Nvidia gave back its whole year in one day…

The Week in Short

On Wednesday, the Dow had its best day since April 2025.

On Thursday, the S&P 500 had its worst day since April 2025.

In between, the economy barely changed. Layoffs stayed near their lowest since 1969, and oil got cheaper.

What swung was how people felt about it, and on Thursday that was enough to change traders’ bet on the Fed with no new data pointing that way.

Here are this week’s top stories, heaviest first.

James Altucher: Musk Bombshell Bigger Than SpaceX?

Legendary investor James Altucher just dropped a MAJOR new bombshell about Elon Musk.

It’s a project James says will be even BIGGER than SpaceX – creating up to 1.8 million new millionaires over the coming years – starting on Dec 8.

And the pieces behind all of it are sitting inside this case – which he reveals 100% FREE in this brief video.

Disclosure: Paradigm Press is a paid partner of Future Finance. The forecasts and claims above are James Altucher’s / Paradigm’s, not Future Finance research or advice. As always, do your own diligence.

The Biggest Market-Moving Headlines This Week

Tan Gera: Nvidia Gave Back Its Whole Year in One Day. Then Traders Changed Their Fed Bet.

On Thursday, Nvidia (NASDAQ: NVDA) fell 9.3%, erasing its 2026 gains. The S&P 500 fell 4.4%, and the Nasdaq closed in a correction, more than 10% below its October record.

In the middle of it, traders cut the odds of a December rate hike from about 83% to about 70%, per CME FedWatch.

No new data told them to. That same morning, jobless claims came in at 189,000, matching the fewest since 1969, and a Fed official said rates need to go higher.

A stock crash changed the Fed bet. Friday’s jobs report was the first real data to test it. Tan Gera explains the one number he read first, and what his own orders did on Thursday.

See the number Tan read first →

Congress Has 6 Weeks Left. One Vote Could Rattle Markets All of Next Year.

Congress comes back Monday with about six working weeks before the holidays. Government funding runs out on Dec. 11, and a new Congress is sworn in on Jan. 3.

Tan Gera ranked what’s still on the list by what it means for your money. At the top: the government’s checking account.

The Treasury says it could hit about $1 trillion in late November, and money sitting there is money pulled out of the financial system.

One vote in the next six weeks decides whether that account swings by hundreds of billions next year. In 2023, it refilled by about $600 billion in three months.

See which vote Tan is watching →

Congress Handed Off the Pen. Here’s Who Writes the Rules for Your Digital Assets Now.

Overnight Tuesday, the Associated Press called both the House and the Senate for Democrats.

For digital assets, the biggest casualty may be the CLARITY Act, the bill that would have written the first full federal rulebook. It failed a key Senate vote 49 to 50 in September. It needs 60, and the same senators vote until Jan. 3.

On Kalshi, a prediction market, traders put its odds of becoming law this year at about 6%.

So the regulators hold the pen, and what a regulator writes, the next one can rewrite. The DeFi Doctor explains the one extra question he now asks before entering any pool.

Read the question The DeFi Doctor asks first →

Silver: $60 Today. $500 Next?

Elon wants 1 million satellites in orbit. Every one runs on solar panels printed with silver.

At full scale, his plan needs nearly half the silver mined on Earth. Every year.

And on January 1st, a deadline Congress set squeezes Chinese suppliers out of America’s solar factories.

Dylan’s found one American company sitting on exactly what Elon needs.

Get the name before January 1st >>

Disclosure: Behind the Markets is a paid partner of Future Finance. The forecasts, track record and claims above are Dylan Jovine’s and Behind the Markets’, not Future Finance research or advice. As always, do your own diligence.

The Election Chart That Will Fool You This Week

One widely shared study says stocks have averaged just 4.9% a year with a Republican president and a Democratic Congress. That’s the result Washington just got.

Another study of a similar setup puts it near the top of the rankings, at 18%.

Both use real data. The difference is which years they count, and three bad years can swing an average by more than 5 points.

The pattern that has held is the calendar. Since 1950, the S&P 500 has been higher 12 months after all 19 midterm elections. That’s history, not a promise.

See why both charts are “right” →

Tan Gera: The Treasury Dropped Two Words From a Promise. Here’s Why They Matter.

Since August, the Treasury had promised to keep the size of its bond sales the same “for at least the next several quarters.”

On Wednesday morning, it dropped two words. The new line reads “for the next several quarters.”

That small edit gives the Treasury room to sell fewer long-term bonds next year without breaking its word, which matters to anyone with a mortgage or a stock portfolio priced off long-term rates.

In Wednesday’s Macro Letter, Tan Gera graded the three tests he set before the announcement, called his own guess “early, not wrong,” and named the next one: the Treasury’s 30-year bond sale on Nov. 12.

See For Yourself →

Positions described are Tan’s own portfolio, shared for transparency, and are not a recommendation to buy or sell any asset. Past performance is not indicative of future results.

Final Thought

This week, close to the same set of facts produced the best day in a year and a half and the worst, 24 hours apart.

Hiring held up. Oil got cheaper. Washington’s deadlines stayed exactly where they were.

The prices swung far faster than the facts, and on Thursday they pulled a Fed bet along with them.

Next week, the facts get their turn: October’s inflation report on Tuesday, and the Treasury’s 30-year bond sale on Thursday. That’s the kind of data Kevin Warsh says the Fed is watching.

Tomorrow, The Opening Bell maps the week ahead.

See you tomorrow.

- Rami Al-Sabeq

Editor in Chief | Future Finance

Disclaimer: This content is not financial advice, it is for informational purposes only. All investments involve inherent risk. Any financial decisions you make are solely your responsibility.