUIT TOSSED NOV. 1
FEDERAL GOVERNMENT
WHITE HOUSE WANTS $30.1 BILLION MORE TO FIX AGING AIRPORTS AND AIR TRAFFIC CONTROL — The White House and DOT asked Congress for another $30.1 billion to modernize air traffic control and airports — $10.1 billion for ATC modernization, $2 billion for towers, $18 billion for airport projects — on top of $12.5 billion approved in July 2025. The FAA still uses floppy disks at more than 400 facilities and will replace them by the end of 2028.
WHITE HOUSE DENIES TOP ECONOMIC ADVISER HASSETT IS LEAVING — The White House flatly denied a Semafor report that National Economic Council Director Kevin Hassett will depart in the coming weeks — “There is no factual basis for this reporting,” a White House official said — while Treasury Secretary Scott Bessent is named as a possible replacement.
APPEALS COURT: TRUMP CAN’T WITHHOLD $73.5 MILLION IN HIGHWAY MONEY FROM NEW YORK — The 2nd Circuit ruled Friday that USDOT overstepped its authority withholding highway funds from New York over commercial driver licenses for foreign drivers, saying the decision “runs afoul of fair notice principles” — and the state warned of bus-driver shortages for schools.
FED HIKE NOW A NEAR-CERTAINTY FOR DECEMBER — THE QUESTION IS 25 OR 50 POINTS — After the hot October CPI, futures put a December quarter-point hike at 91% and a half-point move at 9% — and Gov. Waller’s 0.3% core-CPI threshold for considering a half-point hike was met. The December 8–9 meeting is the last of 2026.
APPEALS COURT LEAVES DMCA’S ANTI-CIRCUMVENTION RULES IN PLACE — The D.C. Circuit rejected a free-speech challenge to the DMCA in Green v. DOJ, leaving intact the law that forces researchers and repairers to seek triennial exemptions from the Librarian of Congress — a ruling from last week, covered in today’s iFixit newsletter.
BUSINESS & YOUR MONEY
STOCKS GIVE BACK THE PPI RALLY AS TECH SLIDES — Wall Street opened higher on the cooler PPI print, then sold off as Nvidia turmoil spread — the S&P 500 fell 0.40% to 7,561.67, the Nasdaq 0.91%, while the Dow added 0.10%. The 10-year yield ended near 5.15% and the VIX rose to 19.79; Modine jumped 27.9% on a reported Samsung buyout approach.
THE ECONOMIST WARNS: EXPECT AN AI CRASH — JUST NOT A CATASTROPHE — The Economist’s November 12 leader argues an AI bust is likely as capex and circular financing mount — though not necessarily a financial cataclysm. OpenAI cut its fundraising target to $20 billion from $30 billion, and enterprise token spend grew only 1.5% across August and September even as volumes rose.
ANTHROPIC IPO: $70–$78 A SHARE, UP TO $1.4 TRILLION — The AI lab prices November 18 and debuts on the Nasdaq November 19 — at a valuation that would make it the biggest IPO in history, with run-rate revenue near $81 billion.
QUICK HITS
BESSENT TO LUTNICK: ‘COMMERCE HAS THE PEN’ — AND HE’LL TESTIFY IN DECEMBER
FEDERAL AGENCIES TOLD TO GO ENGLISH-ONLY
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
U.S. SHOOTS DOWN IRANIAN DRONES HEADED FOR BAHRAIN AS TEHRAN CLAIMS A RADAR KILL — CENTCOM said U.S. forces shot down two Iranian attack drones bound for Bahrain, with no injuries or damage — directly contradicting the Revolutionary Guard’s claim it destroyed a U.S. early-warning radar there. Neither claim has been independently verified; Bahrain hosts the U.S. Navy’s Fifth Fleet headquarters, and Qatar and Pakistan are still mediating.
PARAGUAY PROSECUTORS ADD CRIMINAL-ASSOCIATION CHARGE AGAINST OUSTED PRESIDENT PEÑA — Prosecutors widened the case against Santiago Peña, charging him and former central bank chief Carlos Carvallo with criminal association over the Ueno Bank collapse — alleging Peña headed an organization of executive-branch and central-bank officials that favored Ueno, suppressed insolvency alerts and received illicit payments. Both men, already charged with breach of trust and in pretrial detention, deny wrongdoing.
POPE LEO’S HOMECOMING: A MILLION GREET HIM IN THE CITY HE ONCE LED — Pope Leo XIV celebrated Mass at the Pampas de Pimentel outside Chiclayo on Friday, the centerpiece of his South America tour — about 500,000 attended, with roughly a million lining the route, per the Vatican. Leo, bishop of Chiclayo from 2015 to 2023, called Peru his homeland; he has drawn an estimated 10 million people at tour events so far, less than a month after lung-cancer surgery.
KOSPI GIVES BACK A 5,500 RALLY AS FOREIGNERS SELL — South Korea’s KOSPI opened 2.05% higher and topped 5,500, then reversed to close down 0.98% at 5,290.53 as foreign investors sold a net 555 billion won. Samsung fell 0.96% and SK hynix 3.03% after early 3–4% gains; President Lee Jae-myung chaired a capital-markets meeting at the Korea Exchange the same day.
