Not in a hurry: “By far the best of any major economy in the world”— Powell described the U.S. economy. And that is exactly why he’s in no rush to cut rates.

• Growth? Holding strong, outpacing its pre-pandemic trend, and running faster than the last 20 years. Signals that the economy can grow rapidly.

• Job Market? Stable and resilient, but not quite there

• Inflation? Still above target

With strong economic growth and inflation still above target, there’s no rush to change course. It’s a simple case of “if it’s not broken, don’t fix it.”

Powell highlighted one key concern: running large deficits at full employment isn’t sustainable. It’s a warning that’s becoming harder to ignore.

Of course, investors didn’t love the message:

⚡ Closing Bell:

• Dow Jones: ⬇️ -0.47% (207.33 points) to 43,750.86 — Continued pressure after Fed Powell’s hawkish comments. Still maintaining a solid 15.8% gain for the year.

• S&P 500: ⬇️ -0.60% (36.21 points) to 5,949.17 — Minor pullback after recent rally. Impressive 24.7% gain year-to-date.

• Nasdaq: ⬇️ -0.64% (123.07 points) to 19,107.65 — Tech sector showing relative stability despite market headwinds. Leading with a robust 27.9% year-to-date return.

• Russell 2000: ⬇️ -1.26% (29.86 points) to 2,339.51 — Small caps bearing the brunt of today’s selling pressure. Lagging larger indexes with only an 8.2% gain for 2024.

⚡ Sector Snapshot: Industrials lead declines, while tech emerges as the strongest S&P sector.

→ U.S. 10-Year Treasury yield dips to ~4.43% ⬇️.
→ Producer Price Index (PPI) rose 0.2% in October, signaling persistent pricing pressures.

#TRUTH:
❗“The two most powerful warriors are patience and time.” — Leo Tolstoy

Weekly jobless claims:

Remember last month’s gloomy jobs report? Turns out it might’ve been a false alarm. Fresh unemployment claims came in at 217,000 – beating expectations of 223,000, as companies cut back on hiring rather than layoffs.

The breakdown:

• Four-week average down 6,250 to 221,000

• Lowest level since May

• Total Americans on benefits: 1.87 million

Looks like it was just a temporary blip caused by strikes and hurricanes in October.

These numbers are backing Powell’s patient approach, even if markets were hoping for a different story.

Shhhhh…

₿ closed under $88,000:

• Bitcoin: ⬇️ -2.8% at $87,933

• Ethereum: ⬇️ -2.4% at $3,103

• Total Crypto Market: ⬇️ -2% to $2.93T

• 24hr Volume: ⬇️ -26.2% to $89.32B

• Total Market Volume: ⬇️ -23% to $236.67B

After a post-election rally that pushed Bitcoin to fresh highs, the crypto market is slowing down. But with a $2.93T total market cap, this looks more like a pit stop than a U-turn.

Winners & Losers

Surprise Movers:

• XRP: ⬆️ +13.9% (Someone’s having a good day!)

• BNB: ⬆️ +2.6%

• Solana: ⬆️ +0.3%

Taking a nap:

• Cardano: ⬇️ -3.1%

• Dogecoin: ⬇️ -0.9%

Mining Stocks Feel the Pain

The crypto mining crew’s not loving it:

• RIOT: ⬇️ -6.35%

• MARA: ⬇️ -4.19%

• COIN: ⬇️ -2.07%

Crypto Mining Ban Nears Its End:

A bigger story is unfolding in New York, as the state stands on the edge of becoming either a crypto mining haven or a regulatory headache.

Background:
The crypto mining ban, signed by Gov. Kathy Hochul in 2022, specifically targeted proof-of-work mining operations powered by fossil fuels, while facilities using renewable energy were left unaffected. Supported by environmental advocates but opposed by the crypto industry, the law aimed to curb emissions from energy-intensive mining operations. Now, a pending study from New York’s Department of Environmental Conservation (DEC) on the environmental impact of crypto mining could play a key role in shaping future policy. Gov. Hochul has stated she’ll review the study’s findings before taking further action.

Industry Impact:
One major player, Greenidge Generation Holdings, is currently in a legal battle with the DEC, challenging an order to shut down its Seneca Lake facility due to emission concerns.

