CWS Market Review – November 18, 2025
Posted by Eddy Elfenbein on November 18th, 2025 at 8:43 pm

(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

The stock market fell again on Tuesday. This was the S&P 500’s fourth drop in a row. Wall Street is clearly getting nervous. Yesterday, for the first time since April, the index fell below its 50-day moving average, and it happened again today. The Dow lost 500 points today and the Nasdaq fell by 1.2%.

November has not been friendly to investors. So far this month, we’ve had four daily drops of more than 1%. In the three months prior to that, it happened only once. The S&P 500 has closed higher for the last six months in a row, but that streak looks to be in serious jeopardy. In four days, the S&P 500 has lost 3.4%.

Today it was tech stocks that were down the most. The S&P 500 Tech Sector was off by 1.68% today. That’s becoming a theme. Tech stocks and High Beta stocks in general have lagged the market over the last two weeks.

Anything risky has not done well. Bitcoin briefly dropped below $90,000 for the first time since April. I’m leery of calling this the start of a rotation. We need the trend to last a lot longer before we can say that. If we’re in an AI bubble, then this has to be one of the most expected bubbles in history. One thing history teaches us is that bubbles can go on longer than you think. It’s hard to stay rational when no one around you is.

All of Wall Street is waiting for Nvidia (NVDA) to report its earnings after tomorrow’s close. It’s hard to overstate how important this earnings report is to traders. Nvidia has a market value of roughly $4.5 trillion, and it used to be even higher.

Wall Street expects earnings of $1.25 per share. That’s compared with 81 cents per share for the same quarter one year ago. Whether it beats or not, get ready for some volatility. Going by the options market, traders see shares of NVDA closing up or down, by an average of 7%. That’s over $300 billion. Again, that’s only the average, it could be a lot more.

Over the last 10 years, Nvidia is up more than 6,000%. Despite being Wall Street’s darling, shares of Nvidia have largely performed as well as the market for the last four months. You have to wonder if a small leak can quickly turn into a big panic.

Since all those government economic reports were on hold, we’ve had to rely on other sources for getting a look at how well the economy is doing. We got another pseudo government report today which was Home Depot’s (HD) earnings report. In my opinion, HD’s earnings report is probably a better indicator of what’s really going on in the U.S. economy. It’s usually optimistic consumers that decide to do things like add a new deck.

Home Depot (in black) hasn’t performed very well against the S&P 500 (blue) for the last few years.

This morning, HD said that it missed earnings. Its Q3 earnings fell from $3.65 billion one year ago to $3.6 billion this year. The company also lowered its full-year guidance. Home Depot’s CFO said, “Our customers tell us that they remain on the sidelines due to uncertainty and perhaps the hesitation to make larger financial commitments amid an uncertain economic environment.”

For Q3, Home Depot’s comparable sales rose 0.2%. That was below Wall Street’s forecast for 1.3%. The damage isn’t that bad, but it soon could be much worse. This is an area of the market to keep an eye on.

The Russell 2000 had an unusually strong day today. The index closed higher by 0.4%. I think the Russell is a misunderstood index. It really doesn’t say much about small-cap stocks. Instead, the index is weighted heavily toward domestic manufacturing stocks.

The Federal Reserve meets three weeks from tomorrow, and the outlook for another rate cut is in doubt. Not that long ago, Wall Street assumed the Fed was on its side and that it would slash rates again. Maybe not. In the futures pits, the odds are almost exactly 50-50 on the chance for a December rate cut.

Yesterday, Federal Reserve Governor Christopher Waller said he supports another rate cut, and he could be in the majority. This next Fed meeting could test Jerome Powell’s leadership. Normally, most FOMC voters go along with the Fed chair, or there are one or two dissents. This next meeting may be different.

President Trump hasn’t exactly been shy about his feelings about Jerome Powell. Today the president said, “I’d love to get the guy currently in there out right now, but people are holding me back.” He’ll soon get his wish when Powell’s term expires in May.

