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Tag: Markets

  • CNBC Daily Open: Investors might not want to take U.S. inflation numbers in November at face value

    A food shopper browses for groceries ahead of the Thanksgiving Day holiday at an Albertsons supermarket in Redmond, Washington, U.S., November 24, 2025.

    David Ryder | Reuters

    The U.S. inflation numbers in November looked supremely encouraging, with the annual headline rate coming in 0.4 percentage points less than expected. But don’t get too happy about them yet.

    It’s the first consumer price report released by the Bureau of Labor Statistics since the U.S. government shutdown ended: October’s figures vanished into the void because the agency was “unable to retroactively collect these data.”

    The BLS added that November’s CPI “did not include 1-month percent changes for November 2025 where the October 2025 data are missing.” It also said that certain survey data were “carried forward to October 2025 from September 2025.”

    Evercore ISI’s Krishna Guha said it appears the BLS “put in zero inflation in multiple categories” when calculating housing inflation in some cities.

    In other words, it’s a noisy report. Federal Reserve Chair Jerome Powell once described setting interest rates as “navigating by the stars under cloudy skies.” With November’s CPI report, the stars aren’t just obscured by clouds — they could be mirages, unidentified flying objects, a seagull that picked up an LED light from the beach.

    Nonetheless, investors celebrated the numbers. The CPI report, along with a 10.2% surge in Micron shares on the back of an expectation-busting earnings report, lifted major indexes.

    Perhaps it’s the holidays suffusing the air with unbridled cheer. Or maybe it’s all rather like having a feast during Christmas — the calories only count in the new year.

    — CNBC’s Sean Conlon contributed to this report.

    What you need to know today

    And finally…

    The Bank of England (BOE) in the City of London, UK, on Monday, Dec. 15, 2025.

    Bloomberg | Bloomberg | Getty Images

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  • The bulls are too bullish: Bank of America warns 200-plus fund managers just triggered a contrarian ‘sell’ signal | Fortune

    Bank of America’s “Bull & Bear Indicator” rose from 7.9 to 8.5 in the last few days, triggering its contrarian “sell” signal for risk assets, according to a note from analyst Michael Hartnett and his colleagues seen by Fortune this morning. The indicator is derived from BofA’s regular fund manager survey, which asks 200-plus investment managers about their appetite for risk. The logic of the Bull & Bear Indicator is that when everyone in the market is bullish, it’s time to leave.

    S&P 500 futures were up 0.25% this morning. The last session closed up 0.79%. The index remains a little less than 2% beneath its all-time high. Markets in Asia largely closed up this morning. Europe and the UK were flat in early trading. Whether stocks are overvalued—especially tech stocks—has been a running theme in the equity markets all year long. 

    BofA’s sell signal has been activated 16 times since 2002, Hartnett says. On average, the MSCI All Country World Index (an index that represents stocks globally) declined by 2.4% afterwards, the bank says, with a maximum average drawdown of 8.5% by three months later.

    The indicator has a record of being right 63% of the time—so it isn’t flawless. But BofA also notes that investors are in an unusually “risk-on” mood in equities right now: Last week saw a record inflow of $145 billion into equity exchange-traded funds, and the second-highest ever weekly inflow of money into U.S. stocks ($77.9 billion), Hartnett wrote. The indicator thus implies that a smart investor might want to become fearful given that others are too greedy.

    Investor sentiment roughly correlates with sentiment in the Purchasing Managers Index, a survey of supply chain managers responsible for corporate buying. Right now, investors have broken ranks with the PMI, with the former being much more positive about future than the latter. They appear to be expecting the PMI to follow their lead, Hartnett argues.

    “Investors [appear to be] bull positioned for ‘run-it-hot’ PMI & [earnings per share] acceleration on rate cuts, tariff cuts, tax cuts,” he told clients.

    Conversely, assuming the market does not pull back—or a revesal is temporary—he predicts EPS growth of 9% for stocks in 2026 despite increased U.S. unemployment, and the threat of “bond vigilantes slowing [the] AI capex boom.”