TRUMP TO MEXICO: STOP THE CARAVANS OR TARIFFS DOUBLE — Trump threatened Thursday to “immediately double” tariffs on Mexico unless it stops migrant caravans moving north, tying the threat to the midterm results. Roughly 1,500 migrants left Tapachula on November 10; Mexico’s President Sheinbaum said no caravan has reached the U.S. border since January 2025, and no formal tariff order has been issued.
HAITIAN, SALVADORAN FORCES SEIZE GANG-HELD STADIUM IN PORT-AU-PRINCE — Haitian police retook the Stade Sylvio Cator — held by gangs for two years — and handed it to Bukele’s Salvadoran troops Thursday as a base for a new offensive. Bukele says human skulls were found inside the stadium.
BUSINESS & YOUR MONEY
CISA: HACKERS ACTIVELY EXPLOITING MICROSOFT OUTLOOK FLAW — CISA confirmed hackers are actively exploiting a Microsoft Outlook flaw that can expose users’ login credentials; federal civilian agencies have until November 24 to patch.
QUICK HITS
OIL HEADS FOR A SECOND WEEKLY DROP AS IRAN BLOCKADE HOLDS
INDONESIA’S VICE PRESIDENT RESIGNS — AND THE RUPIAH HITS A RECORD LOW
KREMLIN HEDGES ON EUROPE’S SEAT AT THE UKRAINE TABLE
PUTIN OPENS DOOR TO EUROPE IN TALKS, STANDS FIRM ON TERRITORY
UKRAINE WILL FACE A HUGE DEMOGRAPHIC THREAT FOR DECADES TO COME
SPORTS
COMMANDERS STUN GIANTS 24-21 ON DIGGS’ LAST-MINUTE TD — Jayden Daniels hit Stefon Diggs for a 32-yard TD with 57 seconds left and Rasul Douglas sealed it with an interception, as Washington won 24-21 at MetLife after four second-half lead changes.
MEMPHIS OUTLASTS USF 52-41 IN THURSDAY SHOOTOUT AFTER BLOWING 21-0 LEAD — Marcus Stokes accounted for five TDs and Jaylin Carter topped 1,000 rushing yards as Memphis survived USF’s rally from 21-0 down to a 41-38 fourth-quarter lead, winning 52-41 on a 76-yard TD strike.
CADE’S 52 MAKES HISTORY AS PISTONS WIN 144-140 IN DOUBLE OT — Cade Cunningham scored a career-high 52 with 11 assists and no turnovers — the first 50-point, 10-assist, zero-turnover game since turnovers were tracked in 1977-78 — as Detroit outlasted Washington 144-140.
PENN STATE ENDS SIX-YEAR ROAD-UPSET DROUGHT AT WASHINGTON — Penn State, a 2.5-point underdog, led 28-6 at halftime and held on 28-25 in Seattle on Nov. 8 — its first win as a regular-season betting underdog since the 2021 opener at Wisconsin, after seven straight failed road upsets.
SATURDAY’S DO-OR-DIE SLATE: WAKE FOREST AT SMU, USC AT INDIANA, UTAH AT ARIZONA, TEXAS AT LSU — With No. 1 Miami already fallen to Notre Dame, Saturday’s Week 11 slate is full of elimination games — Wake Forest’s six-game win streak at SMU, USC at No. 9 Indiana, unbeaten No. 2 Utah at No. 22 Arizona, and No. 6 Texas at LSU in Death Valley at night.
FROM LAST PLACE TO THE PLAYOFFS: THE UNION’S IMPROBABLE TURNAROUND — The Philadelphia Union were 1-10-4 and last in MLS in late May with their coach fired — then went 15 straight matches unbeaten, a club record, and finished sixth in the East to reach the MLS Cup Playoffs, with fans who never left leading the celebration.
TRAVEL
SAND INTO ART: SIESTA KEY’S CRYSTAL CLASSIC OPENS TODAY — The 16th annual Siesta Key Crystal Classic runs Nov. 13-16 on Siesta Beach, with master sculptors carving live all weekend, awards Sunday at 3 p.m., and the sculptures lit up for Sculptures After Dark on Saturday night.
CELTIC MUSIC TAKES OVER A TINY OREGON COAST TOWN THIS WEEKEND — The 25th annual Yachats Celtic Music Festival runs Nov. 13-15 with 24+ artists including Solas, free pub-style music and a sunset “Piper on the Point” at 4:45 p.m. Friday and Saturday.
HE WALKED HOME AFTER 28 YEARS — AND MOM ASKED, “WHERE HAVE YOU BEEN?” — Karl Bushby, 57, embraced his weeping mother in Hull on Nov. 2 after walking 31,000 miles from Chile since 1998 — crossing the Bering Strait on ice and swimming the Caspian and the Channel — under his rule of no motorised transport to move him forward.
