Breaking News — November 13, 2026 — Flash Update — Last 2 Hours (Pacific Time)

Current Situation

Markets are under pressure as a tech-led sell-off, anchored by Nvidia, drags Wall Street lower despite some inflation relief. The U.S. dollar is surging to its biggest weekly gains since September as Fed rate hike expectations solidify, with Fed's Daly explicitly stating rates likely need to rise further. Currency and commodity markets are feeling the strain — the Chilean peso hit a 19-month low as copper drops, while soybean futures climbed to a two-week high on supply concerns. On the corporate front, Fermi signed a major 600-megawatt power deal with Amazon, Meta is internally testing a prediction-market app, and Barclays is reportedly cutting around 200 investment banking jobs across New York and London.

Market Sentiment

Overall Sentiment: Bearish

The dominant forces — a Fed-driven dollar surge, a Nvidia-led tech sell-off, and rising rate hike certainty — are collectively weighing on risk appetite. On the positive side, the Fermi-Amazon power deal signals continued Big Tech infrastructure investment, and some commodity markets like soybeans are finding upward momentum. However, the hawkish Fed tone, currency weakness in emerging markets, and broad equity pressure make the near-term backdrop decidedly risk-off.

Breaking Headlines

⚡ Fermi Signs 600-Megawatt Power Deal With Amazon
Significance: A major energy infrastructure commitment from Amazon signals continued aggressive AI/cloud data center expansion.

🔴 Nvidia-Led Tech Sell-Off Drags Wall Street Lower Despite Inflation Relief
Significance: Nvidia's decline is pulling the broader market down, overshadowing any positive macro data on inflation.

🔴 U.S. Dollar Surges to Biggest Weekly Gains Since September on Fed Hike Certainty
Significance: Dollar strength of this magnitude tightens global financial conditions and pressures risk assets and emerging markets.

🔴 Fed's Daly Says Rates Likely Need to Rise Amid Inflation Concerns
Significance: A clear hawkish signal from a Fed official reinforces the higher-for-longer rate narrative driving dollar strength and equity pressure.

🔴 Chile Peso Hits 19-Month Low as Copper Drops, U.S. Rate Outlook Weighs
Significance: Copper weakness and dollar strength are hitting commodity-linked currencies hard, with ripple effects for Latin American markets.

🟢 Soybean Futures Hit Two-Week High on Supply Concerns
Significance: Agricultural commodity tightness is emerging as a separate bullish thread amid broader market weakness.

🟡 Meta Tests Prediction-Market App for Employees
Significance: An internal pilot of a prediction-market tool suggests Meta is exploring new data and forecasting capabilities, though commercial implications remain unclear.

🟡 Trump Extends Jones Act Waiver for 90 Days to Aid Shipping of Oil and Fertilizer
Significance: The waiver eases domestic shipping restrictions temporarily, providing short-term relief for energy and agricultural supply chains.

🟡 Aluminum Pricing Overhaul Planned by U.S. Regulator
Significance: A structural change to how aluminum is priced could have significant downstream effects on metals markets and industrial users.

🟡 Kevin Hassett Denies Reports of White House Departure
Significance: Conflicting reports — Semafor said he was expected to leave, Hassett denied it on CNBC — create brief uncertainty around White House economic advisory continuity.

🔴 Barclays to Cut About 200 Investment Banking Jobs in New York and London
Significance: A notable headcount reduction signals continued cost pressure and cautious outlook within major investment banking operations.

🟡 Wella Company Files for NYSE IPO
Significance: A new IPO filing keeps the pipeline active, though market conditions may test investor appetite.

🔴 Vvardis Holding Opens at $14, IPO Priced at $18
Significance: A sharp opening-day drop below IPO price reflects weak demand and a challenging environment for new listings.

🟢 Crocs Stock Hits 52-Week High at $162.03
Significance: A consumer discretionary name hitting fresh highs stands out as a contrarian bright spot in an otherwise risk-off session.

🟡 U.S. Supreme Court to Hear Robinhood Bid to Avoid Lawsuit Over 2021 IPO
Significance: The case could set important legal precedent around IPO-related securities litigation.

