⚡️ JUST IN: The S&P 500 drops 3.8% as Wall Street starts watching circuit-breaker levels.

A 20% drop would suspend trading for the rest of the day.

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⚡️ JUST IN: IREN and Nebius fell 20% as Microsoft tightened oversight of neocloud data center projects.

Microsoft is dropping risky projects and debating new cloud deals, while a wiring problem at IREN’s Texas site could delay completion by weeks or months.

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⚡️ JUST IN: Elon Musk lost $33.5 billion in one day after Democrats' midterm win.

On Thursday, SpaceX's five-year credit default swap spread hit a record 284.3 basis points as traders fear tougher scrutiny could block a Tesla merger.

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⚡️ JUST IN: Hegseth could face an impeachment vote as soon as next week

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⚡️ JUST IN: US Secretary of State Marco Rubio is expected to resign from the Trump Administration to bid for the next US President, per The Independent.

Rubio is reportedly one of 5 cabinet members preparing to resign after the US Midterms. Vice President JD Vance is expected to be Rubio’s main rival in the 2028 Presidential race.

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⚡️ JUST IN: CFTC lets clearinghouses run daily settlements through trust companies, not just banks, under the same rules as settlement banks.

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⚡️ JUST IN: Marco Rubio is discussing resigning as US Secretary of State with White House officials, per Bloomberg.

Rubio has not made a final decision, but the consideration is reportedly driven by Republicans' sweeping Midterm losses.

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⚡️ JUST IN: Rumors that Marco Rubio is quitting the Trump administration for a 2028 presidential bid were dismissed by White House officials as “completely baseless” and “fabricated.”

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⚡️ JUST IN: Nasdaq on track for deepest one-day drop in 19 months as chipmakers sank on AI regulation fears after Democrats won control of US Congress.

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Alongside the collapse of US stocks, Paraguay’s largest digital bank, Ueno Bank, collapsed and was seized by the central bank, freezing accounts, cards and its app.

60% of adults were customers, the president resigned, and USDT traded at a 15%-20% premium.

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⚡️ JUST IN: Walleye Capital, a $17B hedge fund, appears caught in the AI sell-off, as a mysterious seller seeks to dump $500M in data-center loans. The seller may have been exposed.

After its worst month since March 2020, Walleye announced an equity-business restructuring, parting with leadership and a substantial portion of portfolio managers. It also plans to return some investor capital.

Speculation links Walleye to the loan sale. If confirmed, this would warn that pain in the AI trade may be spreading from public equities into private credit.

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⚡️ JUST IN: Trump on Iran: “I would prefer not to destroy what is left of the country, if possible, but I may have to do so.”

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⚡️ JUST IN: Nasdaq 100 futures extend losses to -7.1% over the last 12 hours as the after-hours selloff continues.

S&P 500 is now down -$5 trillion from its October 6th high.

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⚡️ JUST IN: Trump releases a statement on today’s stock market crash.

Trump calls today one of the market’s “worst days in history.”

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⚡️ JUST IN: Texas Governor-elect Gina Hinojosa calls for a “halt” on AI data center development until new laws are enacted.

“We need to stop what we are doing with data centers until we have those protections,” she said, per CNN. Hinojosa will be Texas’ first Democratic governor since 1995.

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⚡️ JUST IN: Galaxy $GLXY CEO Novogratz bought $9.9 million of company stock after a 41% slide. Its board approved an extra $200 million buyback.

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⚡️ JUST IN: Multiple hedge funds reportedly facing heavy losses, investor withdrawals, and fund closures this week

Named in the shakeout:
🟢 Axebrook

🟢 Walleye Capital ($17B), worst month since Mar 2020 (-5.9% Oct), cutting equity L/S leadership + teams, returning capital, leaning into Vol + Quant

🟢 Engineers Gate

🟢 Lone Pine

🟢 Millennium internal pods

🟢 Verition pods

🟢 Samlyn

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⚡️ JUST IN: ECB's Lane warns energy inflation will feed into wage talks and prices across the economy.

He says fiscal policy has been more expansive than expected, with tightening expected next year and after.

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Trump admitted the Iran war accounts for most of the Republicans’ defeat, but insists the operation was necessary to prevent Iran from obtaining nuclear weapons.

He said he would “get along” with the Democrats.

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⚡️ JUST IN: Trump says he will “work with” states that “want to become rich” from AI.

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⚡️ JUST IN: Elon Musk announces that Tesla, $TSLA, will be winding down production of the Cybertruck around the middle of 2027.

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