To complicate matters, there may be a growing crisis in the world of private credit. A firm called Blue Owl limited redemptions from one of its funds. Earlier this month, Blue Owl said it will merge its traded fund with its non-traded fund, but investors in the non-traded fund won’t be to redeem their funds until the merger is completed. That may not happen until next year. Any problems in this sector of the market could easily be soothed with lower rates from the Fed.

Earnings Preview for IES Industries

This Friday, we’re going to get the latest earnings report from IES Industries (IESC). The report is due out before the market opens.

The stock has been a big winner for us this year. So far, the stock is up more than 80% YTD. Despite its strong performance, the company isn’t well-known. In fact, only one analyst on Wall Street follows the stock.

In this week’s issue, I wanted to describe who they are and what they do.

The company’s Executive Chairman is Jeffry Gendell who used to be CEO as well, but he relinquished that role earlier this year. Gendell was also the founder of Tontine Associates, which is a private investment management firm. The new CEO is Matt Simmes.

IESC currently has a market value of $7.2 billion and about 9,400 employees. The company currently operates through four business segments: Electrical, Communications, Infrastructure and Residential.

IES Electrical is an electrical contractor that provides design, build and maintenance services. The division offers service capabilities including constant presence, critical plant shutdown, troubleshooting, emergency service, testing, and preventive maintenance.

IES Communications provides the highest level of design, build and maintenance services for technology and communication systems.

IES Infrastructure provides electrical and mechanical apparatus services, custom steel fabrication and custom power solutions, including generator enclosures and bus systems.

IES Residential is one of the nation’s leading electrical, mechanical and plumbing contractors for both single family homes and multi-family apartment complexes.

IESC has also become known for its data centers which have become valuable thanks to the growth of AI. The company describes itself as “skilled and certified in designing, building and maintaining the critical technology and electrical systems in a data center.”

During Q3, IESC bought back 33,900 shares of stock for $5.3 million. The company has $168.0 million left in its repurchase authorization.

The sole analyst who follows IESC expects Q4 earnings of $3.11 per share. Since that’s the only forecast, I really don’t consider that to be Wall Street’s “consensus.” For last year’s Q4, IESC made $2.79 per share. Assuming 18% earnings growth would give them an estimate of $3.29 per share.

That’s all for now. The government’s econ reports may be out soon. Until then, several Fed officials will be speaking this week. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

Morning News: November 18, 2025
Posted by Eddy Elfenbein on November 18th, 2025 at 7:06 am

Poor Countries Got $1 Trillion From China. So Did Rich Ones.

Why Close Trade Partners China and Japan Can’t Get Along

After Climate Push, Energy Companies Return to Fossil Fuels in Europe

Al Gore Tells COP30 That the US May Have Reached ‘Peak Trump’

High Hamburger Prices? White House Blames Biden and Migrants.

As Struggling Farmers Take On Debt, a Bailout From D.C. May Come Too Late

Trump Needs to Prove He Actually Cares About Affordability

This Is How Our Economy Comes Crashing Down

The Fed Balance-Sheet Debate Tilts Toward ‘Voodoo’ Economics

The Fed’s Alarm Is On Mute: Lloyd Blankfein’s Advice for 2025

You Don’t Need a Burry to Know Which Way the Bubble Blows

Weinstein’s Saba Sells Credit Derivatives on Big Tech as AI Risks Grow

Fed Vice Chair Says Economic Trade-Offs Justify Lowering Rates Slowly

The Fed Is Cutting Bank Oversight. Critics See Risks.

If the U.S. Treasury Employed Fraudulent “MMT,” It Would Have No Debt

Why the CFPB Must Reject the Open Banking Experiment

How a Private Equity Firm Left a $2.2 Billion Hole in a Life Insurer

Klarna Revenue Surges as Longer-Term Loan Book More Than Doubles

Bitcoin Drops Below $90,000 for the First Time in Seven Months

A New Trump Resort in the Maldives Courts Crypto Investors

A City Is Broke. Can a Billionaire’s Urbanist Dream Offer It a Last Chance?