    Here’s a snapshot of the markets ahead of the opening bell in New York this morning:

    • S&P 500 futures are up 0.33% this morning. The last session closed up 0.79%. 
    • STOXX Europe 600 was flat in early trading. The U.K.’s FTSE 100 was flat in early trading. 
    • Japan’s Nikkei 225 was up 1.03%. 
    • China’s CSI 300 was up 0.34%. 
    • The South Korea KOSPI was up 0.65%. 
    • India’s NIFTY 50 was up 0.59%. 
    • Bitcoin was at $88K.
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    Jim Edwards

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  • Deep Dive: Investors cautiously confident on China outlook amid trade war 2.0

    Deep Dive- Investors cautiously confident on China outlook amid trade war 2.0

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  • U.S. stocks lift on the last day of November as Wall Street eagerly awaits the results of Black Friday | Fortune

    U.S. stocks opened with gains on the final trading day of November.

    The S&P 500 rose 0.2% and needs a slightly larger gain to avoid its first down month since April. The Dow Jones Industrial Average rose 138 points, and the Nasdaq gained 0.3%.

    Coinbase Global added 3.6% as bitcoin rose above $92,000 after dropping to around $81,000 last week. The world’s most popular cryptocurrency is still well below its all-time high of around $125,000 set in early October.

    Most tech stocks posted gains, with Meta Platforms rising 1.4% and Micron Technology adding 2.8%. But Nvidia, the market’s most valuable stock, fell 1% and is headed for a double-digit loss for the month. Oracle another high-flyer that struggled this month, fell 2.3%.

    Wall Street is operating on an abbreviated schedule Friday after being closed for the Thanksgiving holiday. Stock trading closes at 1 p.m. ET.

    Earlier, futures for the Dow Jones Industrial Average, S&P 500 and Nasdaq were halted for hours due to a technical issue at the Chicago Mercantile Exchange. CME said the problem was tied to an outage at a CyrusOne data center.

    After slumping earlier this month as investors worried that many of the tech stocks that were propelled higher by the frenzy over artificial intelligence, stocks have risen for four straight trading sessions on hopes the Federal Reserve will again cut interest rates at its meeting next month.

    Recent comments from Federal Reserve officials have given traders more confidence the central bank will again cut interest rates at its meeting that ends Dec. 10. Traders are betting on a nearly 87% probability that the Fed will cut next month, according to data from CME Group.

    The central bank, which has already cut rates twice this year in hopes of shoring up the slowing job market, is facing an increasingly difficult decision on interest rates as inflation rises and the job market slows. Cutting interest rates further could help support the economy as employment weakens, but it could also fuel inflation. The latest round of corporate earnings reports was mostly positive, but economic data has been mixed.

    The minutes of the Fed’s most recent meeting in October indicate there are likely to be strong divisions among policymakers about the Fed’s next step.

    Treasury yields held mostly steady, with the 10-year yield at 4.01%.

    In European trading, Germany’s DAX rose 0.3% as traders awaited inflation data set to be released later in the day.

    Britain’s FTSE 100 edged up 0.3% on gains in energy and mining stocks. The CAC 40 in France also rose 0.2%.

    In Asia, Japan’s Nikkei 225 closed 0.2% higher to 50,253.91, rebounding from losses earlier in the day. Data showed Japan’s housing starts rose 3.2% in October from the same period a year ago, the first annual increase since March. The number defied market expectations of 5.2% decline and reversed a 7.3% drop in September.

    South Korea’s Kospi dropped 1.5% after the country’s industrial production fell 4% month-on-month in October, more than the 1.1% decline in September.

    The Associated Press

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  • Why your 401(k) is safe from a 40% crash in stocks—but not a 10%-15% correction, top analyst says | Fortune

    The recent euphoria surrounding the artificial intelligence mega-boom has led to massive concentration in the U.S. stock market, prompting fears of a catastrophic crash similar to the 2001 dot-com bust or the 2008 financial crisis. Many of these views have been aired recently on Scott Galloway and Ed Elson’s financial podcast, Prof G Markets, including a bearish stance from longtime bull NYU Stern Finance Professor Aswath Damadoran, who said the market was failing to price in a “potentially catastrophic” scenario.

