Analyst Highlights
- Broad US indices finished lower (S&P 500, Russell 1000, 2000, 3000 all −1.4% to −2.8%), while defensives outperformed and volatility (VIX 19.8) moved higher.
- Crypto markets saw a sharp de-risking: Bitcoin slid below $95K with heavy ETF outflows, smaller tokens underperformed and options flows flipped decisively toward downside protection.
- Rates markets are in “data-dependent limbo” ahead of the delayed September jobs report and other key releases, with futures now pricing less-than-even odds of a December Fed cut.
- US equity structure is being reshaped by record convertible issuance ($108.7B YTD) and expectations of $1.8T in 2026 IG supply, as corporates term out debt and fund AI-driven capex.
- Retail and short-dated options flows turned more fragile: crowded AI/tech trades and 0DTE iron-condor selling are amplifying intraday swings and capping S&P 500 upside.
- Geopolitics and energy remain key macro threads: Ukraine turning to Greek-routed US LNG after Russian strikes, and ongoing refinery attacks underline how fragile the energy backdrop remains.
IPO’s in the week
- Evolution Global Acquisition Corp (EVOXU, Nasdaq Global), a blank-check company targeting critical minerals and related infrastructure vital to U.S. national security, energy transition, and digital infrastructure, priced its IPO on Nov 11, 2025, offering 21,000,000 units at $10.00 each to raise approximately $210.0M for an initial business combination.
- Blueport Acquisition Ltd (BPACU, Nasdaq Capital), a Cayman-incorporated blank-check company aiming to acquire a high-growth target across any geography or sector, priced its IPO on Nov 12, 2025, offering 5,000,000 units at $10.00 to raise approximately $50.0M for an initial business combination.
- Alussa Energy Acquisition Corp. II (ALUBU, NYSE), a Cayman Islands blank-check company targeting energy and power infrastructure, especially beneficiaries of the global renewable energy transition, priced its IPO on Nov 13, 2025, offering 25,000,000 units at $10.00 to raise approximately $250.0M for an initial business combination.
- Off The Hook YS Inc. (OTH, NYSE American), a yacht and boat wholesaler using AI-assisted valuation tools and a data-driven sales platform, priced its IPO on Nov 13, 2025, offering 3,750,000 shares at $4.00 to raise approximately $15.0M for working capital, marketing, potential waterfront property acquisitions, and repayment of a promissory note.
- Phaos Technology (Cayman) Holdings Ltd (POAS, NYSE MKT) — a Singapore-based provider of advanced super-resolution optical microscopy systems using patented microsphere-assisted technology — priced its IPO on Nov 13, 2025, offering 3,600,090 shares at $4.00 to raise approximately $14.4M for regional expansion, product development, and scaling its microscopy solutions business.
Markets Weekly
- S&P 500 closed at 6,734.11, down 98.32 points and 1.44% for the week.
- Russell 1000 (IWB) closed at 367.88, down 5.27 points and 1.41% for the week.
- Russell 2000 closed at 2,388.23, down 67.42 points and 2.75% for the week.
- Russell 3000 closed at 3,814.72, down 60.11 points and 1.55% for the week.
- CBOE (VIX) closed at 19.83, up 2.23 points and 12.68% for the week.
- Dow Jones closed at 47,147.48, down 221.15 points and 0.47% for the week.
- Nasdaq closed at 22,900.59, down 626.58 points and 2.66% for the week.
- Bitcoin closed at $94,177, down $11,819 and 11.15% for the week.
- Etherium closed at $3,092.85, down $475.61 and 13.33% for the week.
- Solana closed at $137.27, down $30.10 and 17.98% for the week.
- XRP closed at $2.2166, down $0.1500 and 6.33% for the week.
- Gold closed at 4,087.60, down 24.20 points and 0.59% for the week.
- Silver closed at 50.59, up 0.41 points and 0.82% for the week.
- WTI crude closed at 60.09, down 0.04 points and 0.06% for the week.
- Brent crude closed at 64.39, down −1.15 points and −1.75% for the week.
- JPMorgan forecasts US investment-grade bond sales to hit a record $1.8 trillion in 2026, driven by refinancing, M&A and a surge in AI-related capital spending.