JPMorgan’s Pinto Warns of Possible ‘Correction’ in AI Valuations

Outage at Cloudflare Disrupts Parts of the Internet

ChatGPT, X Among Sites Down in Broad Cloudflare Outage

Apple’s Vision Pro Isn’t the Flop It Seems

The World’s Most-Watched YouTube Video Hasn’t Made Its Creator Rich

Who Will Win Hollywood’s Big Prize?

Cutting Ties With China Is Harder Than Companies Expected

The Hidden Risk When Retailers Ask for a Five-Star Review

If I Were CEO of Starbucks, I Would Fire the Strikers

Panera Plans to Spend Millions on Better Sandwiches and Nicer Stores

Trump Says US Is Creating Priority Visa System for World Cup

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Morning News: November 17, 2025
Posted by Eddy Elfenbein on November 17th, 2025 at 7:09 am

Brazil’s Economic Activity Falls as High Rates Weigh on Growth

Saving One of the World’s Most Important Carbon Sinks Is Big Business

China Escalates Japan Spat With Threats of Economic Retaliation

Trump Tariffs Push Japan’s Economy Into Contraction

Ukraine’s Revival Is a U.S. Investment Opportunity

Does the US Now Have a Casino Economy? Yes and No

Pasta at Twice the Price? Some Italian Producers Face Huge U.S. Tariffs.

White House Hunts for Ways to Lower the Cost of Living

Why Every Fed Official Should Eat At Akron, OH’s Diamond Grille

The Crypto Industry’s $28 Billion in ‘Dirty Money’

Crypto’s Riskiest Tokens Plummet to Pandemic-Era Levels

How to Not Get Kidnapped for Your Bitcoin

The Offshoring of America’s Retirement Savings

Jeffrey Gundlach Warns of ‘Garbage Lending’ as Private Credit Booms

The ESG Return on Investment Reckoning Is Coming

Trump’s Spending Abuses Are Out of Control

They Rushed to Buy Homes During the Pandemic. Now, Some Feel Trapped.

The Case for a Mortgage Policy That Almost Everyone Hates

Layoff Tactics Keep Changing, and the Blunders Keep Coming

The Job Market Is Heating Up — for Jobs That People Usually Don’t Want

International Student Enrollment Drops After Trump’s Visa Overhaul

For Too Many American Kids, Math Isn’t Adding Up

Cash Grants Aren’t a Long-Term Solution to Global Poverty

Novo Undercuts Lilly’s Obesity Drug Price for Cash-Pay Patients

Hydropower Is Getting Less Reliable as the World Needs More Energy

Rivian Bets Its EV Engineers Can Spin Out New Businesses

The AI Investment Boom Is Quietly Entering Mania Territory

US Sanctions Propel China AI Prodigy to $23 Billion Fortune

ChatGPT Is Just Too Dangerous for Teenagers

Spotify Needs to Stop AI Music From Reaching My Ears

How ‘Baby Shark’ Drove Pinkfong to the Stock Market

Sinclair Takes Stake in E.W. Scripps to Push Takeover Deal

The Man Yelling ‘Iceberg!’ on the Hollywood Titanic

Domino’s Invests in Rebrand (And Stuffed-Crust Pizza) to Keep Diners Coming

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Morning News: November 14, 2025
Posted by Eddy Elfenbein on November 14th, 2025 at 7:03 am

Africa Needs 1 Billion Jobs by the End of the Century. Where Will It Find Them?

China’s Economy Stumbles After Unprecedented Slump in Investment

Short of Hoarding, China Can’t Keep ‘Rare Earths’ Out of the U.S.

Oil’s Surplus Is Growing, But So Is Geopolitical Risk

Europe Cannot Legislate Technological Supremacy

Rachel Reeves Budget U-Turn Puts UK in a Tax Death Spiral

How a BBC Documentary Triggered a $1 Billion Lawsuit Threat From President Trump

Trump Readies Tariff Cuts, Trade Deals in Affordability Push

What Bananas Tell Us Now About Tariffs and Inflation

Janet Yellen Says the US Is Undermining Its Economic Success

Bitcoin’s Bear Market Deepens as ETF Investors Yank $870 Million

What Our Michael Burry Obsession Says About Us

Watch for This Toxic Trifecta Before the Next Financial Meltdown

Don’t Turn Deposit Insurance Into Another Middle Class Tax

Companies Predict 2026 Will Be the Worst College Grad Job Market in Five Years

Cyberattacks Are Up. So Why Are US Defenses Down?

