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MARKET
Nvidia’s revenue triples as AI chip boom continues

Nvidia reported fiscal third-quarter results exceeding Wall Street predictions, causing a 1% drop in after-hours stock value. While revenue tripled year-over-year to $18.12 billion, the company anticipates a negative impact in the next quarter due to export restrictions affecting sales to China and other countries. Nvidia's finance chief, Colette Kress, mentioned efforts to obtain U.S. government licenses for sales in the Middle East and China. Despite challenges, Nvidia's data center revenue surged 279%, reaching $14.51 billion, with gaming contributing $2.86 billion. The company forecasts $20 billion in revenue for the fiscal fourth quarter, implying a 231% growth. Nvidia's stock has risen by 241% in 2023, outperforming the S&P 500.

STOCKS
US stocks end streak of gains as Fed minutes indicate a restrictive policy outlook

On Tuesday, US stocks declined, breaking a five-session winning streak, as the latest Federal Reserve minutes suggested a hawkish-leaning stance. The report tempered expectations for an imminent shift to rate cuts, although no further rate hikes are anticipated. Analysts expect the Fed to maintain a hawkish tone while refraining from additional hikes, closely monitoring the impact of previous rate adjustments.

Investors awaited Nvidia's earnings release, with high expectations for the tech giant's profits and sales surge. Binance faced a $4.3 billion fine as CEO Changpeng Zhao pleaded guilty to charges and announced his resignation. A new ETF capitalized on the Ozempic weight-loss trend, and Moscow's high-interest rates boosted the Russian ruble to become the top-performing currency since early October.

US indexes at the closing bell showed a modest decline: S&P 500 down 0.20%, Dow Jones down 0.18%, and Nasdaq Composite down 0.59%. Notable events included rising uranium prices driven by increased demand for nuclear power, and Treasury bonds recovering from 2023 losses following a historic collapse amid changing Fed sentiment.

In commodities, West Texas Intermediate crude oil inched up to $77.87 per barrel, while Brent crude rose to $82.50. Gold remained flat at $1,999.55 per ounce. The 10-year Treasury yield decreased to 4.412%, and Bitcoin slid 1.2% to $37,018.

CRYPTO
Court Unseals Indictments Against Binance And CZ, Detailing Expected Guilty Pleas

The U.S. government has unsealed indictments filed on November 14 against Binance, the world's largest cryptocurrency exchange, and its CEO, Changpeng Zhao (CZ). The charges include one felony count for CZ's failure to maintain an effective anti-money laundering program at Binance, violating the Bank Secrecy Act. The government anticipates guilty pleas from both Binance and CZ, with significant civil resolutions expected from various regulatory bodies. The filings, made in the U.S. District Court for the Western District of Washington, highlight the potential market impact of the criminal and civil liabilities on Binance and Zhao, emphasizing their prominent status in the cryptocurrency industry. The government draws parallels to the market impact seen when the FTX Token (FTT) experienced volatility following the collapse of the FTX crypto exchange in November 2022. Lawyers representing Binance and CZ attended separate hearings on November 21 to discuss pleas and potential detention, with further details yet to be disclosed.

BUSINESS
Ford Downsizes Plan for Michigan Battery Factory, Citing Slower EV Demand

Ford is resuming work on an electric vehicle (EV) battery plant in Michigan but is scaling back its plans due to slower EV adoption in the United States. Originally intended to create 2,500 jobs, the plant in Marshall will now generate 1,700 jobs, with production expected to start in 2026. Ford cites slower-than-expected growth in EV demand, leading to a reduction in battery output from the initially planned 35 gigawatt-hours to 20 gigawatt-hours annually. The cut in output could represent a $1.5 billion reduction in the initially announced $3.5 billion investment. Rising labor costs and concerns about competitive pricing also contributed to the decision, with Ford previously suspending construction in September during negotiations with the United Automobile Workers union. The company aims to navigate evolving market dynamics while addressing labor-related challenges in the EV sector.

ECONOMIC
Biden and Xi’s meeting sent an important signal for U.S. business in China

The recent meeting between U.S. President Joe Biden and Chinese President Xi Jinping has provided clarity and set a bottom line in the U.S.-China relationship, reducing uncertainty for businesses, according to analysts. The summit, held in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation conference, conveyed a consensus and commitment to cooperation based on reciprocity and mutual respect. The discussions aimed at finding areas of collaboration and establishing a new tone for economic relations. While certain issues like export controls were not altered, both leaders expressed the need to address risks related to advanced AI systems. The restoration of military-to-military talks signals a willingness to cooperate and avoid a downward spiral. The meeting suggests that full decoupling is not on the table, and investment in China remains permissible, especially in non-sensitive industries. The Biden administration's efforts to restrict U.S. investment in Chinese companies focused on advanced tech with military implications, but officials emphasized that the majority of trade and consumer-related business remains unaffected.

 FINANCE
Fed shifts into cautious policy mode as risks become more two-sided

The minutes from the October 31-November 1 meeting of the U.S. Federal Reserve reveal a cautious approach toward interest rate hikes, with a consensus to proceed "carefully" and only adjust rates if progress in controlling inflation falters. The minutes suggest diminishing support for additional rate hikes within the Federal Open Market Committee, indicating a shift toward maintaining the benchmark overnight interest rate steady unless there's a significant inflation surprise. The discussions emphasize the need to carefully evaluate incoming information and consider further tightening of monetary policy only if progress toward the inflation objective is deemed insufficient. While the overall tone of the minutes was cautiously hawkish, emphasizing a commitment to remaining in restrictive territory for some time, there's no official declaration of victory over inflation. The minutes highlight policymakers' concerns about conflicting economic signals, including rekindled inflation and worries about the potential negative impact of tightening credit too much on the economy's prospects. Fed Chair Jerome Powell's cautious approach is reiterated, acknowledging the risk of being misled by short-term data and the danger of over-tightening. The minutes had a limited impact on financial markets, with a near-zero probability of further rate increases and increased odds of a rate cut in 2024.

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