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Have you seen the Spider-Man meme? You know—the one where two cartoon Spider-Men point at each other?

The longest government shutdown in US history has forced the federal government to cancel the October 2025 inflation and jobs reports, the Bureau of Labor Statistics (BLS) announced on Friday. Limited October price data will instead be combined with November figures in a delayed release scheduled for December 18.

Nvidia Corporation experienced a sharp reversal despite strong earnings, reflecting waning AI enthusiasm and heightened market volatility. The recent 34% drop in Bitcoin signals a broader shift from risk-on to risk-off sentiment, impacting tech stocks and leveraged portfolios.

Thursday, November 20, ended up being a bit of a whirlwind for tech investors.

Crypto market turmoil intensified this week, with bitcoin shedding more than 10% and over $10,000 in value.

With third-quarter earnings mostly over, the good news has likely been sold—and investors might start looking to buy again, especially if AI's big spenders keep spending.

Palo Alto Networks, Robinhood Markets, and Coherent may emerge as the next winners.

Mickey Drexler, Alex Mill chairman and former J.Crew Group CEO, says the retail landscape is highly promotional. He tells Romaine Bostick and Katie Greifeld on “The Close” that the rise of private-label brands and constant discounting are eroding product integrity.

Also, exceptions to the downtrend for Big Tech, Nvidia's support for another leg up for AI and the case for taking a bus instead of flying.

Institutional investor activity, or "smart money," is closely tracked for market insights using CFTC's Commitment of Traders (CoT) reports, but those have been dark for weeks. This disruption has opened a window for institutions to act without being followed by traders week-to-week.

The Federal Reserve won't see critical information on U.S. inflation or job creation before its next pivotal meeting in December to decide whether to cut interest rates for the third month in a row.

Federal Reserve Bank of New York President John Williams said he sees room in the near term for the US central bank to cut interest rates again as the labor market softens. Williams said Friday during a speech in Santiago, Chile, “I still see room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral, thereby maintaining the balance between the achievement of our two goals.

The federal government won't release a standalone inflation report for October. It will instead publish limited October price numbers together with November data with a delayed release on Dec. 18, the BLS said.

The recent 5-8% market correction has removed speculative froth, creating a healthier setup for a potential year-end rally in the S&P 500 (SPY). Key drivers of the sell-off include rising Japanese yields, Fed uncertainty, excessive margin debt, and forced selling in Bitcoin, which could still pose risks.

Nvidia's selloff despite strong earnings and mixed labor data reveals a market losing conviction, with valuation fatigue creeping into AI, tech, and crypto. Japan's tightening cycle and a stronger yen threaten to unwind global carry trades, creating mechanical selling pressure across U.S. equities and digital assets.

Fed won't get key inflation data before next rate decision as BLS cancels October CPI release

Corporate earnings, not short-term job data or AI fears, remain the key driver for S&P 500 returns and market direction. Nvidia and other tech giants continue to fuel the AI-driven CapEx cycle, with no signs of negative free cash flow among major hyperscalers.

Emily Roland of Manulife John Hancock says talk of the Federal Reserve loosening monetary policy might have spooked the markets. She also comments on the collapse of Bitcoin and crypto on "Bloomberg Open Interest.

Messages that come out of the top echelon at the Fed are measured carefully, calibrated between delivering clear ideas about policy without causing undue reaction in financial markets. That's why a speech Friday from the current New York Fed leader, John Williams, mattered so much to markets.

Treasury chief Scott Bessent has repeatedly brought up how he expects Americans to ring in the new year in part by reducing the amount of federal income tax that they hand over in every paycheck, making the move due to the tax cuts in the GOP's One Big Beautiful Bill Act.