Not $3T, actually worse in some tallies.$TRUMP $ESPORTS $IDOL http://Blockchain.News / Bull Theory estimated nearly *$5 trillion erased globally* last week — US stocks $2.0T, gold $1.38T, crypto $125B. Nasdaq-100 alone lost $2T+ in October, its worst month since March 2025, down 5.2%.
Trigger was AI spend: Alphabet had its worst day ever Thursday -12.6%, ∼$500B gone. Amazon reported -$42.4B free cash flow due to AI capex. Fed also held rates at 3.75%-4.00% Wednesday but 2 officials dissented for a hike, plus Intel -29% Friday. Hedge funds did their biggest de-grossing since 2016, cutting exposure 7.8%.
So markets enter this week already fragile.
*This week's confirmed schedule all ET:*
*Monday Nov 2:*
- 10:00 AM ISM Manufacturing PMI consensus 54.7, prior 54.5. Prices paid + employment sub-indices matter most
- 11:15 AM Fed's Goolsbee speaks
- After close: *Apple* (EPS $1.98, rev $113.3B expected, focus on Dec guide + margins) + *Palantir*
*Tuesday Nov 3:*
- All day *US midterm elections* markets stay open. Control of House + Senate, 35 Senate seats. Big for fiscal, AI regulation, crypto policy
- 10:00 AM JOLTS Job Openings 7.1M expected
- Factory Orders
- After close: *AMD* (EPS $1.68-1.94), plus Arista, Super Micro, Amgen
*Wednesday Nov 4:*
- 8:15 AM *ADP Employment* 65K expected, prior 90K
- 8:30 AM Treasury quarterly refunding announcement — will set bond supply
- 10:00 AM *ISM Services PMI* — 54.8 expected
- Before open: Uber, McDonald's, CVS. After close: *Qualcomm, Arm, AppLovin, Datadog.
Trigger was AI spend: Alphabet had its worst day ever Thursday -12.6%, ∼$500B gone. Amazon reported -$42.4B free cash flow due to AI capex. Fed also held rates at 3.75%-4.00% Wednesday but 2 officials dissented for a hike, plus Intel -29% Friday. Hedge funds did their biggest de-grossing since 2016, cutting exposure 7.8%.
So markets enter this week already fragile.
*This week's confirmed schedule all ET:*
*Monday Nov 2:*
- 10:00 AM ISM Manufacturing PMI consensus 54.7, prior 54.5. Prices paid + employment sub-indices matter most
- 11:15 AM Fed's Goolsbee speaks
- After close: *Apple* (EPS $1.98, rev $113.3B expected, focus on Dec guide + margins) + *Palantir*
*Tuesday Nov 3:*
- All day *US midterm elections* markets stay open. Control of House + Senate, 35 Senate seats. Big for fiscal, AI regulation, crypto policy
- 10:00 AM JOLTS Job Openings 7.1M expected
- Factory Orders
- After close: *AMD* (EPS $1.68-1.94), plus Arista, Super Micro, Amgen
*Wednesday Nov 4:*
- 8:15 AM *ADP Employment* 65K expected, prior 90K
- 8:30 AM Treasury quarterly refunding announcement — will set bond supply
- 10:00 AM *ISM Services PMI* — 54.8 expected
- Before open: Uber, McDonald's, CVS. After close: *Qualcomm, Arm, AppLovin, Datadog.
