On Friday, all three major indexes closed lower, and NVIDIA (NVDA.US) fell below the $4 trillion market capitalization mark at the close, though the three benchmarks still managed cumulative gains for the week.
The Dow Jones Industrial Average rose 2.07% for the week, the Nasdaq gained 2.27%, and the S&P 500 advanced 2.51%.
US Stocks
At the close, the Dow added 50.46 points, or 0.10%, to 52,347.55; the S&P 500 dropped 30.73 points, or 0.40%, to 7,561.67; and the Nasdaq fell 229.82 points, or 0.91%, to 25,136.27.
AMD (AMD.US) slid 8.75%, Dell (DELL.US) lost 7.24%, CoreWeave (CRWV.US) declined 6.13%, SanDisk (SNDK.US) dropped 5.59%, Broadcom (AVGO.US) fell 4.76%, SK Hynix ADR (SKHY.US) shed 4.3%, and NVIDIA (NVDA.US) lost 2.01%; Meta Platforms (META.US) gained 2.9% and Microsoft (MSFT.US) added 0.17%.
NVIDIA fell 13% for the week, its largest weekly decline since April 2025 and its sixth straight weekly drop, the longest losing streak since 2012, with more than $573 billion in market value wiped out during the week.
The Nasdaq Golden Dragon China Index rose 0.84%, with Baidu (BIDU.US) up 0.66% and Alibaba (BABA.US) down 0.02%.
European Stocks
Germany's DAX 30 fell 63.52 points, or 0.24%, to 26,752.54; the UK's FTSE 100 rose 39.07 points, or 0.36%, to 10,902.16; France's CAC 40 added 7.55 points, or 0.09%, to 8,368.91; the Euro Stoxx 50 declined 10.43 points, or 0.16%, to 6,388.55; Spain's IBEX 35 gained 52.55 points, or 0.26%, to 20,018.05; and Italy's FTSE MIB rose 53.83 points, or 0.10%, to 51,862.50.
Forex
The US Dollar Index, which measures the greenback against six major currencies, rose 0.23% on the day to close at 103.412 in late New York trading.
In late New York trading, the euro traded at $1.1023, down from $1.1056 the previous session; sterling was at $1.3210, down from $1.3236; the dollar was at 159.78 yen, down from 159.83 yen; the dollar was at 0.8395 Swiss francs, up from 0.8353; the dollar was at 1.4267 Canadian dollars, up from 1.4260; and the dollar was at 10.0722 Swedish kronor, up from 10.0226.
Cryptocurrencies
Bitcoin fell more than 4.7% to $68,001 as of writing, while Ethereum dropped more than 4.7% to $1,919.
Precious Metals
Spot gold rose 0.1% to $3,881.81, while spot silver fell 2.71% to $48.704 an ounce.
Crude Oil
Light crude for December delivery on the New York Mercantile Exchange fell 18 cents, or 0.2%, to settle at $88.56 a barrel; London Brent crude for January delivery rose 2 cents, or 0.02%, to settle at $95.84 a barrel.
Macro News
US October PPI annual rate hit a four-year high, further reinforcing expectations for Federal Reserve rate hikes. US producer prices rose further in October, posting the largest annual gain in four years, supporting market expectations that the Fed may continue raising rates after the widely anticipated hike next month. The Labor Department's Bureau of Labor Statistics said Friday that US October PPI rose 0.3% month over month, below the expected 0.4%, with the prior reading revised up to 1.4%. Last month's producer prices were lifted by a 0.5% increase in goods prices, mainly food and basic organic chemicals. Services prices rose 0.2%, the fifth straight monthly increase. October PPI surged 6.5% year over year, the largest annual gain since November 2022, after a 6.3% rise in September. The report followed this week's October CPI reading, which came in above expectations. In addition, last week's October nonfarm payrolls surged and the unemployment rate fell to 4.1% from 4.2% in September. Combined with comments from Fed Governor Waller, financial markets are wavering between pricing in a 25-basis-point hike in December and leaving room for a 50-basis-point increase.
The US Treasury is considering providing short-term loans to help Venezuela repay $2.3 billion in debt. According to media reports, the US Treasury is considering a short-term bridge loan to help Venezuela repay about $2.3 billion owed to the Inter-American Development Bank (IDB) in order to restore its financing eligibility. The IDB approved renewed engagement with Venezuela on Friday, and after clearing its arrears, Venezuela could receive up to $6 billion in loans from the bank over the next two years, with the World Bank potentially providing up to $5 billion over the same period. The US plans to fund the IDB through an overnight financing arrangement rather than direct transfers to Venezuela. The plan could draw congressional attention, as Democratic Senator Warren has previously opposed using the Exchange Stabilization Fund to guarantee financial institutions investing in Venezuela.