- Bond traders are bracing for a wave of delayed US data that could shape December Fed cut odds, keeping 10-year yields above 4% and volatility elevated.
- A tech rebound faded as Fed skepticism and a heavy data week kept markets cautious, with traders dialing back December rate-cut odds and Bitcoin deepening its selloff.
- US convertible bond issuance hit $108.7 billion in 2025, surpassing Covid-era records as high yields and stock volatility boost demand for equity-linked financing.
- Tech-linked retail trades cracked this week, with retail-favored stocks sliding and participation falling to the lowest level in a year amid rising volatility.
- Heavy zero-day options selling, especially short iron condors, is capping S&P 500 rallies as dealer hedging sells into strength and keeps the index locked in a tight range.
- ECB’s Olli Rehn warned that slowing inflation from cheap energy and easing wages could undershoot the 2% target, and said high stock valuations leave European equities at risk of a correction.
- Bitcoin fell below $93,714 nearly erasing its 2025 gains, as investors pulled about $900 million from Bitcoin funds and piled into downside protection.
- Samsung Group and SK Group pledged around $550 billion in new investments in South Korea following a meeting with President Lee Jae Myung.
- Ukraine agreed to receive US LNG via Greece from December to March after Russian strikes wiped out over half its gas output.
Politics Weekly
- Trump signed a bill ending the longest US government shutdown, restoring services for millions but only funding operations through Jan. 30.
- Trump moved to cut tariffs on beef, tomatoes, coffee and bananas, aiming to ease grocery price pressures amid rising voter anger over living costs.
- Treasury Secretary Scott Bessent said Trump’s proposed $2,000 tariff “dividend” checks would require Congress’s approval and carry an estimated $600 billion cost.
- The Trump administration approved a possible $3.5 billion sale of standard missiles to Germany as Berlin accelerates efforts to boost its military capabilities.
- German Chancellor Friedrich Merz faces rising frustration over stalled reforms and coalition infighting, as far-right gains raise doubts about his government’s stability.
- Trump is pressing ahead with a $5 billion suit against the BBC over a Jan. 6 edit, even after the broadcaster apologized.
- Ukraine said it struck Rosneft’s Novokuybyshevsk refinery and damaged units at Ryazan, as Russia’s Novorossiysk port resumed oil loadings after an attack.
- Australia urged Indonesia to consult Canberra over concerns about possible Russian access to an eastern air base, as both nations advance a new defense pact.
- Donald Trump pardoned UK billionaire Joe Lewis, the former Tottenham owner convicted of insider trading, allowing him to travel to the US for treatment and family visits.
- The US and China have yet to finalize terms for loosening controls on rare-earth exports weeks after their trade truce.
- Iran is defying calls to restore nuclear talks and IAEA cooperation, deepening the post-strike standoff as diplomats draft new inspection orders in Vienna.
- Pakistan granted lifelong immunity and expanded powers to army chief Asim Munir, intensifying military dominance and raising concerns over weakened civilian rule.
- Tanzania’s President Samia Suluhu Hassan formed an inquiry panel into Oct. 29 election violence, after opposition claimed 1,000 deaths, urging reconciliation and peace.
Technology Advancements in the week
- Anthropic pledged $50 billion to build US AI data centers from 2026, adding jobs and strengthening domestic infrastructure as it races to train more powerful AI models.
- Thinking Machines is in talks to raise funding at about a $50B valuation, aiming to expand its human-AI collaboration tools like Tinker.
- Google will invest $40 billion in three new Texas data centers to expand its AI computing capacity, reinforcing the state’s role as a major hub for AI infrastructure.
- AI coding startup Cursor raised $2.3 billion at a $29.3 billion valuation, topping $1 billion in annualized revenue as its tools popularize “vibe coding” for developers.
- Google plans to invest over $15 billion in data centers in Andhra Pradesh, as the state aims to become a global data hub.
- Meta will spend over $1 billion on a new AI data center in Wisconsin, expanding the infrastructure it needs to power its fast-growing artificial intelligence workloads.
- Warburg-backed Princeton Digital Group will invest $700 million in its first South Korea data center, part of a multi-year plan to expand AI-focused capacity in the country.
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