top headlines from today:

World & Market

  • Nasdaq jumps 1% as Wall Street looks past Russia-Ukraine tensions, Nvidia shares surge
  • Mortgage Rates Only Modestly Lower Despite Seemingly Big News 30 Yr. Fixed: 7.04% (-0.04% ) | 15 Yr. Fixed: 6.42% (-0.03% ) |
  • Michael Jordan bought the Charlotte Hornets for $275M in 2010; he held the shares for 13 years, then he sold the majority of the shares for $2.77 billion. He outperformed the Nasdaq.
  • Homes are so expensive a record number of first-time buyers needed an inheritance, per FORTUNE.

2024 Politics

  • Donald Trump is personally calling senators to press them to confirm former Rep. Matt Gaetz to be his attorney general, according to senators who have spoken with Trump.
  • U.S. District Judge Carl Nichols, a Trump appointee, says “blanket pardons for all Jan. 6 defendants would be beyond frustrating and disappointing.” — POLITICO
  • *TRUDEAU: IF TRUMP WON’T TAKE CLIMATE OPPORTUNITIES, CANADA WILL
  • BANK OF KOREA’S KIM: TRUMP’S VICTORY INCREASES POLICY UNCERTAINTIES
  • *HOUSE DEMOCRATS REELECT JEFFRIES AS THEIR LEADER
  • TRUMP EXPECTED TO NAME LUTNICK AS COMMERCE CHIEF – PUNCHBOWL
  • Hacker Is Said to Have Obtained Damaging Testimony About Gaetz: NYT

Conflict

  • *BIDEN OFFICIAL: U.S. NOT SURPRISED BY RUSSIA NUCLEAR ANNOUNCEMENT
  • *U.S. INDICATES IT WON’T RESPOND TO RUSSIAN NUCLEAR DOCTRINE MOVE
  • *IRAN AGREES TO STOP PRODUCING NEAR BOMB-GRADE URANIUM: IAEA
  • US Official: Ukraine Has Used ATACMS In Russia For First Time – RTRS
  • THE US WILL SEND UKRAINE AT LEAST $275M IN NEW WEAPONS – AP.

key headlines we care about:

  • 7% of first-time buyers used an inheritance for their down payment last year. That’s more than double the share of repeat buyers who are doing the same, per NAR. (The other 93% aren’t “inspiring influencers….)
  • Homes are so expensive a record number of first-time buyers needed an inheritance, per FORTUNE. (Reason #57 to stay nice to your grandparents..)
  • Americans are spending big on cars and gadgets—and going into debt to do it, per FORTUNE. (I think this was meant to say “spent on BIG cars because Americans are getting bigger….)
  • The highest temperature ever recorded on Earth is 56.7°C (134.1°F), which was measured on July 10, 1913 at Furnace Creek Ranch in Death Valley, California, United States. (Someone should be in the Boeing board room to record the temp in there….)
  • Michael Jordan bought the Charlotte Hornets for $275M in 2010; he held the shares for 13 years, then he sold the majority of the shares for $2.77 billion. He outperformed the Nasdaq. (If I could be like Mike…)

TESTING TIMES TUESDAY

Them: “That bag is SO small. What can it hold?”
Me: “My patience.”

United States spending and revenue for 2024.

Did you know that the U.S dollar has lost an incredible 99.25% of its purchasing power relative to gold over the past century?

Serious delinquency rates in US auto loans are surging:

  • As of Q3 2024, 5% of auto loans held by Americans aged 18-29 were seriously delinquent, near the highest level in 15 years.
  • At the same time, 3.5% of people aged 30-39 hold seriously delinquent auto loans, the highest in 14 years.
  • Even 40+ age groups who are considered more financially stable have delinquency levels at 15-year highs.
  • Serious delinquency rates for auto loans are currently rising at their fastest pace since the 2008 Financial Crisis.
  • The car market bubble is popping.

Autographed xBox 360 by Abraham Lincoln.
Get your bids in now for a ONE OF A KIND Christmas gift

CHINA AND JAPAN ARE DUMPING US TREASURIES
Japanese investors sold $61.9 billion of Treasuries in Q3 2024, the most on RECORD. Chinese funds dumped $51.3 billion, the second largest on record.
Japan and China are two world’s biggest foreign holders of US government debt.

Tesla is up 40% since the election and back in the $1 trillion market cap club for the first time since April 2022.

Global Politics

2028 National Republican Primary

A strong majority of Americans believe the country will head in a better direction once President Trump is inaugurated.

When your friend overstays by 4 too many hours, but you don’t have the heart to tell him..