Anthropic Says Chinese Hackers Used Its A.I. in Online Attack

“Industrial Policy” Should Be Opening Federal Lands To Data Centers

Big Tech’s Dominance Depends on Our Laziness

Emirates to Put Starlink on Aircraft in Major Win for SpaceX

Inside the Frantic Push to Reverse Verizon’s Decline

As First Brands Headed for Failure, Its Founder Spent Big in Europe

Your 2025 Guide to Holiday Prices: Where Tariffs Are Biting and Where They’re Not

Boomers Are Passing Down Fortunes — And Way, Way Too Much Stuff

How to Not Drown Under All Your Parents’ Stuff

Kennedy Walks a Tightrope on Trump Deal for Obesity Drugs

Paramount, Comcast, Netflix Prepare Bids for Warner as Deadline Approaches

25 Movies, Many Stars, 0 Hits: Hollywood Falls to New Lows

Netflix Tries Bringing Family Game Night to Your TV

Want a Meeting With the Girl Who Invented a Board Game? Get in Line.

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Morning News: November 13, 2025
Posted by Eddy Elfenbein on November 13th, 2025 at 7:01 am

Zelenskiy Says Ukraine’s Survival Rests on Funds From Allies

Russian Trademark Poachers Are Targeting Brands Like Armani and Amazon

Cocaine Bonanza and a Defiant Colombian President Infuriate Trump

Britain Is Preparing Tens of Billions in New Taxes—Again

Record US Government Shutdown Ends as Trump Signs Spending Bill

White House Says October Jobs, Inflation Reports Unlikely to Be Released

The Shutdown’s Unseen Victims

Better Economic Instruction Will Restore Economic Freedom

Supreme Court Can’t Mend US Trade Policy

NYC Is the Next Front in Trump’s War on Cities

Atlanta Fed President Bostic to Retire Ahead of Reappointment Process

Regional Fed Banks Could Be Next Front in Trump’s Pressure Campaign

How To Increase Deposit Insurance Without Moral Hazard

Jon Gray Is Reshaping Blackstone Into Everybody’s Investing Megastore

Michael Burry’s Scion Hedge Fund Deregistered, SEC Filing Shows

All About Denmark’s ‘Foundation’ Model, and Why it Matters Now

If Border Closure Is Such Great Politics, What Happened On 11/4?

Trump Administration Expected to Drastically Cut Housing Grants

Builders’ Cheap Mortgages Are a Bad Deal for Home Buyers

How Private Equity’s Vision for a Roofing Conglomerate Went Bust

Threats of Nuclear Testing Ignore Its Terrifying History

Oil Market Faces Growing Surplus as Inventories Climb, IEA Says

A Fossil Fuel Fight Brews at COP30 as Delegates Draft Road Map

Trump Is Helping Big Oil’s Return to Exploration

Keep International Climate Policies Out of Americans’ Pocketbooks

Electric-Truck Maker Harbinger Raises $160 Million

The Luxury Electric Vehicle Is in Trouble

Accenture and Jeffrey Katzenberg’s WndrCo Invest in AI Marketing Startup

Some South Korean Workers Return to Georgia Factory After U.S. Reissues Visas

Disney Posts Roughly Flat Quarterly Revenue as TV Declines Continue

NBCUniversal Launching New Cable Sports Channel

China ‘Singles’ Day’ Sales Show Modest Growth

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Morning News: November 12, 2025
Posted by Eddy Elfenbein on November 12th, 2025 at 7:06 am