CHEESEBURGERS, MARGARITAS AND MUSIC ON SOUTH PADRE ISLAND — South Padre Island’s Island Life Festival on Saturday, Nov. 21, pairs a Best Cheeseburger in Paradise cookoff with margaritas, Nashville songwriters Mac McAnally and Scotty Emerick, and Jimmy Buffett and Kenny Chesney tribute bands on the beach.
A COOKIE QUEST ACROSS EUROPE FOR A 6-YEAR-OLD NEIGHBOR — Giacomo Bagni flew to Berlin and walked supermarket after supermarket — Rewe, Edeka, Lidl, Aldi, Penny, Kaufland — to find the exact chocolate Leibniz Zoo animal cookies his 6-year-old neighbor Greta, starting school in Italy, had discovered in Germany.
FOOD
NONNA GRACIE’S 100-YEAR-OLD STUFFING HAS A POUND OF MOZZARELLA IN IT — Grace Geramita, making the dish since age 10, shared her family’s century-old Italian stuffing — day-old pane di casa dipped and squeezed by hand, sweet soppressata, mushrooms and shallots, and a full pound of mozzarella plus Pecorino Romano — for Food Network’s Friendsgiving series.
THE PUERTO RICAN DISH THAT WON OVER GORDON RAMSAY — Monti Carlo shares the pastelón — her Abuela Dora’s Puerto Rican shepherd’s pie of picadillo and sweet plantain mash — that won her MasterChef apron, in a lighter version where the plantains are boiled and mashed with cream and butter instead of fried.
THE THREE SISTERS: CORN, BEANS AND SQUASH, THE COZY WAY — For Native American Heritage Month, Colorado’s November recipe celebrates the Three Sisters — Ute Mountain Ute-grown cornmeal polenta, garlic-and-herb black-eyed peas, and roasted butternut squash — planted together so each plant supports the others.
ONE HOLIDAY TABLE, BUILT ENTIRELY BY MARQUETTE ALUMNI — Marquette alumni supply a whole holiday meal — pretzel stuffing from Milwaukee Pretzel Co., cranberries from the world’s largest fresh-cranberry grower, handmade cannoli learned from an Italian grandmother, and blue cornbread stuffing from The Modern Navajo Kitchen author Alana Yazzie.
DRANIKI: THE POTATO PANCAKE THAT *IS* BELARUS — Draniki — grated potato, onion, salt and sometimes an egg, fried crisp and served with smetana — are so central to Belarusian life that locals call themselves “Bulbashi,” potato people, with regional twists from clay-pot baked versions in Grodno to meat-stuffed kolduny.
NVIDIA’S SLIDE WIPES $20 BILLION OFF HUANG’S HOLDINGS IN FIVE DAYS — Nvidia traded around $161 Friday, down from a $186.64 close on November 6 — wiping more than $20 billion off former chief Jensen Huang’s holdings in five days, days after his resignation. The board’s independent probe continues into reports Huang was targeted by a Chinese intelligence effort, though Attorney General Todd Blanche said Thursday the Justice Department has reached no conclusion on whether the woman at the center of it is a spy. CFO Colette Kress is interim chief while the board searches for a permanent successor, and the first real test of the business itself comes Tuesday, November 17, with earnings — the moment the market finds out whether the sell-off is about the man or the machine.
SUPREME COURT TO RULE ON TRUMP ASYLUM BAN — The Court agreed Friday to decide the legality of the ban on asylum for migrants who cross the southern border illegally — the policy at the center of the enforcement crackdown. A federal judge ruled in July 2025 that Trump lacked the sweeping authority he claimed, and the D.C. Circuit upheld that ruling in April; the justices will hear arguments in the coming months and rule by the end of June. The case lands alongside the third-country deportations case, with arguments December 9 — making this the term in which the Court effectively referees the enforcement crackdown.
ELEVEN STATES STEP IN AS OBAMACARE AID VANISHES — At least 11 states — California, Colorado, Connecticut, Maryland, Massachusetts, New Mexico, New Jersey, Rhode Island, Vermont, Virginia and Washington — are offering extra state help with 2027 premiums to soften the loss of the enhanced federal tax credits that expired at the end of 2025. Without the federal boost, average marketplace premiums rose 58% in 2026 and enrollment fell 13% to about 19.2 million. California is opening its program to incomes up to 200% of the poverty level — about $31,920 for a single adult — making roughly 200,000 more residents eligible, and New Mexico is the only state fully replacing the lost federal aid; the December 15 deadline for January 1 coverage is a month away.
TEXAS BILL WOULD KILL SCHOOL VOUCHERS — State Sen. José Menéndez (D-San Antonio) filed Senate Bill 106 to repeal the Texas Education Freedom Accounts, the voucher program now in its first year. The comptroller counts 116,574 students with funded accounts — 62% of them in households at or below twice the poverty level — with a standard award of $10,474 per child, and more than 100,000 students still on the waitlist. Gov.-elect Gina Hinojosa campaigned on rolling vouchers back, but repeal needs both chambers and the Senate is still Republican; the first-year data undercut the original prediction that vouchers would serve only wealthy families — which is now the central fact in the repeal fight.
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