100 Days of Ukraine War

FYI
World’s strongest passports.
(VisaGuide Passport Index)

This is either the SADDEST or STRONGEST Dunkin’ Donuts

Click HERE for a market recap

on this day in history:

Today in History

1977 Egyptian president Anwar Sadat visits Israel

Sadat was the first Arab head of state to visit Israel and address the Israeli parliament, the Knesset. His visit came under severe criticism both in Israel and in the Arab world. Sadat and Israeli prime minister Menachem Begin were jointly awarded the Nobel Peace Prize in 1978 for their attempts to bring a resolution to the Arab-Israeli conflict.

1969 Pelé’s 1000th goal

The Brazilian footballer, often considered to be the greatest athlete of the 20th century, made his 1,000th professional goal against Vasco da Gama at the Maracana stadium in Rio de Janeiro.

1946 Gettysburg Address

Thought to be one of the most memorable and influential speeches in the history of the United States, the address was delivered by American President Abraham Lincoln while dedicating the Soldiers’ National Cemetery in Gettysburg, Pennsylvania, 4 months after the bloody Battle of Gettysburg. The short address which was only 272 words in length, emphasized that the American Civil War wasn’t just a war to save the union, but also a war to ensure equality and freedom.

1943 Janowska camp uprising

The concentration camp in occupied Poland was set up in 1941. In November 1943, in anticipation of the advancement of Soviet troops, the Nazis tried to evacuate the camp and used the inmates to remove traces of executions and mass killings in the past. On this day, the inmates staged an uprising and attempted to escape. Most escapees, however, were recaptured and killed.

1794 Signing of the Jay Treaty

The treaty, officially known as, Treaty of Amity Commerce and Navigation, between His Britannic Majesty and The United States of America, was signed between representatives of the United States and Britain. It called for the British to surrender northwestern posts to the U.S. and for them to consider the United States as a most favored nation for trade between the two countries.

birthdays & deaths:

Births On This Day, November 19th

1941 Tommy Thompson

American politician, 42nd Governor of Wisconsin

1917 Indira Gandhi

Indian politician, 3rd Prime Minister of India

1831 James A. Garfield

American politician, 20th President of the United States

1933 Bruce Conner

American painter, photographer, director

1600 Charles I of England

Deaths On This Day, November 19th

1987 homas H. InceT

American actor, director, producer

1918 Joseph F. Smith

American religious leader, 6th President of The Church of Jesus Christ of Latter-day Saints

1850 Richard Mentor Johnson

American politician, 9th Vice President of the United States

1828 Franz Schubert

Austrian composer

1798 Wolfe Tone

Irish patriot

company news/earnings:

Analyst Actions

Stifel today raised its price target on Nvidia $NVDA to $180 up from $165 while maintaining its Buy rating

Earnings

FUTU Futu Holdings Limited reported earnings Q3 FY2024 results ended September 30th 2024 – Revenue: $442.3M, +29.6% YoY – Net income: $169.8M, +20.9% YoY – EPS per ADS: $1.21 vs $1.01 in Q3 2023 – Total paying clients: 2.20M, +33.1% YoY

GDS GDS Holdings Limited reported earnings Q3 FY2024 results ended September 30th, 2024 – Revenue: RMB2,965.7M ($422.6M), +17.7% YoY – Net loss: RMB231.1M ($32.9M), improved from RMB420.8M loss YoY – Loss per ADS: RMB1.12 ($0.16) vs RMB2.37 in Q3 2023 – Adjusted EBITDA: RMB1,295.7M ($184.6M), +15.0% YoY

LOW Lowe’s reported earnings Q3 FY2024 results ended on November 1st, 2024 – Revenue: $20.2B, -1.5% YoY – Net Earnings: $1.7B, -4.4% YoY – EPS: $2.99 vs $3.06 in Q3 FY2023 – Adjusted EPS: $2.89 vs $3.06 in Q3 FY2023 – Comparable Sales: -1.1% YoY

MDT Medtronic reported earnings Q2 FY2025 results ended on October 25th, 2024 – Revenue: $8.4B, +5.3% YoY (+5.0% organic) – Net Income: $1.27B, +40% YoY – GAAP EPS: $0.99 vs $0.68 in Q2 FY2024 – Non-GAAP EPS: $1.26 vs $1.25 in Q2 FY2024

WMT Walmart reported earnings Q3 FY2025 results ended on October 31st, 2024 – Revenue: $169.6B, +5.5% YoY – Operating Income: $6.7B, +8.2% YoY – EPS: $0.57 vs $0.06 in Q3 FY2024 – Adjusted EPS: $0.58 vs $0.51 in Q3 FY2024

FYI

74% of shoppers say they’ve abandoned their online shopping cart because they were too overwhelmed by all the options, per BI

The highest temperature ever recorded on Earth is 56.7°C (134.1°F), which was measured on July 10, 1913 at Furnace Creek Ranch in Death Valley, California, United States.

Speaker Mike Johnson: “Let me be unequivocally clear: A man is a man, and a woman is a woman. And a man cannot become a woman.”