India’s Inflation Cools to New Low, Eases More Than Expected

Why Factories Will Keep Looking for Alternatives to China

Better for China To Be Reliant On Us Than Self-Sufficient

Putin Allows Citigroup to Sell Its Russian Bank

ECB’s Key Interest Rate Is in a Good Place, Says Schnabel

The Fed Is Increasingly Torn Over a December Rate Cut

Why We Can’t Have Another 1929

This Is Why You Should Treat the Stock Rally With Skepticism

Investors Now See Some Corporate Bonds as Safer Bets Than Government Debt

Hedge Fund Giants Are Muscling Into Red-Hot Private Markets

Wall Street to Speed Up India Hiring on Trump’s H-1B Visa Curbs

JPMorgan Rolls Out Deposit Token JPM Coin in Digital Asset Push

With Banking, Taxpayers Have a Big Stake In Big Data

The I.R.S. Tried to Stop This Tax Dodge. Scott Bessent Used It Anyway.

Raising the Social Security Retirement Age Would Be a Big Government Mistake

Ending the Filibuster Would Still Be a Very Bad Idea

What a Government Shutdown Solution Hasn’t Solved

Car Loan Delinquencies Hit Record for Riskiest Borrowers

Buffett’s Latest Letter Subtweets His Fellow Billionaires

Who Didn’t Suffer During the Shutdown? People Flying Private.

Missing at U.N.’s Climate Meeting: American Executives

The US Is Making a $3 Trillion-a-Year Mistake

Oil and Gas Demand Could Grow Until 2050, IEA Says

Trump to Push for Oil Drilling off California Coast

Chevron Is Getting More Serious About Power

Billions Flow to US Nuclear Sector With Payoff Still Years Away

Autonomous-Truck Company Einride Plans to Go Public in SPAC Deal

Mariners Wanted: Six-Figure Salaries and Months at Sea

Defense Tech Lures Students Looking for ‘Mission Over Money’

SoftBank Sells $5.8 Billion Stake in Nvidia to Pay for OpenAI Deals

Irish Government Might See Boost to Tax Revenues From AI, Weight-Loss Drugs

Mark Zuckerberg Is Picking Groupthink Over an AI Godfather

How Dyson Went From Fancy Vacuum Maker to Beauty Titan

Why Build-A-Bear Has Been on an Nvidia-Like Run

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CWS Market Review – November 11, 2025
Posted by Eddy Elfenbein on November 11th, 2025 at 6:38 pm

(This is the free version of CWS Market Review. If you like what you see, then please sign up for the premium newsletter for $20 per month or $200 for the whole year. If you sign up today, you can see our two reports, “Your Handy Guide to Stock Orders” and “How Not to Get Screwed on Your Mortgage.”)

We finally had some good news out of Washington. It appears that the government shutdown will soon come to an end. As I write this, Polymarket shows 95% odds that the shutdown will end between November 12th and 15th. The Senate has already passed a bill that will end the shutdown.

Now it’s the House’s turn. They’ll start voting on the Senate’s bill tomorrow afternoon. If that passes, all it needs is the president’s signature and the government can reopen.

The stock market celebrated the news yesterday with a big rally, and it was largely concentrated in tech and High Beta stocks.

On Monday, the S&P 500 rallied over 1.5% while the Nasdaq was up more than 2.2%. The High Beta Index was up 1.69% and the Low Vol Index was up 0.08%. The tech sector gained almost 2.7% on the day. This is close to the inverse of what we’ve seen over the past two weeks.

So what happened to break the political deadlock? Eight senators who are normally on the Democratic side of the aisle broke ranks and voted for a plan to fund most of the government through January.

The shutdown was starting to add a level of chaos to certain parts of the economy. For example, about 5,000 flights were canceled from Friday through Sunday. According to the New York Times, “By Monday morning, more than 1,400 flights had been canceled for the day, more than 5.5 percent of scheduled trips.” There have been 602 reports of short staffing since October 1, more than six times as many as were reported on the same dates last year.

I’m glad that will soon be behind us. I’m also looking forward to seeing some of the recent economic data that’s been left unattended.

The stock market had an interesting day today because many stocks did well. The Dow rallied over 550 points to a new record. The weak spot is that the Nasdaq didn’t do so well today. It closed lower by 0.25%.