    However, one of Wall Street’s most experienced strategists has suggested that while a major selloff is inevitable, the risk to diversified retirement accounts is far more contained. Michael Cembalest, chairman of market and investment strategy for JPMorgan Asset and Wealth Management, explained his measured view to Galloway and Elson, acknowledging the current market’s extraordinary valuations while expressing skepticism about a catastrophic 40% drop.

    Cembalest referred to the financial figure known as “Dr. Doom” to summon up a picture of stock-market bears issuing warnings when the market begins to correct: “As soon as any asset falls by 10%, Nouriel Roubini and the rest of the [bearish] people come out of the woodwork and say, ‘Okay, this is it, this is the big one. Everything’s going to go down from here.’” 

    Fortune has covered similar warnings amid questions about an AI bubble, including those from self-described “perma-bear” Albert Edwards and the mega-popular Irish financial podcaster David McWilliams. But a correction doesn’t necessarily always pan out in a big crash, Cembalest pointed out.

    He also weighed in on the bearish stance of Damadoran, who warned that everything was overvalued and that if the Magnificent 10 went down by 40%, the panic would ripple through the entire market. Damadoran even went so far as to suggest that investors should move large portions of their portfolios into cash or collectibles. With no disrespect intended, Cembalest said there’s a difference between what a finance professor sees and what actual market participants see.

    “You know, professors are basically running fantasy baseball teams by coming out intermittently and telling you what their trades are. It’s not real money. It’s not real life,” he quipped.

    While the JPMorgan analyst agreed that the market relies heavily on extraordinary expectations, Cembalest argued that the current AI buildout lacks the systemic risk present in previous bubbles.

    Why a 40% Crash is Unlikely

    In his view, the crucial difference lies in financing: previous capital spending booms, such as in fiber-optics or gas turbines, were primarily financed with debt, making them vulnerable to a sudden, systemic “unplug” by the debt markets. Today, the massive capital spending fueling the AI revolution is largely being financed with internally generated cash flow, not debt, with the notable exception of Oracle, he said.

    “That simply means it can go on for longer before it gets unplugged by the debt markets,” Cembalest noted, explaining that this dynamic “doesn’t relieve you of the ultimate need for there to be substantial profit generation” but it does mitigate the risk of a sudden seizure in the financial system. This reduced systemic debt exposure suggests that the market will not “unravel into the big 40% corrections that we had in 2009” and then again in 2001, he added.

    Instead of a 40% collapse, Cembalest’s base case for the next few years includes a likely and more modest correction. He stated that when assets are trading at 20- to 25-year highs, they usually correct, but by smaller percentages. “It would be kind of shocking if you didn’t have some kind of profit-taking correction in 2026 at some point on the order of 10% to 15%.”

    What it Means for the Average Investor

    For the average investor or 401(k) participant, Cembalest said that the scale of the drawdown will require preparation but not panic. He noted that his firm’s normal balanced and conservative portfolios are already highly defensive, holding 30% to 40% in a combination of cash, cash equivalents, gold, diversified hedge funds, and short duration assets.

    The so-called “bond king” Jeffrey Gundlach, founder and CEO of DoubleLine Capital, told Galloway and Elson in a previous episode that gold was his “number one best idea for the year” and advocated for it to represent 25% of a portfolio—with the percentage dropping to 15% after it seemed to plateau around $4,000 per ounce.

    Individual investors can apply similar defensive strategies. Rather than drastically changing their allocation of funds, Cembalest said he was advising clients to switch from a growth portfolio to a more conservative or balanced one, aligning their risk tolerance with current high valuations.

    Furthermore, individual investors have the flexibility to act quickly during market turmoil, which institutional funds often lack. Cembalest recommends that investors begin accumulating “dry powder” now to take advantage of opportunities. Since corrections often tend to be “very V-shaped,” with a rapid, violent unwinding of risk followed by a quick snapback, having spare cash available allows investors to buy assets when they temporarily sell off.

    While Cembalest acknowledged the immense capital spending in AI—equivalent to the combined cost of the Manhattan Project, the Hoover Dam, and the Apollo program, relative to GDP—he concluded that a 12% to 15% correction scenario is currently more likely than the 40% worst-case outcome.

    Still, as Elson noted in the podcast’s introduction, this kind of correction would still be significant to millions of investors and the entire economy. Cembalest’s base-case scenario is “kind of a big deal in and of itself.”

