Tonight’s Highlights | Spot Silver Charges Toward All-Time High
Though the longest U.S. government shutdown in history has ended, markets are still awaiting a backlog of economic data, leaving the three major U.S. index futures in weak pre-market consolidation.
As of press time, Nasdaq 100 futures (December 2512 contract) are down 0.26%, S&P 500 futures down 0.19%, and Dow futures down 0.12%. Despite lingering uncertainty over a December Fed rate cut, spot gold—up for five straight sessions—rose over 1% intraday, reclaiming levels above $4,200 per ounce.
Spot silver, on a seven-day winning streak, briefly topped $54 per ounce, now just a hair’s breadth from its all-time high set on October 17.
(Spot silver daily chart, source: TradingView)
The White House stated Wednesday evening that October’s U.S. employment and inflation data “may never be released.” The Bureau of Labor Statistics has yet to decide. The agency’s staffing is down 25% from February, with a third of leadership positions vacant, dimming hopes for swift data releases.
Morgan Stanley, drawing from the 2013 shutdown, estimates that the already-collected September nonfarm payrolls report could take about three days to publish once operations resume, while other key September data may need 1–2 weeks.
Beyond waiting on data, the saga of the “big short” betting against AI leaders has taken a turn. Michael Burry disclosed on social media that his fund, Scion Asset Management, terminated its SEC registration on November 10.
This means Burry no longer manages external capital and is exempt from public disclosure of positions or trades. He reiterated the “November 25” timeline—previously mentioned when questioning tech firms extending chip depreciation schedules—promising “more details” then.
Burry also clarified his put options: 50,000 Palantir puts expiring January 15, 2027, with a $50 strike. The total premium paid was $9.2 million—far less than the rumored “$900 million short on Palantir.”
Other Market Updates
Alibaba up over 4% on reports of consumer AI push
As of press time, Alibaba shares are up more than 4% pre-market. Reports say the company has quietly launched the “Qwen” project, building a consumer-facing AI assistant app under the same name, directly challenging ChatGPT. An international version is also in development to compete globally using the Qwen model’s overseas reach.
Cisco surges pre-market on AI-driven demand
Fueled by AI product momentum, Cisco now forecasts fiscal-year revenue of $60.2–61.0 billion, up from $59.0–60.0 billion prior. Adjusted EPS guidance was raised to $4.08–4.14 from $4.00–4.06. Shares are up over 7% pre-market.
Microsoft CEO says it has rights to “leverage” OpenAI’s in-house chip designs
In a Wednesday podcast, Satya Nadella said Microsoft’s agreement with OpenAI grants full access to the startup’s chip R&D with partners. Microsoft’s strategy: first help OpenAI build what they want, then expand on the results.European chemicals giant Solvay secures rare earth supply deals
Solvay, one of the few non-Chinese firms capable of complex rare earth separation, announced Wednesday two agreements to supply U.S. magnet manufacturers while expanding its French processing plant. The company signed deals with Noveon Magnetics and Permag to provide rare earth oxides.