Within the Nasdaq are many tech stocks and they’re influential enough to bring down the entire Nasdaq Composite. We can go further and see that a small group of very large companies can sink the entire tech market. In fact, Nvidia (NVDA) is big enough to do it by itself.

In today’s trading, Nvidia closed lower by 2.96%. That’s a loss of around $145 billion which works out to around 18 points in the entire S&P 500. The tech sector was the only market sector to close lower today.

Thanks to Nvidia’s loss, many Low Vol stocks gained back some relative strength they lost on Monday. High Beta’s relative performance peaked on October 24th. Low Vol has outperformed since October 29th. I can’t say if this is the start of a long-term rotation for these sectors, but High Beta has held the spotlight for a long, long time. All cycles on Wall Street come to an end.

Interestingly, on Tuesday, the High Beta sector closed lower by 0.92% while Low Vol closed higher by 0.92%. Nice symmetry.

Even though the stock market is near all-time highs, I do have some growing concerns about the state of the economy, especially the jobs market. For example, it appears that many of the job numbers are distorted by “ghost jobs.” These are jobs that are listed as being open but are never actually filled. It makes the labor market appear stronger than it truly is.

Last week’s ISM Manufacturing report showed further contraction in the factory sector of the economy. This was the eighth monthly drop in a row.

Wendy’s said it’s going to close 300 stores starting at the end of this year. The burger chain recently reported a 4.7% drop in same-store sales.

U.S. companies recently announced the largest October jobs cuts in 20 years. Intel said it will reduce its workforce by 15% by the end of the year. Amazon plans to cut 14,000 corporate jobs. Walgreens cut its pay for hourly store workers after a $10 billion buyout.

President Trump has floated the idea of giving all Americans, except high income folks, a check for $2,000.

The October jobs report was scheduled to be released last Friday, but that’s been put on ice thanks to the government shutdown. Without the government data, we’re forced to rely on other sources. For example, the ADP private payrolls reports said that companies added 42,000 workers last month. Revelio Labs said the economy shed 9,100 jobs in October.

This morning, ADP said that U.S. companies lost an average of 11,250 jobs over the last four weeks through October 25.

The National Association of Realtors decided to replace a photo it was going to use in a new report because it showed a young couple. These days, those folks aren’t typical home buyers. Instead, the NAR used a photo of a couple near retirement age. The average home buyer is now 59 years old.

Buffett Says Goodbye

On Wednesday, Warren Buffett sent a letter to shareholders of Berkshire Hathaway. In it, Buffett said that he will no longer be writing Berkshire’s annual report or speaking at the annual shareholder meeting. I can hardly blame him for having some time off. After all, he’s 95 years old. At the end of the year, Greg Abel will take over.

In his letter, Buffett gives us a lovely paean to Omaha and growing up in the heartland. Here’s a sample:

Let’s look at a few other kids from that era, who grew up very nearby and greatly influenced my life but of whom I was for long unaware.

I’ll begin with Charlie Munger, my best pal for 64 years. In the 1930s, Charlie lived a block away from the house I have owned and occupied since 1958. Early on, I missed befriending Charlie by a whisker. Charlie, 6 ⅔ years older than I, worked in the summer of 1940 at my grandfather’s grocery store, earning $2 for a 10-hour day. (Thrift runs deep in Buffett blood.)

The following year I did similar work at the store, but I never met Charlie until 1959 when he was 35 and I was 28. After serving in World War II, Charlie graduated from Harvard Law and then moved permanently to California. Charlie, however, forever talked of his early years in Omaha as formative. For more than 60 years, Charlie had a huge impact on me and could not have been a better teacher and protective “big brother.”

We had differences but never had an argument. “I told you so” was not in his vocabulary. In 1958, I bought my first and only home. Of course, it was in Omaha, located about two miles from where I grew up (loosely defined), less than two blocks from my in-laws, about six blocks from the Buffett grocery store and a 6-7-minute drive from the office building where I have worked for 64 years.

Buffett also discussed his philanthropic plans for his estate. Buffett’s children will be looking after most of the funds in their respective trusts.

