Markets closed on November 7 with the three major indexes mixed, chip stocks rebounded, and AI regulatory concerns persisted. Most popular Chinese concept stocks rose on November 7, with Taiwan Semiconductor Manufacturing (NYSE: TSM) up over 6% and Li Auto (NASDAQ: LI) up over 5%. Commodities overview: oil prices swung between gains and losses, copper fell, and gold moved lower. European stocks declined on Friday, with weekly gains narrowing and volatility less than that of U.S. stocks.
Macro: Trump said that if negotiations make progress, resuming strikes on Iran is "extremely unlikely." Trump stated that the "Iron Gate" task force operation is in full swing, with almost no supplies able to enter or leave Iran. Explosions were heard near Iran's Qeshm Island. House Democratic leader supports impeaching Hegseth, saying he "must" step down. The U.S. Treasury Department demanded Iraq close most border crossings with Iran. Sources said an Iraqi delegation visited Iran and conveyed a U.S. message. Flight data showed two U.S. military aircraft were active near the Black Sea and the Russian border on the same day. A train derailment in Egypt has caused 7 deaths and 112 injuries. Serbia's new parliament is scheduled to hold its first session on November 17. Israeli President Herzog formally authorized Eisenkot to form a new government.
Companies: Anthropic spent $3.4 billion to purchase power generation equipment for data centers. Saudi Aramco's office building in the capital Riyadh was attacked and suffered minor damage. Amazon.com (NASDAQ: AMZN) has established a new home robot team and is developing a "world-first robotic product." NVIDIA (NASDAQ: NVDA) had $11.4 million in goods stolen: a transport truck and its driver mysteriously disappeared en route.
Commentary: The midterm elections have redrawn the congressional map, and Trump's $1.5 trillion defense budget faces failure. How Democrats will try to end Trump's tariffs. European Central Bank's Lagarde: inflation will remain high in the coming quarters, and the direction of a December rate hike is unlikely to change. UK Prime Minister Burnham seeks to deepen UK-EU economic ties, with rejoining the single market and the EU both under consideration.
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