MARKET/TRADING SPECIFIC NEWS:

cryptocurrencies:

*BITCOIN RISES TO NEW ALL-TIME HIGH OF $93,918.50

BlackRock says there’s a “renewed sense of optimism” following President-elect Trump’s promise to create a strategic #Bitcoin reserve.

regulation:

*DOJ WILL PUSH FOR GOOGLE SELLING CHROME TO BREAK MONOPOLY
*TOP ANTITRUST OFFICIALS ALSO TO SEEK DATA LICENSING PROVISIONS
*DOJ ALSO WANTS MEASURES TO ALLOW WEBSITES TO OPT OUT OF AI

*GOOGLE SAYS DOJ PROPOSALS WOULD HARM CONSUMERS AND DEVELOPERS

A crypto miner agrees to pay a $4 million penalty to settle US Securities and Exchange Commission allegations that it engaged in a scheme to bribe Japanese officials

OFF SHORE-TAX-CARIBBEAN-BANKING-CAYMAN ISLANDS:

Premier Juliana O’Connor-Connolly is leading a delegation of senior officials as they advocate for the needs of the Cayman Islands and strengthen its relationship with the UK Labour Government.

CREDIT/LENDING/RATES/BANKING RESCUE/CRISIS:

BOJ TO SUPPLY USD FUNDS AGAINST POOLED COLLATERAL

HEDGE FUNDS/PRIVATE EQUITY/MUTUAL FUNDS

CITADEL’S GRIFFIN SAYS MULTISTRATEGY HEDGE FUND BOOM IS OVER

market outlooks

Goldman Sachs now predicts Gold could reach a new all-time high of $3,150 next year due to Donald Trump’s victory

ATLANTA FED GDPNOW FOR Q4 UP TO 2.6% VERSUS 2.5% PREVIOUS

legal

TRUMP’S NOVEMBER 26TH HUSH MONEY SENTENCING ADJOURNED – COURT.

U.S. District Judge Carl Nichols, a Trump appointee, says “blanket pardons for all Jan. 6 defendants would be beyond frustrating and disappointing.” — POLITICO

housing/mortgage

U.S HOUSING STARTS (OCT) ACTUAL: 1311K VS 1354K PREVIOUS; EST 1334K

U.S BUILDING PERMITS (OCT) ACTUAL: 1416K VS 1425K PREVIOUS; EST 1435K

U.S HOUSING STARTS (MOM) (OCT) ACTUAL: -3.1% VS -0.5% PREVIOUS

U.S BUILDING PERMITS (MOM) (OCT) ACTUAL: -0.6% VS -3.1% PREVIOUS

7% of first-time buyers used an inheritance for their down payment last year. That’s more than double the share of repeat buyers who are doing the same, per NAR.

Mortgage Rates Only Modestly Lower Despite Seemingly Big News 30 Yr. Fixed: 7.04% (-0.04% ▼) | 15 Yr. Fixed: 6.42% (-0.03% ▼) |

M&A

BLACKSTONE NEARS DEAL FOR JERSEY MIKE’S SUBS – WSJ

fx/commodity

Dollar higher, boost to safe-haven currencies fades

Gold hits 1-week high as Russia-Ukraine tensions boost rush to safety

NYMEX WTI CRUDE DECEMBER FUTURES SETTLE AT $69.39 A BARREL, UP 23 CENTS, 0.33%.

NYMEX DIESEL DECEMBER FUTURES SETTLE AT $2.2402 A GALLON.

NYMEX GASOLINE DECEMBER FUTURES SETTLE AT $2.0377 A GALLON.

NYMEX NATURAL GAS DECEMBER FUTURES SETTLE AT $2.9980/MMBTU.

country news

TRINIDAD AND TOBAGO SIGNS PRODUCTION SHARING AGREEMENT WITH BP FOR SHALLOW WATER GAS BLOCK, GOVERNMENT SAYS

economic data

CANADIAN CORE CPI MOM ACTUAL 0.3% (FORECAST -, PREVIOUS 0.1%)

CANADIAN CPI MEDIAN ACTUAL 2.5% (FORECAST 2.4%, PREVIOUS 2.3%)

CANADIAN CPI YOY ACTUAL 2% (FORECAST 1.9%, PREVIOUS 1.6%)

market data

Nasdaq jumps 1% as Wall Street looks past Russia-Ukraine tensions, Nvidia shares surge

US markets closed: ⬆ S&P 500 – 5,916.97 (+0.40%) ⬇ DOW 30 – 43,268.94 (-0.28%) ⬆NASDAQ – 18,987.47 (+1.04%) ⬆ Russell 2000 – 2,321.22 (+0.64%) ⬆ CBOE Volatility – 16.09 (+3.28%)

European markets close lower as investors monitor Russia tensions

Asia-Pacific markets rise as investors assess Chinese policymakers’ comments at investment summit