Multifamily CMBS delinquencies hit 8.1%, highest level since 2016

A blocked $1.5 trillion defense budget puts the funding behind record contractor backlogs and Pentagon modernization programs in limbo, and defense names already sold off on fears of a tighter budget.

JUST IN: Democrats plan to block Trump's $1.5 trillion military budget

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Real-money traders now price a 2026 recession at effectively zero, a record low, which leaves cyclicals and rate-cut bets priced for a soft landing that has to actually show up.

BREAKING: Odds of a recession this year plummet to nearly 0% — a record low https://t.co/63hNi3L5Uk

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The Fed's reaction function for 2027 just got stickier: a Democratic Senate means an incoming chair inherits a board he cannot restock, so rate-path bets built on a fast dovish remake of the Fed need rethinking.

Whether Kevin Warsh would have had a say in Trump's next Fed picks is now a moot question if a Democratic Senate won't confirm any. Past chairs leaned on lieutenants they helped choose. Warsh may have to work with the board he inherited. https://t.co/mKoDkGTrMo https://t.co/zdExQV0eSK [Quoted @NickTimiraos]: Democrats' Senate win may deliver the strongest check yet on Trump's push to reshape the Fed. Until now, checks on the longstanding institutional relationship ("Fed independence") have been piecemeal: Tillis's blockade, Powell staying on as a governor, and court rulings that kept

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An AI lab buying $3.4 billion of its own gas generators says the grid can't deliver megawatts fast enough, and that demand lands on turbine makers and power equipment suppliers first.

JUST IN: Anthropic reportedly agrees to a $3,400,000,000.00 deal to purchase gas-fired generators to power its AI data centers.

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The president is now publicly tying $3 trillion of lost market value to the midterm outcome, which puts policy risk back at the center of the selloff narrative.

BREAKING: President Trump says the US took a “giant step back in history” after the Midterm election results and comments on the $3 trillion loss in the stock market on November 5th. https://t.co/lHuCERlTki

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A 15x forward multiple on a social platform that was priced as a hypergrowth AI data story is the market saying it believes the slower growth guidance.

Reddit now trades at a Forward P/E of 15x. Value play or value trap? $RDDT https://t.co/gv9SlYvuPQ

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The UK's under-16 social media ban is widening to resale marketplaces, with eBay and Vinted named by ministers, meaning age verification costs and a cut to new-user signups in one of eBay's largest non-US markets.

JUST IN: UK government seriously considers banning under 16s from eBay

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Ten for ten: every prior flat-open, 4%-plus intraday washout in the S&P 500 ETF was followed by a higher price one year later, which marks Thursday's selloff as capitulation.

On Thursday, the S&P 500 ETF $SPY opened flat and traded down 4%+ from the open to the close. Red dots on the chart below show prior occurrences. Higher one year later all ten times. Are massive big open to close drops a clearing event? https://t.co/TsJOm45OoL

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Borgeat frames the AI-chip drawdown as a forced hedge fund unwind rather than a verdict on AI demand. In 1998, that kind of deleveraging was followed by a violent melt-up.

It is 1998 all over again. This time it is not LTCM. It a whole bunch of HFs. Remember what happened thereafter? Yup… https://t.co/PVp7aK8mj0 https://t.co/ylYo1J2eIt [Quoted @ThierryBorgeat]: AI Semis Plummeted. The AI Boom Did Not. 19 Stocks to Consider. It is time to prepare accordingly. $SOXX Read here: https://t.co/t03hAR5hsr https://t.co/6J8nBRDyT2

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Blackwell Ultra racks still have an air-cooled option, but Kindig argues power limits make liquid cooling the only way to hit target density, pushing the spending beyond chipmakers and into the cooling supply chain.

Although air-cooled options still exist for the latest GPUs such as $NVDA Blackwell Ultra, liquid cooling is a necessity to maximize data center density and rack deployments within fixed power envelopes. As a result, liquid cooling adoption is forecast to accelerate sharply in https://t.co/qbBkjr4ubN

Musk is killing a flagship vehicle line to free engineers and supply chain for the Cybercab, confirming the robotaxi is now Tesla's one growth bet that matters.

Elon giving more info on why Cybertruck production is ending: “There are a very limited number of smart, dedicated people. They can only do so many things. If we have to maintain a complex production line, supply chain and allocate engineering for Cybertruck, we can’t use those https://t.co/WFbN3WryVl [Quoted @elonmusk]: @WR4NYGov There are efficiency improvements coming that will allow for a 40kWh Cybercab pack. We will make this in liquid silver, so the colors are not too monotonous. The biggest thing most people fail to understand is that there are a very limited number of smart, dedicated people!

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