Fed's Daly: Inflation continues to worsen, further rate hikes likely necessary. San Francisco Fed President Daly said Friday that given the deteriorating inflation picture, the Fed will likely need to raise rates further. She noted that core CPI has risen about 0.3% month over month for three consecutive months, above the 0.2% or lower level consistent with the Fed's 2% inflation target. She is particularly concerned about the weak trend in services inflation excluding housing, as such prices tend to be stickier. Corporate input costs are rising, and more producers say profit margins can no longer absorb cost pressures and are considering passing costs on to consumers. Daly said she will discuss rate hikes with colleagues at the December meeting and future meetings and make a collective decision based on economic conditions. The Fed hiked in September and held rates steady in October, and markets currently expect 25-basis-point hikes at both the December 8-9 meeting and the January 26-27 meeting next year. Daly also said she will focus on consumer spending over the next one to three months, especially whether consumers will cut back during the holiday season due to rising prices. She said consumption remains resilient, but some regions are beginning to show signs that consumers may gradually lose momentum.
Fed's Collins hinted that further policy tightening may be needed, saying fighting inflation takes priority over housing struggles. Boston Fed President Collins suggested Friday that monetary policy may need to be tightened to cool prices. In a speech focused on the housing market, Collins said higher rates could limit housing affordability. But she added that, in the long run, ensuring price stability will benefit both the housing market and the broader economy. "In the short term, the higher interest rates sometimes needed to cool the economy and control inflation can make buying and building homes more expensive," Collins said in prepared remarks. "But over the longer term, stable prices create a predictable economic environment, which is good for the housing market."
ECB Governing Council member Nagel: Further rate hikes are highly likely. ECB Governing Council member Nagel said Friday that if current conditions persist, the ECB will likely need to raise rates again. Nagel noted that the longer inflation remains elevated, the greater the risk of second-round effects. Compared with September projections, the inflation outlook has worsened, energy prices are noticeably higher than previously expected, and natural gas and electricity prices have accelerated in recent weeks. At the same time, core inflation remains high, and short-term inflation expectations have risen along with headline inflation. Nagel said the European economy is currently showing some resilience, and a repeat of the 2022 inflation scenario is unlikely, but only if the ECB fulfills its responsibilities.
US Treasury Secretary expressed optimism about reaching a trade deal with Canada and Mexico. US Treasury Secretary Bessent said Friday that he believes the United States will reach a trade agreement with Mexico and Canada. Earlier, US President Trump threatened to double tariffs on Mexico over the migrant caravan issue. "I am optimistic that we can reach a trade deal with Canada and Mexico," Bessent said in a media interview. But he did not elaborate or mention Trump's warning to Mexico on Thursday. Trump's latest tariff threat comes at a sensitive stage in US trade talks with Mexico and Canada. In July, Trump decided not to extend the US-Mexico-Canada Agreement, but related negotiations are continuing. Trump won a second term in 2024 partly because of US voters' concerns about the border. Since then, Trump has repeatedly highlighted certain migrant caravan issues, though in recent months he has also said the issue has become less politically potent for him and his Republican colleagues.
Company News
Microsoft global outage disrupted commodity trading, affecting oil price data and trading communications. Microsoft (MSFT.US) suffered a large-scale service outage on Thursday, affecting government agencies, businesses and traders worldwide, with some trading teams forced to switch to phone, fax and instant messaging tools. The failure compounded trading complexity in the crude oil market amid heightened Middle East tensions, and some commodity price data releases were delayed. S&P Global's Platts had notified clients that some refined product, natural gas and biofuel price updates might be delayed, with 22 biofuel prices suspended. Microsoft said Friday that service restoration efforts were making progress, but more than 20 products and services could still experience errors. The outage also left some traders unable to send or receive emails, send fuel price reports or view profit and risk exposure reports, forcing some trading instructions to be handled by phone and fax. Platts later said the incident had been resolved.
Meta Platforms (META.US) employees are testing a new prediction market app. According to people familiar with the matter, Meta Platforms employees have begun testing a prediction market app under development. The company typically takes this internal testing step before publicly releasing a product. The people said that on the app, currently called "Takes," employees can use "cred," short for credibility, to bet on the outcomes of questions or events. Unlike other prediction markets operated by Kalshi and Polymarket, Meta's app does not allow users to bet with real money. The people said that if employees predict correctly, they win "cred" points; if they predict incorrectly, they lose corresponding points. The app is not yet open to the public.
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