    Nick Lichtenberg

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  • Nvidia CEO says the company is in a no-win situation amid AI-bubble chatter, leaked meeting reveals | Fortune

    Nvidia CEO Jensen Huang told employees this week that the company has been pushed into a no-win situation by mounting fears of an AI bubble, even as it continues to post blockbuster results, according to audio of an internal all-hands meeting reviewed by Business Insider.

    “The market did not appreciate our incredible quarter,” Huang said on Thursday, less than 24 hours after Nvidia reported another set of record earnings and said it had “visibility” into half a trillion dollars of revenue lined up for the rest of 2025 and 2026.

    Instead of rewarding the beat, investors delivered a shocking reversal that saw shares briefly rising Thursday before turning lower, dragging down the broader AI trade by the end of the session.

    Huang said expectations around Nvidia have become so extreme that Wall Street now sees danger in both directions.

    “If we delivered a bad quarter, it is evidence there’s an AI bubble. If we delivered a great quarter, we are fueling the AI bubble,” he told employees. “If we were off by just a hair, if it looked even a little bit creaky, the whole world would’ve fallen apart.”

    The comments offer a rare glimpse into how the face of the AI boom views the growing backlash to it, and how closely he is watching the market’s whiplash response.

    A blowout quarter that spooked investors

    On paper, Nvidia gave investors about everything they had asked for. The chipmaker reported another surge in sales of its data-center processors, the workhorses that power large AI models (and Nvidia’s revenues), and raised its guidance for the current quarter. It was the kind of performance expected to kick off another six-month rally, investors were saying. 

    Instead, the stock’s initial jump gave way to a broad selloff. Nvidia climbed as much as 5% early in Thursday’s session before closing down roughly 3%, as traders rotated out of the Big Tech names most closely associated with the AI boom. 

    The reversal extended what has become a bruising stretch for the so-called AI trade. After months of a breathless rally, investors are increasingly anxious that tech giants are spending too aggressively on data centers, GPUs, and networking gear, with no guarantee they can earn enough revenue to get those investments back. Some are also focusing on the complex, debt-heavy financing structures behind the AI infrastructure build-out, with credit markets starting to flash early warning signs.

    Layered on top of that are fresh macro jitters. A shutdown-delayed U.S. jobs report, released the same morning, showed stronger-than-expected hiring in September, but a higher unemployment rate; this conflicting data did little to clarify whether the Federal Reserve will cut interest rates in December.

    Some investors are closely watching different statements from Fed presidents to try to read the tea leaves, but with the earnings season winding down and no obvious catalyst between now and the Fed’s next decision, it appears that many other investors are using the volatility to lock in profits from the year’s earlier rally—and get out of the market.

    “The broader narrative hasn’t broken; it’s simply being tested right now,” Mark Hackett at Nationwide told Bloomberg. “Periods like this often act as a release valve rather than signaling a true trend reversal.” 

    ‘We’re basically holding the planet together’

    Inside Nvidia, Huang suggested no one should be surprised that investors are jumpy when so much of the AI story is being projected onto a single company.

    He referenced online memes that jokingly describe Nvidia as the linchpin of the global economy and the only thing standing between the U.S. and recession.

    “Have you guys seen some of them?” he asked employees. “We’re basically holding the planet together—and it’s not untrue.”

    That level of mythos has helped propel Nvidia’s market value into the stratosphere, making it the world’s most valuable public company. But Huang made clear that it has also turned every earnings day into a high-wire act.

    “The expectations are so high that if we miss by just a little bit, people think the whole story is broken,” he said.

    Still, Huang pushed back on the idea that Nvidia is responsible for the frothier parts of the AI trade. The company’s job, he emphasized, is to build the compute infrastructure others need, not to police how the market prices demand.

    Joking about losing $500 billion

    Amid the pressure, Huang kept the meeting light with whistling-past-the-graveyard-esque humor about Nvidia’s wild swings.

    He joked about the “good old days” when the company had a $5 trillion market capitalization, a playful exaggeration of its actual peak valuation—before noting just how much value has evaporated in recent weeks.

