GoAI Market Morning Wrap - 13th Nov

Stock Market  

Eastern Time Wednesday, Wall Street major indices closed mixed, Dow refreshed all-time high again, while Nasdaq continued weak, as investors exited high-valuation tech stocks to other sectors, market betting on end to longest-ever U.S. federal government shutdown.  

 

House expected to pass temporary funding bill to end longest U.S. government shutdown, resuming food aid, paying hundreds of thousands federal employees, restarting stalled air traffic control.

 

Bank of America senior investment director Bill Northey: "From market sentiment, shutdown risk removal positive. Also, normal federal government, FAA, aviation system operation crucial to real economy."  

 

Goldman and UnitedHealth shares both up ~3.5%, pushing Dow second straight day closing high. Index up ~13% YTD, slightly below S&P 500 near 17% gain.  

 

Northwestern Mutual chief equity portfolio manager Matt Stucky: "We do see funds shifting from Nasdaq tech leaders to healthcare, financials low sectors, for true market breadth expansion, earnings diffusion also key."  

 

SoftBank Group Tuesday disclosed cleared Nvidia stake for $5.8 billion cash, triggering market fears AI boom topped. Nvidia next Wednesday earnings to be AI sentiment litmus test.  

 

This shutdown dragged U.S. economy, created data void for Fed and market, forcing more reliance on private indicators.  

 

Tuesday ADP jobs data shows U.S. private sector average weekly laid off 11,250 four weeks to October 25, labor market continued weak.  

 

Per CME FedWatch, traders see 65% chance Fed December meeting cuts 25 bps.  

 

Additionally, Atlanta Fed President Bostic that day announced retire when term ends February next year, concerns Trump administration seeking greater Fed influence.  

Global Hotspots  

To save costs U.S. Mint stops producing one-cent coins  

 

U.S. Mint local time 12th stopped producing smallest denomination coin—one-cent, to save costs. U.S. President Trump said due to rising costs, instructed Treasury stop minting new 1-cent coins. Trump said U.S. minted 1-cent costs actually over 2 cents, "too wasteful."  

 

Poll shows over 70% UK voters pessimistic about national future  

 

UK November 11 latest poll shows 76% UK voters pessimistic about national future; ~59% expect UK economy worsen; 48% expect household finances worsen; 53% expect living standards drop next year; only 19% think UK heading "right direction."

 

Per poll, high living costs top UK voter concern. UK think tank earlier this month report says UK faces "over-borrowing" risk, may lead to "emergency fiscal and tax measures no government wants."  

 

Government "shutdown" continues U.S. that day canceled 890 flights  

 

FAA second straight day required 40 busy U.S. airports cut 6% flights, local time November 12 already 890 flights canceled, 750 delayed. U.S. Transportation Secretary Duffy warns if Congress not restart government soon, flight disruptions worsen before holiday travel peak.

 

Multiple airlines announced cuts and refunds. FAA expects cuts to 10% by 14th, ATC staff continued no-pay but attendance improved.  

 

Over 1 million poultry culled Germany avian flu no easing signs  

 

Germany Friedrich Loeffler Institute says by November 11, detected avian flu in 122 farms and 1,125 wild bird cases. So far over 1 million poultry culled in Germany. Though other European countries outbreaks this year, Germany hardest hit.

 

Institute says recent weeks Germany poultry outbreaks sharp increase, wild bird cases significantly up, unusually frequent in cranes, autumn migration worsening spread. Institute says no signs avian flu easing, risk level still "high."  

Company News  

Waymo first launches highway Robotaxi service  

 

Alphabet's self-driving taxi (Robotaxi) company Waymo Wednesday announced starting today open paid highway operations to public in core markets San Francisco, Los Angeles, Phoenix, marking company further accelerate expansion in fierce autonomous driving competition.

 

Waymo that day said in three cities, when highway route significantly shortens time, system auto matches highway for passengers, plans gradually expand to more passengers and routes. Waymo co-CEO Dmitri Dolgov: "Achieving fully autonomous, no human driver, scalable operations, highway driving seems easy but truly 'effortless' very difficult. Took long time to do right."  

 

Anthropic to invest $50 billion in AI infrastructure  

 

U.S. AI startup Anthropic announced plans invest $50 billion building U.S. AI infrastructure, first projects custom data centers in Texas and New York. Facilities to support fast-growing enterprise business and long-term research, partner AI cloud platform Fluidstack development.

 

Fluidstack provides large GPU clusters for Meta, Midjourney, Mistral etc. Anthropic says project create ~800 permanent jobs and 2,400 construction jobs, first data centers operational 2026, more sites future.  

 

Toyota doubles down on U.S. hybrid market: Additional $10 billion investment next five years  

 

Japan automaker Toyota Motor Wednesday said total $14 billion North America battery plant officially operational, continue invest up to $10 billion in U.S. next five years to accelerate hybrid capacity.

 

North Carolina battery base Toyota's largest U.S. battery investment to date, first outside Japan, helps advance U.S. hybrid strategy while shortening supply chain, reducing tariff risks. Toyota says plant supply batteries for hundreds of thousands U.S. market hybrids.

 

Giant battery plant between Greensboro and Raleigh, North Carolina, initial capacity all for Kentucky and Alabama hybrid models.  

Forex & Commodities  

COMEX gold futures closed up 2.07% to $4,201/oz; COMEX silver futures up 4.9% to $53.23/oz.  

 

WTI crude futures down 4.2% to $58.48/barrel; Brent crude down 3.74% to $62.72/barrel.  

 

USD index against six major currencies up 0.05% that day, closed FX tail 99.495.  

Key Events  

U.S. DOE buys 900,000 barrels crude to replenish SPR  

 

U.S. DOE Wednesday said purchased 900,000 barrels crude for nearly $56 million, small step replenishing Strategic Petroleum Reserve (SPR). DOE file says Trafigura Trading supply 600,000 barrels, Energy Transfer Crude Marketing 300,000 barrels.

 

DOE October announced plan bid up to 1 million barrels. DOE says deliveries December and January to Texas Bryan Mound SPR site.  

Cryptocurrency  

Bitcoin 24h down 1.33% to 101,574.80.  

 

Ethereum down 0.55% to $3,408.70.  

 

XRP down 0.30%, BNB down 0.83%, Solana down 0.98%.  

 

Dogecoin down 1.23%, Cardano down 2.00%.  

Key Events  

Ethereum's boldest scaling bet ever  

 

Ethereum network next major upgrade imminent. Named Fusaka (Fulu-Osaka abbreviation) upgrade scheduled 2025 December launch, major adjustments to execution and consensus layers.  

 

Fusaka milestone after Ethereum 2022 Merge. 2023 Shapella introduced staked ETH withdrawals; 2024 Dencun proto-Danksharding and blobs; 2025 Pectra improved validator flexibility and Layer 2 interoperability.  

 

Per roadmap, Fusaka aims expand data capacity, strengthen anti-DoS, launch new tools for developers and users.  

 

Upgrade far-reaching. Fusaka no small patch, redesigns Ethereum data availability, blob pricing, transaction protection. Success depends on scaling without network split or overburdening node operators to meet growing Layer 2 demand.