Lastly, he added this note: “Berkshire will always be managed in a manner that will make its existence an asset to the United States and eschew activities that would lead it to become a supplicant.”

This reminds me of Charles Wilson, who was often called “Engine Charlie.” Wilson was the CEO of General Motors, and he later become Ike’s Secretary of Defense.

At his confirmation hearings, Wilson famously said, “What’s good for General Motors is good for the country.” Except that’s not what he said. This has become a famous misquotation.

Wilson was asked if he could make a decision that was not in the interest of General Motors. Wilson said he could, but it would be unusual “because for years I thought what was good for our country was good for General Motors, and vice versa.” That’s quite a different answer and I’m glad to see Buffett endorse that tradition.

Here are the last 30 years for Berkshire (BRK-A)

That’s all for now. The government’s econ reports may be out soon. Until then, several Fed officials will be speaking this week. I’ll have more for you in the next issue of CWS Market Review.

– Eddy

Morning News: November 11, 2025
Posted by Eddy Elfenbein on November 11th, 2025 at 7:06 am

Trump Tower Plans in Belgrade Draw Thousands in Serbian Protest

How Should Canada Respond to Trump’s Tariff Threats?

Where the Taste of Home Comes With a Tariff Charge

End the Shutdown, Buy the Dip

It’s Going to Be Really Hard to Work Out How Much the Shutdown Hurt the Economy

Dollar Carry Trades Set to Trounce World’s Booming Stock Markets

Japan’s ‘Megabanks’ Seen Posting Solid Q2 Profits, On Track for Record Annual Earnings

Never Have Federal Tax Cuts Ever “Starved the Beast”

A High Corporate Tax Rate Would Heighten NYC Unaffordability

Groups Sue to Reverse Trump’s Cuts to Energy Projects in Democratic States

This Justice Department Is Redefining Who the Enemy Is

Low-Income Shoppers Cut Spending and Businesses Worry

A 50-Year Mortgage? It’s Not a Terrible Idea

Why First Brands Has Sparked So Many Concerns on Wall Street

‘Going Quiet’: Nine Big Takeaways From Warren Buffett’s Last Letter as CEO

Berkshire’s Buffett Plans to Keep Class A Shares Until Successor Wins Over Investors

Emerging-Market FX Set for Fifth Day of Losses This Month So Far

Morgan Stanley Adds KKR-Backed Wealth Tech to Speed Up Trades

Why the GAIN Act Is a Net Loss for U.S. Technology

CoreWeave Reports Doubling of Revenue From AI Boom

Gamma, a PowerPoint for the A.I. Era, Raises $68 Million

SoftBank Sells Nvidia Stake for $5.8 Billion to Fund AI Bets

Nebius Sales Soar as Neocloud Provider Inks AI Deal With Meta

The 20-Somethings Who Raised $121 Million to Build Military Drones

Drugmakers Pile Into a Cancer Gold Rush With Questionable Payoff

The Silicon Valley Beauty Brand Biohackers Are Obsessed With

How Beauty Behemoth Ulta Conquered the American Strip Mall

IKEA’s First Non-Swedish CEO Vows to Preserve Its Frugal Roots

Paramount Reports Streaming Growth in First Earnings Since Skydance Merger

Holes Grow in Hollywood’s Safety Net When It Is Needed Most

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Morning News: November 10, 2025
Posted by Eddy Elfenbein on November 10th, 2025 at 7:06 am

Europe’s Economic Recovery Hopes Hang on Scarred Consumers

China Tightens Controls on Fentanyl Precursors After Summit

The True Cost of China’s Falling Prices

Tariffs Are Hurting the People They’re Meant to Help

US Ports Facing ‘Goods Recession’ Amid Holiday Lull, Tariff Woes

Trump Administration Demands States ‘Undo’ Work to Send Full Food Stamps

Airport Disruptions May Get Worse This Week

US Flight Delays Set to Escalate on Chicago Snow, Tighter Limits

As Flight Cancellations Rise, People Are Turning to Trains, Car Rentals and Creative Solutions to Get to Their Destinations

It’s Trump’s Economy Now and Americans Don’t Seem to Love It

Feeling Great About the Economy? You Must Own Stocks

The Three ’A’s in the Trump Economy: AI, Asset Prices and the Affluent

Senate Advances Plan to End Shutdown After Some Democrats Agree

Bounty Hunters? They’re the Last Thing ICE Would Need

The Trillionaires Are Coming. They Can Pay Their Workers Now.