    “Nobody in history has ever lost $500 billion in a few weeks,” he said. “You’ve got to be worth a lot to lose $500 billion in a few weeks.”

    Huang told employees he was “delighted” by the quarter and proud of their work, stressing the company’s underlying business remains strong even if markets are punishing them for it.

    Eva Roytburg

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  • Swiss Watch Exports Continue on Downward Trend in U.S. Tariff Fallout

    Exports of Swiss watches remained on a declining trend in October, driven by a sharp decrease in the U.S. as tariffs continue to take a toll.

    Total exports of Swiss timepieces dropped 4.4% in October compared with the same period last year to 2.24 billion Swiss francs ($2.78 billion), according to data published Thursday by the Federation of the Swiss Watch Industry, or FH.

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

    Andrea Figueras

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  • These holiday markets offer an array of art, jewelry, home decor and other handmade items

    Nearly 20 holiday markets featuring art, jewelry, home decor and other handmade goods are taking place in the Philadelphia region this November and December. Here’s where to find them.

    Michaela Althouse

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  • U.S. Agrees to Cut Switzerland Tariffs to 15% in Trade Deal

    The U.S. has reached a deal to reduce the crippling 39% import tariffs on Switzerland to 15%, easing a growing burden on the Alpine country’s export-dependent economy and the steepest tariff the Trump administration had imposed on a developed nation.

    “We’ve essentially reached a [trade] deal with Switzerland,” U.S. Trade Representative Jamieson Greer said Friday on CNBC. “They are going to send a lot of their manufacturing to the United States—pharmaceuticals, gold smelting, railway equipment.”

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

    Georgi Kantchev

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  • U.S. to Cut Tariffs on Bananas, Coffee and Other Goods From Four Countries

    The U.S. plans to eliminate tariffs on bananas, coffee, beef and certain apparel and textile products under framework agreements with four Latin American nations, a senior administration official told reporters Thursday.

    The expected move—which would apply to some goods from Ecuador, Argentina, El Salvador and Guatemala—is part of a shift from the Trump administration to water down some of its so-called reciprocal tariffs in the midst of rising prices for consumers, as well as legal uncertainty after a Supreme Court hearing this month.

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

    Gavin Bade

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  • Palantir CEO slams ‘parasitic’ critics calling the tech a surveillance tool: ‘Not only is patriotism right, patriotism will make you rich’ | Fortune

    Palantir CEO Alex Karp is sick and tired of his critics. That much is clear. But during the Yahoo Finance Invest Conference Thursday, he escalated his counteroffensive, aimed squarely at analysts, journalists, and political commentators who have long attacked the company as a symbol of an encroaching surveillance state, or as overvalued. 

    Karp’s message: They were wrong then, they’re wrong now, and they’ve cost everyday Americans real money.

    “How often have you been right in the past?” Karp said when asked why some analysts still insist Palantir’s valuation is too high. 

    He said he thinks negative commentary from traditional finance people—and “their minions,” the analysts—has repeatedly failed to grasp how the company operates, and failed to grasp what Palantir’s retail base saw years earlier. 

    “Do you know how much money you’ve robbed from people with your views on Palantir?” he asked those analysts, arguing those who rated the stock a sell at $6, $12, or $20 pushed regular Americans out of one of tech’s biggest winners, while institutions sat on the sidelines. 

    “By my reckoning, Palantir is one of the only companies where the average American bought—and the average sophisticated American sold,” Karp continued, tone incredulous. 

    That sort-of populist inversion sits at the core of Karp’s broader argument: The people who call Palantir a surveillance tool—his word for them is “parasitic”—understand neither the product nor the country that enabled it.

    “Should an enterprise be parasitic? Should the host be paying to make your company larger while getting no actual value?” he questioned, drawing a line between Palantir’s pitch and what he said he sees as the “woke-mind-virus” versions of enterprise software that generate fees without changing outcomes.

    Instead, Karp insists Palantir’s software is built for the welder, the truck driver, the factory technician, and the soldier—not the surveillance bureaucrat.

    He describes the company’s work as enabling “AI that actually works”: systems that improve routing for truck drivers, upgrade the capabilities of welders, help factory workers manage complex tasks, and give warfighters technology so advanced “our adversaries don’t want to fight with us.”

