November 5
News
The S&P 500 tumbled 2.6%, while the Nasdaq plunged 4.1%, officially entering correction territory
A sharp sell-off in technology stocks weighed heavily on the broader market.
Concerns that the Democrats’ victory could pave the way for tighter regulation of US data centres and AI
Mkts Brent 10Y 30Y
S&P is down 2.82% | 11:14
10Y yield is 4.853%, lower by 3.6bp
Dollar index up 0>01%
Gold is up $36 to $4,097
Brent is $97.00, up $2.38
News
Ukraine Is Coming Apart. The situation is already dire and it is not even winter | Moon
Jobless claims 189,000, anticipating a further decline in the unemployment rate
Q3 productivity +3.6% vs +2.8% expected. Prior was +1.4%. Strongly disinflationary
Unit labor costs -0.7%. Prior unit labor costs +1.2%
Cyberattacks Target Blood Banks. NJ Refuses Russian Diesel. | Peak
Honduran Caravan Marches on Texas
Vance is striking out on his own. Says ‘honest conversation’ about the future must start
1) End the war
2) Focus on cost of living/inflation
3) Put America First
4) Change our relationship to Israel
Midterms Aftermath: MAGA Movement Post-Mortem | Simpl
MAGA Can Only Be Saved By Trump Cutting Grand Deals With Russia, Iran, & China | Kory
Hakeem Jeffries Claims Impeachment And Getting Even With Trump Aren't Priorities | Zero
Exit polling shows voters rejected Republicans because of concerns about cost of living and Iran | Epoch
Massive swings toward Democrats in deep red regions, young men, and Hispanics
I think that both JD Vance and Marco Rubio are damaged goods | Tribe
I don’t think it gets better from here. Potentially sensible leaders in both parties are up against a demographic apocalypse. Too many young voters, too many ignorant voters, too many foreign-born identity voters, too many “influencers.”
Is a Market Meltdown Ahead? | Doug Casey
Government is a dead hand upon the economy as well as the society at large. The Dems will do their best to bury the markets under more bureaucracy. Let’s hope for gridlock. It’s our best-case scenario. When the Democrats and Republicans stymie each other, it’s hard to pass any new legislation. As H.L. Mencken said, no man’s life or property is safe when the Congress is in session.
Friday's jobs report: Nonfarm payrolls – Forecast: +63,000 – Previous: +29,000
Unemployment rate – Forecast: 4.2% – Previous: 4.2%
Average hourly earnings, monthly – Forecast: 0.3% – Previous: 0.1%
Insta
Debt Rattle
ELON MUSK: The lowest cost place to put AI will be space.
Amazon is parking billions of dollars of brand-new Nvidia computers in warehouses because there isn't enough electricity to turn them on. And it plans to take delivery of about $3 billion more every month.
The only thing you can do now is protect yourself
There is nothing you can do to protect the country. In fact, by not going broke like the vast majority of Americans will, you will be better positioned to help rebuild what both Democrats and Republicans will have destroyed. Load up on gold and silver now while you can still afford to buy them.
Cleveland Fed CPI Forecasts for October and November
Oct Headline: 0.24 m/m and 3.74% y/y
Oct Core: 0.21 m/m and 2.48% y/y
AAA gasoline on 11/5: $4.100 and down $0.27 from $4.365 a month ago
Nov Headline: 0.19 m/m and 3.88% y/y
Nov Core: 0.20 m/m and 2.77% y/y
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