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Markets are jittery after a tech- and AI-led selloff pushed the S&P 500 and Nasdaq lower while the Dow held up relatively better. Volatility is elevated as investors digest Michael Burry’s big short disclosures, crypto weakness under $100k, and the Supreme Court tariff case — cyclical energy and value names outperformed while AI and hyperscaler-linked stocks led declines.
The Supreme Court is hearing challenges to President Trump’s tariff authority under emergency powers. The outcome will reshape U.S. trade policy and could overturn sweeping levies that have hit imports and raised costs across industries.
42,000 – Private jobs added in October (ADP report).
Negotiations to end the U.S. government shutdown intensified amid mounting political pressure. The closure has become the longest in history, disrupting services, flights and federal programs while lawmakers weigh fragile deals.
Veteran investor Michael Burry disclosed large short positions targeting AI-linked names, spurring fresh market turbulence. The revelations intensified selling in richly valued tech and AI stocks across global markets.
Lumentum Jumps After Strong Q1 Beat and Upbeat Guidance
Optical-component maker Lumentum beat estimates, guided higher and saw its shares rally as demand for AI-driven optical infrastructure strengthens.
More on investors.com
Tech-led losses paused markets, prompting a broader reassessment of lofty AI valuations. Investors sought stability after a volatile session that saw Asian and US indices retrace earlier gains.
A UPS cargo plane crashed after takeoff at Louisville, producing a massive fireball and prompting an expanding emergency response. Authorities confirmed multiple fatalities and large-scale disruptions at the carrier’s major hub.
IBM to Cut Thousands of Jobs as It Refocuses on AI
IBM plans large-scale layoffs to pivot resources toward higher-growth AI software and services, raising questions about near-term execution and restructuring costs.
More on nytimes.com
France moved to suspend access to Shein’s online platform amid probes into product safety and troubling listings, even as the retailer opened its first Paris store. The actions signal growing regulatory scrutiny of fast-fashion marketplaces in Europe.
Ripple secured another major funding round that underlines institutional interest in stablecoin and payments infrastructure. Strategic investments from trading and hedge firms widen Ripple’s institutional footprint amid renewed crypto scrutiny.
Key policy moves: Supreme Court will rule on the legality of Trump’s tariffs; China orders domestic-chip use for state-funded data centres; France moves to suspend Shein pending safety checks; U.S. Treasury to auction $125bn in securities for November refunding.
Security researchers warned that attackers are using advanced AI to build new malware modules and automation for espionage. Big-tech firms confirmed real-world incidents of AI-enabled malware being used in cyberattacks.
Beijing has signaled tighter rules on foreign chips in state-backed projects, accelerating its drive for semiconductor self-sufficiency. New guidance could force domestic sourcing for data centres supported by state funds.
“If the shutdown continues, parts of our airspace could grind to a halt.”
— Transportation Secretary Sean Duffy
Nvidia is expanding capital and partnership bets internationally to back AI and chip ecosystems, including a major push into India. The moves underline chipmakers’ global role in funding the AI supply chain and local deep-tech ecosystems.
Private payrolls posted modest gains, offering a mixed signal on labor-market strength. Markets reacted cautiously to ADP’s payroll beat as investors parsed implications for Fed policy and economic momentum.
JPMorgan disclosed an inquiry into alleged debanking practices while also piloting tokenized asset offerings. The bank’s dual exposure to regulatory scrutiny and blockchain innovation underscores shifting risks and opportunities in big banking.
Cryptocurrency markets remain volatile as Bitcoin tumbled below key support and liquidations shook leveraged positions. Traders are bracing for further downside or consolidation around the $100k level.
AI-related selling is pressuring high-growth tech names; some companies are publicly lashing out at short sellers. The debate over whether AI valuations are a bubble is boiling over into corporate rhetoric and market moves.
Drugmakers posted mixed results as investors weighed pricing pressure and competition in the weight-loss market. Sales beats at some firms contrast with multiple outlook cuts by major obesity-drug makers.
Automakers face a string of safety recalls that add to cost pressures and regulatory scrutiny. Major recalls from legacy manufacturers are prompting consumer warnings and potential repair bills for millions of vehicles.
Energy majors reported resilient profits even as renewables and storage expand rapidly. Global oil and renewable players are balancing legacy cash flows with strategic investments in battery and green infrastructure.
Democratic gains in key races culminated in a landmark New York mayoral upset, sparking debate on policy implications for business and housing. Markets are parsing local policy risk as investors gauge the mayor-elect’s agenda.
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