In Short:

• Shutdown Order: Greenidge’s Seneca Lake plant faces potential closure.

• Emissions: The plant emitted 800,000 tons of CO₂ in 2023, equivalent to 84,000 cars on the road

• Legal Challenge: A court ruling on Greenidge’s appeal is expected this week.

• Renewable Mining: Operations using renewable energy sources remain unaffected by these restrictions.

New York’s about to make history – again. The state that first banned fossil-fuel crypto mining might just set the national tone for what comes next. All eyes on November 22.

“Hey Google, call Alexa”:

Apple is gearing up to launch a wall-mounted smart-home tablet by March, designed to rival Amazon’s Echo and Google’s Nest Hub. Resembling an iPad, this device will control home functions like lighting, AC, music, and video calls, with Apple’s new generative AI platform, Apple Intelligence, enhancing Siri’s capabilities.

Current Smart Speaker Market:

• Amazon Echo: 67% share

• Google Home: 27% share

• Apple: Playing catch-up

Apple’s aiming to catch up to Amazon and Google’s dominance in the smart-home arena. Rumor has it, a premium version of its tablet with a robotic arm is in the works, bringing a fresh twist to home tech. But can it carve out its space?

Why This Matters:

• Global Reach: 61% of people worldwide own smart devices, and 53.9% of U.S. homes are now “smart.”

• Market Value: The smart-home market is projected at $100.42B.

• Fragmented Market: The fully connected smart home is still just a vision, with separate gadgets like smart speakers, thermostats, and security cameras each vying for space.

The Plot Twist:
Apple’s premium smart-home model, potentially equipped with a robotic arm and AI personality, could land between $180-230 by March 2025.

The Competition’s Already Home:

• Google Stats: 1 billion+ Assistant devices, 50,000+ compatible products, 88.7M users projected in 2024.

Apple’s High-Stakes Bets:
As hardware sales slow, Apple’s pushing into new markets. While hits like the Apple Watch bolstered its connected fitness standing, other ventures, like the Vision Pro VR headset, have seen underwhelming returns.

“Let him go wild on health,”

Trump said about RFK Jr., and the market took that threat seriously.

Big Pharma’s Bad Day:

• Moderna ⬇️ 5.6% to $39.35 ❌

• Pfizer ⬇️ 2.6% to $25.87 ❌

• Novavax ⬇️ 7.3% to $7.11 ❌

• BioNTech ⬇️ 7% to $102.54 ❌

Profits by years:

Kennedy, known for his vaccine skepticism, has long advocated against vaccines through his nonprofit, Children’s Health Defense.

As HHS Secretary, Kennedy would oversee an agency that provides substantial government contracts to vaccine producers, raising concerns among investors about future vaccine policy.

Wall Street’s giving vaccine stocks a booster shot of reality. With an anti-vaccine activist potentially heading HHS, Big Pharma’s getting a taste of what “Make America Healthy Again” might mean for their bottom line.

🧩 Movers:

Winners:

• Tapestry (TPR): ⬆️ +12.8% ✅ – Highest since 2013 after ending the merger with Michael Kors. Bonus: Announced a $2 billion buyback plan.

• Disney (DIS): ⬆️ +6.2% ✅ – Better-than-expected results and strong 2025 profit outlook

• First Solar (FSLR): ⬆️ +7.1% ✅ – Bouncing back from post-election concerns over policy changes impacting the solar sector.

And the Pain Points:

• Super Micro (SMCI): ⬇️ -11.4% ❌ – Struggling with accounting irregularities and delayed filings, raising concerns about potential delisting.

• Broadcom (AVGO): ⬇️ -1.8% ❌ – Fifth consecutive decline as the AI segment faces a “lumpy” growth outlook, though it’s still up 53% this year.

Commodities Check: ✔️

• Crude Oil: ⬆️ +0.33% to $68.27 per barrel

• Gold: ⬇️ -0.01% to $2,572.60 per ounce

• Silver: ⬆️ +0.02% to $30.57 per ounce

Dollar’s Victory Lap 🏃‍♂️:

❗Five straight winning days.

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