Will the Growth of Stablecoins Drain Bank Deposits?

Hedge Fund Man Group Hails New Era After $13 Billion Mandate

As Jimmy Carter Rises In Right’s Esteem, Let’s Remember Why He Lost

Tricolor’s Frantic End Was Sparked by a Phone Call From JPMorgan

AI-Trained Grads Edge Out Costly Advisers at Indian Wealth Firm

Perplexity Is AI’s New Pit Bull

Data Centers in Nvidia’s Hometown Stand Empty Awaiting Power

Iron Ore Kingpins Head to Guinea as Giant Simandou Mine Nears Startup

Alaska’s New Mining Rush Chases Something More Coveted Than Gold

Tesla’s Cybertruck Chief Is Departing Electric-Vehicle Maker

Glass Skin and Snail Mucin: South Korea’s Journey to Global Beauty Power

Italian Pasta Is Poised to Disappear From American Grocery Shelves

Instacart Gives Rosy Outlook Following Grocery Orders Beat

Burger King Strikes Joint Venture to Double Presence in China

Can the Tallest Running Shoe Out There Chart Path for Nike’s Comeback?

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Morning News: November 7, 2025
Posted by Eddy Elfenbein on November 7th, 2025 at 7:03 am

China’s Exports Unexpectedly Falter as Prices Keep Falling

China Suspends Some Export Controls on Critical Minerals but Retains Others

Bank of Mexico Cuts Interest Rate for 11th Straight Time

The Job Market Is Cooling but Not Collapsing (if Private Data Can Be Trusted)

Mass Layoffs Are Scary, but Probably Not a Sign of the A.I. Apocalypse

Cleveland Fed’s Beth Hammack Skeptical of Further Cuts

The Fed’s Recent Rate Decisions Have Been Divisive. It Is Likely to Get Worse.

Steven Miran Is Why We Can’t Trust Economists With the Economy

Cash Is Not King. It’s Cringe.

I.R.S. Halts Free Online Offering for Filing Taxes Directly

The Executive Is Weakened No Matter SCOTUS Tariff Ruling

Japanese Automakers Warn of Billions in Tariff Losses

Facing Trump’s Tariffs, Swiss Farmers Find Themselves With Too Much Milk

Chipotle Isn’t Serving Tariff Inflation — for Now

Trump Administration Must Fund Full SNAP Benefits for November, Judge Rules

Egregious Errors by Kings FDR and Mom Jeans Gave Us 2025 Shutdown

Senate Democrats Want Fiserv to Detail Trump Official’s Tenure

Flight-Cancellation Plans Prompt Scramble Across Travel Industry

Another Victim of the Shutdown: Tourism in the Nation’s Capital

Accountability: The Secret to Successful Leadership

Businesses That Don’t Study Customers Have Unhappy Customers

A $1.4 Billion Rare-Earth Deal With a Trumpian Twist

OpenAI CEO Says U.S. Shouldn’t Bail Out AI Companies

The Men Who Shaped the Internet Won’t Be Able to Fix It

The AI Revolution Is an Afterthought for Phone Buyers

Musk Wins $1 Trillion Pay Package, Creating Split Screen on Wealth in America

Musk Answers $1 Trillion Tesla Payday With Over-the-Top Promises

Some Tesla Shareholders Want It to Invest in xAI. The Board Isn’t So Sure.

Obesity Drugs for All? White House Deal Is Just a Start

What Trump’s New Drug Pricing Deal Means for People With Obesity

Bayer Weights Roundup Exit as Cancer Legal Bill Nears $18 Billion

World Cup Stadium Builder Plans Morocco IPO to Fund Order Boom

Why Everyone in Hollywood Wants Their Movie in IMAX

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