S&P 500 – 6,617.32 (-0.83%)

Dow Jones – 46,091.74 (-1.07%)

NASDAQ – 22,432.85 (-1.21%)

• U.S. stocks fall ahead of key Nvidia earnings report – U.S. stocks slumped ahead of Nvidia’s highly anticipated earnings due later today.
• Meta wins FTC antitrust case – Meta wins FTC antitrust case over Instagram and WhatsApp.
• Alphabet surges on Berkshire’s $4.9 billion stake – Alphabet jumps as Berkshire makes a rare $4.9 billion tech bet.
• Tesla climbs on bullish FSD and robotaxi outlook – Tesla rises on a bullish call for FSD and robotaxis.
• Strategy buys $835.6 million in bitcoin during downturn – Strategy makes an $835.6 million bitcoin purchase during the market slide.
• Ford teams with Amazon on certified used vehicle sales – Ford partners with Amazon to sell certified used vehicles online.
• Bessent says Trump’s $2,000 tariff dividend needs congressional approval – Treasury Secretary Scott Bessent said President Trump’s proposed $2,000 “dividend” payments would require legislation from Congress.
• Bond yields ease ahead of key data releases – The 10-year Treasury slipped to 4.09%.
• Asian markets finish lower, led by Japan’s Nikkei – Asian stocks ended in the red on Tuesday.
• U.S. dollar weakens as crude trades lower – The dollar is down against major currencies while WTI crude also dips.
• Bitcoin drops over 25% from October peak – Bitcoin has erased year-to-date gains as leveraged positions unwind.
• Jobless claims rise but remain below four-week average – Initial claims hit 232,000, while continuing claims rose to 1.96 million.
• Magnificent Seven extend November slump – The group is down more than 5%, dragging on the Nasdaq.
• Government statisticians return after shutdown resolution – Agencies prepare delayed August and September data; CPI may face delays.
• Markets cut expectations for December rate cut – Only a 40% chance of a 25-bp cut is now priced in.
• Trump calls for ABC broadcast license revocation – The president lashed out after being asked about the unreleased Epstein files.
• Alphabet jumps on Berkshire stake, Texas data-center investment plan – Berkshire disclosed a $4.3B position; Google plans $40B in Texas data centers.
• Google unveils Gemini 3 AI model – The latest upgrade arrives eight months after Gemini 2.5.
• Apple slips after Berkshire trims position – Berkshire reduced its Apple stake.
• Microsoft announces major investments with Nvidia and Anthropic – Up to $15B combined could flow into the AI startup, valuing it near $350B.
• Disney and Google strike distribution deal – Disney content returns to YouTube TV.
• Gap upgraded to Overweight by Barclays – Analysts cite improving long-term sales and margin-recovery strategy.
• Dell downgraded on hardware earnings concerns – Morgan Stanley warns the memory “supercycle” may pressure 2026 results.
• HP cut to Underweight on weakening margins – Morgan Stanley downgrades several hardware names.
• Novo Nordisk slides on report of lower Wegovy and Ozempic pricing – Cash-paying customers may see prices fall to $349 per month.
• Stifel raises Tesla target but flags sales risks – EV tax-credit expiration and supply-chain changes pose headwinds.
• Hims & Hers Health rallies on $250M buyback plan – The company announced a new repurchase authorization.
• Blue Owl sinks after report of blocked fund redemptions – The firm is merging a private credit vehicle with a public one.
• Airlines fall despite lifted flight restrictions – Investors fear a Q4 earnings hit for Delta and United.
• Amazon and Microsoft downgraded by Rothschild & Co. – Analysts warn hyperscaler economics are weaker than assumed; Nvidia target raised by Stifel.
• Amazon to raise $15B in major bond sale – Proceeds will help fund AI-infrastructure investments.
• Home Depot misses earnings for third quarter in a row – Fiscal 2026 guidance disappoints; Lowe’s trades lower ahead of results.
• Cloudflare drops after outage hits major platforms – Disruptions affected ChatGPT and X; traffic surge blamed.
• Medtronic beats estimates while Honeywell downgraded – MDT rises on strong results; HON falls on a cut to Underperform.
• Money-market assets hit record $7.54 trillion – Investors continue shifting cash to the sidelines.

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“Lots of companies don’t succeed over time. What do they fundamentally do wrong? They usually miss the future.” 

— Larry Page (co-founder of Google)

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Notable Stocks

• Amazon (AMZN)
• Alphabet (GOOGL)
• Microsoft (MSFT)
• Nvidia (NVDA)
• Meta Platforms (META)

Weekly Notables

Meta Prevails in FTC Antitrust Battle Over Instagram and WhatsApp

Meta scored a major legal victory Tuesday, winning its long-running antitrust case against the Federal Trade Commission. After a seven-month trial, U.S. District Judge James Boasberg ruled that the agency failed to prove Meta currently holds monopoly power in the social networking market—undercutting the FTC’s argument that the company never should have been allowed to acquire Instagram in 2012 or WhatsApp in 2014.

Alphabet Shares Hit Record After Berkshire Makes Rare $4.9 Billion Tech Bet

Alphabet (GOOG) shares surged nearly 6% to an all-time high on Monday after Berkshire Hathaway (BRK-B) disclosed a rare $4.9 billion stake in the company—an unexpected endorsement of the tech giant’s artificial intelligence strategy at a time when fears of an AI-driven market bubble continue to build. Berkshire purchased 17.85 million Alphabet shares, valued at roughly $4.93 billion, marking one of the final significant investments under Warren Buffett and a surprising move for a conglomerate long known for avoiding most technology stocks. Buffett has famously treated Apple—Berkshire’s largest holding—more like a consumer-products company than a tech play.

Earnings Spotlight

All eyes are on NVIDIA’s (NVDA) earnings report today, where analysts expect another blockbuster quarter: consensus forecasts call for $1.25 in EPS, up 56% from last year, on $54.9 billion in revenue. CEO Jensen Huang previously signaled a massive $500 billion order pipeline spanning 2025–2026, and analysts will scrutinize those figures closely as a barometer for the broader AI cycle. While long-term fundamentals for AI remain strong, high valuations and lofty expectations may fuel further near-term volatility. This has already pushed investors toward sectors such as health care, energy, and materials—an example of why diversification still matters in this market.

What's Ahead

Wednesday (11/19): Building Permits, EIA Crude Oil Inventories, Housing Starts, MBA Mortgage Applications Index. Earnings from Bullish (BLSH), Copa Holdings SA (CPA), Dycom Industries Inc. (DY), Lowe's Companies Inc. (LOW), NIO Inc. (NIO), Nvidia Corp. (NVDA), Palo Alto Networks Inc. (PANW), Target Companies (TGT), TJX Companies Inc. (TJX), Viking Holdings Ltd. (VIK).

Thursday (11/20): Continuing Claims, EIA Natural Gas Inventories, Existing Home Sales, Initial Claims, Leading Indicators, Philadelphia Fed Index. Earnings from Copart Inc. (CPRT), Elastic NV (ESTC), ESCO Technologies Inc. (ESE), Gap Inc. (GAP), Jacob Solutions Inc. (J), Intuit Inc. (INTU), NetEase Inc. (NTES), Ross Stores Inc. (ROST), Veeva Systems Inc. (VEEV), Walmart Inc. (WMT).

Friday (11/21): University of Michigan Consumer Sentiment – Final. Earnings from Alibaba Group Holding Ltd. (BABA), BJ's Wholesale Club Holdings Inc. (BJ), IES Holdings Inc. (IESC), VinFast Auto Ltd. (VFS).