Tonight's Highlights | U.S. Government Shutdown Deadlock Breakthrough Global Assets Rise Together

As the U.S. Senate made breakthrough progress on funding, Monday U.S. stocks pre-market various assets broadly strong. U.S. futures, gold, oil, industrial metals, even crypto all surged together.

 

As of publication, Nasdaq 100 futures (2512 contract) up 1.43%, S&P 500 futures up 0.90%, Dow futures up 0.36%. Spot gold and silver up over 2.5% and 3.5% respectively.

 

(Spot gold weekly chart, source: TradingView)

 

According to latest news before publication, U.S. government reopening date still undecided. With 8 moderate Democrats "flipping," Senate late Sunday passed procedural vote 60-40 minimum required. Senate not scheduled formal vote yet, but House members notified to prepare return mid-week for vote.

 

Affected by this, Asia and Europe stocks mostly up today, tech giants with worst weekly drop since early April "reciprocal tariffs" also rebounded collectively Monday. Nvidia pre-market up over 3%, leading "Magnificent Seven." LME copper and other industrial metals surged, Bitcoin up over 1% intraday after breaking key 200-day line last week, now near $106,000.

 

(Bitcoin daily chart, source: TradingView)

 

As asset performance mirrors, crypto concepts Robinhood, Coinbase, non-ferrous/gold stocks Freeport-McMoRan, Barrick Gold all strong pre-market. Storage concepts SanDisk, Seagate Technology, Micron all charging historical highs on price hike rumors.

 

Of course, U.S. government restart also means market faces "data flood." Deutsche Bank's macro and theme research head Jim Reid explains: Once U.S. government reopens, market faces burst of delayed data. 2013 shutdown precedent shows September nonfarm report may be among first released, possibly within three workdays after reopening.

 

Recently scrutinized "AI narrative" faces latest test after close: Startup cloud provider CoreWeave, dubbed "Nvidia's son," reports earnings, stock plunged 22% last week. Market expects revenue continue doubling, losses narrow QoQ.

Other Market News

Huang Renxun personally visits TSMC "demanding more chips"

 

Last Friday to Saturday, Nvidia CEO Jensen Huang visited TSMC again, toured 3nm line and rarely attended TSMC sports meeting. TSMC Chairman and President C.C. Wei revealed Huang's visit purpose: "wants more chips."

 

TSMC October revenue growth slows

 

Chip giant TSMC's latest data shows monthly revenue growth slowing, fueling doubts on AI boom sustainability. Monday data: TSMC October revenue up 16.9% YoY, slowest since February 2024, but still above analyst average expected 16%.

 

Apple's satellite internet strategy exposed

 

In latest newsletter, renowned leaker Mark Gurman disclosed Apple's nearly 10-year satellite internet layout, mentioning Apple developing multiple satellite features: including API for third-party developers to access satellite comms, enhanced satellite messaging, and next year's iPhone supporting 5G NTN (non-terrestrial network) tech.

 

Robinhood seeks to let retail invest in unlisted AI companies

 

Popular U.S. broker Robinhood plans channel for retail investors to invest in unlisted AI companies. Company plan to offer tradable shares in new fund managed by subsidiary Robinhood Ventures, investing in highly concentrated 5+ "best-in-class" unlisted companies—possibly leveraged for higher returns.

 

Pfizer beats Novo Nordisk to acquire Metsera

 

As late-raised Novo Nordisk gives up further bid, emerging weight-loss drug developer Metsera to complete merger with Pfizer. Affected, stock down over 15% pre-market Monday, latest quote $70. Reportedly Pfizer final offer includes $65.6 per share initial cash, plus $20.65 per share milestone payments, total up to $10 billion.