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Weakness in markets continued this week, with the S&P 500 sliding another 2% and now sitting nearly 5% below its record highs. While fear and uncertainty remain elevated, this pullback is creating opportunities to pick up high-quality names that have finally cooled off after an extraordinary run since the April lows. Here’s everything you need to know and more.
🌎 Markets pullback globally
💴 Japan stimulus drops Yen
🤑 Nvidia posts record revenue
🛒 Walmart ecommerce shines
📉 Crypto sell-off continues
Read on below.
📈 Markets Snapshot
Contents
⌛ Last Week’s Recap
Markets fell across the board last week, led by deeper drops in major tech names. Nvidia’s strong results sparked a brief rally, but momentum faded fast as the Nasdaq flipped to a 2% loss on Thursday after initially gapping up. The VIX, a measure of market volatility, rose to 28 and remains high at 23. Despite the uncertainty around AI and the economy, this does not mean a crash is imminent. Attractive opportunities are emerging in both tech and other overlooked sectors.
Key Takeaways
Japan signs off on massive $135B stimulus package, sending bond yields sharply higher and weakening the Yen: The plan includes energy subsidies and cash handouts, aiming to cut inflation by 0.7 pts and lift GDP by ~1.4% annually over three years.
FOMC minutes show mixed views on Dec rate cut: “Many” officials see a cut as inappropriate, while “several” say it could be warranted, highlighting ongoing division within the Fed.
US trade deficit narrows sharply: The August trade gap shrank 24% to $59.6B as tariffs caused imports to plunge 5.1%, while exports edged higher.
Existing home sales rise despite shutdown: October sales rose 1.2% to 4.1M, the fastest since February, as buyers took advantage of lower mortgage rates.
US Sep jobs report beats expectations. BLS officials announce no Oct report and delay in publishing Nov report: Nonfarm payrolls added were +119K, while unemployment ticked up to 4.4%, highest since Oct 2021.
US approves sale of 70K advanced AI chips to UAE & KSA: The deal includes up to 35,000 Nvidia GB300 servers each for UAE’s G42 and Saudi Arabia’s Humain, with controls to prevent tech transfer to China.
China prepares new property rescue measures: Officials weigh nationwide mortgage subsidies, bigger tax rebates and lower transaction costs to stabilize slumping sales and rising bad loans.
Crypto drops sharply, led by BTC (-12%): The severe fall in prices is reportedly due an unwinding of excessive use of leverage, and liquidity drying up among market makers.
Nvidia reports blowout quarter and massive Q4 guide: Revenue jumped 62% YoY to $57B, with data center sales up 66% YoY and a Q4 guide of $65B, far above expectations.
Nvidia CEO pushes back on “AI bubble” narrative: Says AI is undergoing three historic platform shifts: accelerated computing, generative AI, and agentic/physical AI, driving sustained infrastructure demand far beyond simple hype.
Walmart posts strong Q3 results and raises guidance: Revenue hit $179.5B (+5.8% YoY), e-commerce surged 27%, and advertising jumped 53%, prompting a higher FY26 outlook despite margin pressure from tariffs.
Google strength continues, overtakes Microsoft in market value: Investors are optimistic about its AI prospects, with its Gemini 3 launch this week, and in-house TPU development offering new revenue capabilities and cost efficiencies within Google Cloud.
Uber to debut sidewalk delivery robots in UK/Europe: Teaming up with Starship for the first rollout in Leeds and Sheffield, the 2-mile autonomous robots aim to cut delivery times to under 30 minutes, with wider rollout planned for 2026.
Notable Earnings Recap
| Company | Qtr Rev |
Qtr EPS |
YTD |
|---|---|---|---|
| Home Depot (HD) |
$41.35B
|
$3.74
|
-12% |
| Pinduoduo (PDD) |
$15.21B
|
$2.96
|
+17% |
| Medtronic (MDT) |
$8.96B
|
$1.36
|
+27% |
| Target (TGT) |
$25.27B
|
$1.78
|
-35% |
| Nvidia (NVDA) |
$57.00B
|
$1.30
|
+33% |
| Palo Alto Networks (PANW) |
$2.50B
|
$0.93
|
+1% |
| Walmart (WMT) |
$179.50B
|
$0.62
|
+17% |
| Intuit (INTU) |
$3.89B
|
$3.34
|
+6% |
🗓️ The Week Ahead
Markets will enter the new week with key economic data still trickling in after the shutdown. The S&P 500 and Dow are sitting just above their 100-day moving averages, making this a pivotal week to see whether buyers step in or we head lower towards the 200-day moving average, and into correction territory. Meanwhile, Bitcoin and Ethereum will be watched closely to see if they can reclaim $90K and $3K respectively, and traders will also be tracking the yen’s path after Japan’s big stimulus, given its outsized impact on global carry trades and US equities.
Retail Sales (Sep), Tues, 25-Nov: Read on consumer spending trends - the total revenue from goods and services sold to consumers.
PPI & Core PPI YoY (Sep), Tues, 25-Nov: Read on producer price inflation, essentially tracking wholesale costs. Core PPI excludes food and energy.
Consumer Confidence (Nov), Wed-26-Nov: Gauges household optimism toward employment, income, and buying conditions into the final month of the year.
Alibaba Earnings (Tues, 25 Nov, BMO): Will provide color on Chinese consumer demand, cloud growth, and AI developments in China.
Upcoming Notable Earnings
🎯 This Week’s Pick
Clean Harbors
| Market Cap | P/E | Fwd P/E | YTD |
|---|---|---|---|
| $11.60B | 30.11 | 26.75 | -5.69% |
CLH Weekly Chart
Profile
Clean Harbors is North America’s leading provider of mission-critical environmental and industrial services. It specializes in the full lifecycle of hazardous and non-hazardous waste management, emergency spill response, and industrial cleaning. If a refinery, utility company, or manufacturer needs waste safely handled, Clean Harbors is usually the one doing it. Their recurring, compliance-driven services make them a steady operator even in uncertain markets.
Fundamental Overview
Clean Harbors continues to deliver strong execution across its core segments, with consistent mid-single-digit annual revenue and EBITDA growth. Operating cash flow growth is particularly robust, at a 5-year CAGR of ~13.50%. Long-term tailwinds are strong, particularly in the growing, highly-regulated PFAS destruction market, where it holds a unique end-to-end capability. However, the balance sheet could be healthier. The company carries ~$2.8B in long-term debt. While this leverage is manageable, it is elevated for its size and limits financial flexibility.
Technical Overview
CLH sold-off after its most recent earnings due to revenue coming in under estimates. It has since then recovered from a low of $200 and climbed back above its 21-day moving average. Zooming out to the weekly chart, it has reclaimed its 120-day moving average, a zone that has been supporting its price since 2020. CLH pushing through a resistance level of $220 is key for it to continue its momentum and potentially fill its earnings gap back to a target price of $240.
👋🏼 About The Author
Ali Husain
Ali is a full-time equity trader and investor based in Dubai, and the founder of First Mile Investing. He left his corporate career in 2024 to pursue his passion for the markets. He founded First Mile Investing to help beginners take their first confident steps into investing, with the goal of making the process less intimidating, more accessible, and empowering for everyone.
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