    That, he argues, is the opposite of a surveillance dragnet. It’s a national-security asset, part of the deeper American story. That’s what Palantir’s retail-heavy investor base understands: the country’s constitutional and technological system is uniquely powerful, and defending it isn’t just morally correct, it’s financially rewarded.

    “Not only was the patriotism right, the patriotism will make you rich,” he said, arguing Silicon Valley only listens to ideas when they make money. Palantir’s success, in his view, is proof the combination of American military strength and technological dominance—“chips to ontology, above and below”—remains unmatched worldwide.

    That, he believes, is what critics get wrong. While detractors warn Palantir fuels the surveillance state, Karp argues the company exists to prevent abuses of power—by making the U.S. so technologically dominant it rarely needs to project force.

    “Our project is to make America so strong we never fight,” he said. “That’s very different than being almost strong enough, so you always fight.”

    Karp savors the reversal: ‘broken-down car’ vs. ‘beautiful Tesla’

    Karp bitterly contrasted the fortunes of analysts who doubted the company with the retail investors who stuck with it.

    “Nothing makes me happier,” he said, than imagining “the bank executive…cruising along in their broken-down car,” watching a truck driver or welder—“someone who didn’t go to an elite school”—drive a “beautiful Tesla” paid for with Palantir gains.

    This wasn’t even a metaphor. Karp said he regularly meets everyday workers who “are now rich because of Palantir”—and the people who bet against the company have themselves become a kind-of meme.

    Critics—especially civil-liberties groups—have accused Palantir for years of building analytics tools that enable government surveillance. Karp says these attacks rely on caricature, not fact.

    “Pure ideas don’t change the world,” he said. “Pure ideas backed by military strength and economic strength do.”

    Eva Roytburg

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  • Bessent Says ‘Tenfold’ Growth in Stablecoins Will Lift Demand for Treasurys

    Bessent Says ‘Tenfold’ Growth in Stablecoins Will Lift Demand for Treasurys

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  • Chips Held Hostage in Trade War Start Flowing Again to Auto Suppliers

    Nexperia microchips are leaving China again, easing a shortage of simple but ubiquitous parts that threatened to paralyze the auto industry.

    German automotive supplier Aumovio, which was recently spun out of tire giant Continental, said Friday that the Sino-Dutch company’s semiconductors and components containing them were on their way from China to Aumovio’s distribution hub in Hungary.

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

    Stephen Wilmot

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  • How China’s Chokehold on Drugs, Chips and More Threatens the U.S.

    BEIJING—China has demonstrated it can weaponize its control over global supply chains by constricting the flow of critical rare-earth minerals. President Trump went to the negotiating table when the lack of Chinese materials threatened American production, and he reached a truce last week with Chinese leader Xi Jinping that both sides say will ease the flow of rare earths.

    But Beijing’s tools go beyond these critical minerals. Three other industries where China has a chokehold—lithium-ion batteries, mature chips and pharmaceutical ingredients—give an idea of what the U.S. would need to do to free itself fully from vulnerability. 

    Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

    Yoko Kubota

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  • Crypto investors lose billions in biggest-ever liquidation event – MoneySense

    As noted in the previous edition of this column, Bitcoin’s (BTC) strongest months have historically been October and November—up an average of 21.89% and 46.02%, respectively. In keeping with this promise, the crypto market started October strong as BTC ran up from about $114,000 (all figures in U.S. dollars unless otherwise specified) on October 1 to a new high of over $126,000 on October 7. Ethereum (ETH), XRP, Solana (SOL), Binance Coin (BNB), and other altcoins also saw impressive runaway gains in the first week of October.

    But optimism was quickly, if only temporarily, sucked out of the crypto market as BTC, ETH, and other crypto prices saw a sharp decline from the 10th to the 17th of October before stabilizing. 

    As of 28th October, BTC is trading flat, between $113,000 and $115,000—close to the price it was at the beginning of the month.

    The chart below shows the ups and downs of the crypto market over the past month, as represented by the Coinmarkcap (CMC) 20 Index, an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins.