🟡 Brookfield, CPPIB Reportedly Among Suitors Advancing Bids for Uniper
Significance: Major institutional players circling Uniper signals continued M&A activity in the European energy sector.

🟡 EMA Panel Backs Novartis Cosentyx for Adolescent Skin Disease
Significance: A regulatory green light expands the addressable market for an existing Novartis drug.

🟡 Microsoft Seeing Broad Recovery and Stability Across Services
Significance: A positive operational update from Microsoft offers a modest counterweight to the broader tech sell-off.

🔴 U.S. Energy Rig Count Drops for First Time in Six Weeks
Significance: A declining rig count may signal softening near-term domestic oil production expectations.

🟡 Empire State Manufacturing Index and Fed Speeches Due Monday
Significance: Key macro data and Fed commentary early next week will be closely watched for further rate signals.

Market Implications

The dominant narrative this session is unmistakably hawkish: the Fed is signaling more rate hikes, the dollar is surging to multi-month highs, and equities — particularly in tech — are selling off. Nvidia's decline is acting as a bellwether for the broader risk-off mood, and the combination of dollar strength and copper weakness is already transmitting pain to commodity-linked currencies like the Chilean peso. The IPO market is also flashing caution, with Vvardis Holding opening well below its offering price.

There are pockets of resilience worth watching. The Fermi-Amazon 600-megawatt power deal underscores that Big Tech's infrastructure buildout — particularly for AI — remains very much intact regardless of short-term equity volatility. Soybean strength and Crocs hitting a 52-week high suggest selective demand persists in specific corners of the market.

The conflicting signals around Kevin Hassett's White House status — denied by Hassett himself after a Semafor report — add a minor layer of political uncertainty. Meanwhile, Monday's Empire State Manufacturing Index and scheduled Fed speeches will be critical in determining whether the hawkish rate narrative deepens or moderates heading into next week.

Key Takeaways

• ⚡ Fermi / Amazon: A 600-megawatt power deal confirms AI infrastructure demand remains a structural growth theme regardless of near-term market turbulence.
• 🔴 Nvidia / Tech: Nvidia-led selling is the primary drag on equities today — watch this as a sentiment barometer for the broader tech sector.
• 🔴 USD: Dollar hitting its biggest weekly gain since September is a macro headwind for global risk assets, commodities, and emerging markets.
• 🔴 Fed / Daly: Daly's explicit call for higher rates reinforces the higher-for-longer narrative — no pivot in sight.
• 🔴 CLP / Copper: Chile peso at a 19-month low signals commodity-linked EM currencies are under serious pressure from the dual hit of copper weakness and dollar strength.
• 🟢 Soybeans: Supply-driven rally in soybean futures is a bright spot in an otherwise weak commodity complex.
• 🟡 Meta: Internal prediction-market app testing is early-stage and speculative, but worth monitoring for future product or data strategy signals.
• 🟡 Jones Act Waiver: Trump's 90-day shipping waiver for oil and fertilizer provides temporary supply chain relief — watch energy and ag logistics names.
• 🔴 Barclays: ~200 IB job cuts in NY and London reflect ongoing cost discipline and a cautious outlook for deal activity.
• 🔴 Vvardis IPO: Opening at $14 vs. an $18 IPO price is a red flag for the near-term health of the new-issue market.
• 🟢 Crocs (CROX): 52-week high at $162.03 is a notable outlier — consumer discretionary strength bucking the broader sell-off.
• 🟡 Wella IPO: NYSE filing keeps the pipeline moving, but current market conditions may test execution timing.
• 🟡 Hassett: Conflicting reports about his White House status resolved (for now) by his own denial — monitor for follow-up.
• 🟡 Uniper M&A: Brookfield and CPPIB advancing bids signals institutional appetite for European energy assets remains active.
• 🟢 Novartis (NVS): EMA backing for Cosentyx in adolescents is a modest positive, expanding the drug's approved indications.
• 🟡 Microsoft (MSFT): Broad service recovery and stability is a reassuring operational note amid sector-wide tech pressure.
• 🔴 U.S. Rig Count: First drop in six weeks may point to softening near-term domestic oil supply growth.
• 🟡 Monday Watch: Empire State Manufacturing data + Fed speeches are the next key catalysts — rate narrative could shift quickly.

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