    Source: Coinmarketcap.com as of Oct. 28, 2025

    Crypto’s biggest-ever liquidation event—$19.16 billion lost

    In a 24-hour period from October 10 to 11, the cryptocurrency market experienced the biggest liquidation event in its history, triggered by Trump’s announcement of a possible 100% tariff on China, in addition to certain export controls.

    A “liquidation event” is a short span of time in which traders are forced to close their leveraged crypto positions because of a sharp and sudden fall in prices. 

    On October 10–11, a sharp fall in prices forced traders with leveraged long positions in crypto assets to be liquidated because the market went against their bet. These liquidations caused the market to fall further, which, in-turn, triggered additional liquidations in a cascading effect. Here’s how bad it was:

    • Over $19 billion of leveraged positions in the crypto market were liquidated
    • Of that $19 billion, approximately $16.7 billion were long positions—bets that the market would move higher
    • An estimated 1.6 million traders were were liquidated across crypto exchanges and platforms

    During the fall in prices from October 7 to 17, BTC fell over 17% (from about $126,000 to just over $104,000) and ETH fell over 21% (from about $4,700 to about $3,700)

    For historical context, here are the five largest liquidation events in crypto market history, according to coinglass.com

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    Ranking When Liquidation value Liquidated traders
    1 October 2025 $19.16 billion 1.63 million
    2 April 2021 $9.94 billion 1.03 million
    3 May 2021 $9.01 billion 838,000
    4 February 2021 $4.1 billion 427,000
    5 September 2021 $3.65 billion 371,000
    Source: Data from coinglass.com as of Oct. 28, 2025

    Should the liquidation scare you?

    Was the October liquidation event a long-term buying opportunity or a sign of more turbulence to come? There’s no way to know for sure, but here is one way to answer the question: 

    • Short term investors who were hoping for a bumper end-of-year rally may do well to be cautious because they don’t have time on their side to ride the ups and downs of the market without selling their positions in a panic. 
    • For long-term investors who believe that the price of BTC could reach $500,000 to $1,000,000 over the coming five to 10 years, the drop to $104,000 certainly seems like a good opportunity to buy the dip.

    Canadian crypto exchange is fined $177 Canadian dollars by FINTRAC.

    If you’re a crypto investor in Canada or are thinking about dipping your toes in the market, it pays to choose your crypto exchange carefully so you’re not being taken advantage of, falling prey to a scam, or supporting a company involved in illegal activity. 

    Canadian crypto exchange Cryptomus was fined a whopping CAD$177 million by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC found over a thousand instances where Cryptomus did not adequately report transactions and crypto wallets with ties to serious criminal activity. While the crypto market is a lot more mature and well regulated than it was just five years ago, it unfortunately remains a hotbed of financial scams and other criminal activity.

    To protect themselves and to promote the use of crypto in Canada for legal purposes, Canadian crypto investors should know that crypto exchanges in Canada are regulated by the Canadian Securities Administrators (CSA), the regulatory body responsible for harmonizing securities regulation across the thirteen provinces and territories. 

    On its website, the CSA provides a list of crypto platforms authorized to do business with Canadians and those banned in Canada. Canadian crypto investors would be well advised to go through both lists before they decide which platform to use.

    The best crypto platforms and apps

    We’ve ranked the best crypto exchanges in Canada.

    Crypto price swings are common

    Cryptocurrencies including BTC, ETH, XRP, SOL, BNB and others are speculative and highly volatile assets subject to significant price movements. Even stablecoins, which are seemingly “safe,” may be risky if not adequately backed by real-world assets.

    Investing in bitcoin and other crypto coins carries significant market, technological, and regulatory risks. Invest in crypto only if it aligns with your broader investment goals, time horizon, and risk profile, and always stay vigilant about crypto scams.

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    About Aditya Nain


    About Aditya Nain

    Aditya Nain is an author, speaker and educator who writes about Canadian investments, personal finance and crypto. He has co-authored two books and taught at universities for 12 years.

    Aditya Nain

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  • What to Know About Trump’s Latest Tariffs

    President Trump’s tariff policies have taken numerous twists and turns this year.

    He and President Xi Jinping reached a trade agreement that will see the U.S. lowering tariffs on Chinese imports imposed this year to 20%. When added to tariffs imposed on Chinese imports during Trump’s first term, overall U.S. duties on Chinese imports will total around 47%.

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    Chao Deng

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  • Mattel, Hasbro Could Win As Toy Retailers Scramble to Stock Up for Holiday

    Mattel, Hasbro Could Win As Toy Retailers Scramble to Stock Up for Holiday

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  • Trump Says He Will Raise Tariffs on Canada by 10% Over Ontario Ad

    The U.S. will impose an additional 10% tariff on Canada, President Trump said on Saturday, a punitive measure in response to an ad campaign that he said misrepresented comments by former President Ronald Reagan.

    “Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now,” Trump posted on his Truth Social platform on Saturday.

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    Gavin Bade

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  • Your Financial Future: Four Tips for Building Your Investment Strategy

    Whether you’ve just started your journey to financial health or have years of experience, you’ve probably heard how investing can play an important role in your overall finances. But you may be wondering how to approach creating your investment strategy and which investments should be a part of it.

    There isn’t a one-size-fits-all answer when it comes to investing. Your investment choices should align with your unique financial goals, both in the short term and long term.

    Here, J.P. Morgan Wealth Management Regional Director Mark Adams shares four key tips for building your investment strategy and how to get started:

    1. Know your goals, timeline and risk tolerance 

    Before you get started on your investing journey, it’s important to understand what you hope to achieve with your wealth. Think about your objectives in both the short and long term. For example, maybe you want to go on a big vacation with your family next year, and you’re also saving for your children’s future college costs and your eventual retirement. 

    You should also think about your investing timeline, or when you need that money for your various goals. Your portfolio allocation should depend on the amount of time you plan to keep that money invested.

    Remember, investing involves risk. You should ask yourself how much risk you’re comfortable taking on. How would you react if your portfolio saw a large decline? Would you be able to stomach this in the short term? 

    Everyone’s financial situation is unique. These factors will look different from person to person, and they’re important to consider as you create your personal investment strategy.

    2. Have a plan

    Once you’ve outlined your goals, you should figure out how you want to get there. Having a plan is key – and it’s proven to help improve outcomes. J.P. Morgan Wealth Management’s latest 2025 Investor Study found that a whopping 90% of respondents who have a plan for their financial goals feel confident they’re on track to meet them, compared to 49% of respondents who don’t have a plan in place.

    A plan can provide a roadmap to help guide you throughout your financial journey. It can also help keep you on track along the way. That said, life is full of changes. It’s common for people’s priorities to evolve over time. Investors should regularly check in on their plan and adjust it as needed.

    If you aren’t sure how to get started, there are professionals out there who can help. You may want to partner with a financial advisor, who can sit down with you to map out your goals and build a customized plan that is unique to your situation. An advisor can also regularly check in on your plan with you to see how you’re tracking towards your goals.  

    3. Diversification is key

    You may have heard the saying, “don’t put all of your eggs in one basket.” This should apply with your investments, too. For example, concentrating all your investments in a single stock means that your entire portfolio is tied to the performance of that one company.

    Diversification can help even out your portfolio’s returns during periods of volatility. Investors should also consider diversifying by asset class (for example, just stocks). Instead, it’s generally a good practice to spread your investments across different types of securities with different levels of risk.

    4. Keep a long-term view

    Investing is a marathon, not a sprint. It’s important to maintain a long-term view with your investments. Remember, it’s about time in the market, not timing the market. The amount of time you are invested in the market is one of the most important factors in growing your wealth.

    Markets go up and down. During times of volatility, investors should avoid making an impulse reaction and stay focused on their long-term strategy. Over the last 20 years, seven of the 10 best days occurred within 15 days of the 10 worst days. Don’t let emotions derail your plan. 

    The bottom line

    Money is personal, and your investment approach should be, too. When you’re ready to get started, consider these tips as you map out your long-term financial strategy. And if you’re looking for more resources to help you in your investing journey, check out our library of free educational content at chase.com/theknow. 

    The views, opinions, estimates and strategies expressed herein constitutes the author’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor. 

    Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved. Past performance is not a guarantee of future results.

    Diversification and asset allocation does not ensure a profit or protect against loss.

    J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC. 

    Sponsored by JPMorganChase

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