Elimination status is lost if the virus spreads continuously for 12 months.

US stocks retreated on Tuesday as worries about an AI bubble and the broader US economy continued to set markets on edge, with a pivotal Nvidia (NVDA) earnings report and shutdown-delayed jobs data on the horizon. The Dow Jones Industrial Average (^DJI) fell around 1.1%, or nearly 500 points, adding to a rough four-day sell-off. The tech-heavy Nasdaq Composite (^IXIC) pulled back nearly 1.2%. The S&P 500 (^GSPC) was roughly 0.8% lower, rebounding from earlier in the session but still notching its fourth consecutive losing session. DJI - Delayed Quote • USD Bitcoin briefly dipped below $90,000 on Tuesday for the first time in seven months, deepening a sell-off that wiped out all of the leading cryptocurrency's gains for the year. Worries about an AI bubble and the US economy added to the risk-off mood, as markets start to show signs of strain. Investors are now eyeing two key tests of those concerns in coming days. Chipmaker Nvidia's third quarter results land on Wednesday, at a moment when investors are rethinking the durability of this year’s AI-fueled market rally. Nvidia helped lead a Big Tech slide on Tuesday, falling as much as 3% before ending the day down around 2.7%. Peers Amazon (AMZN) and Microsoft (MSFT) fell by around 4.3% and 2.7%, respectively. Wall Street is also eyeing Thursday's September jobs report release to help shape expectations for the Federal Reserve’s next policy moves. It's the first major economic reading since the US shutdown delayed official data releases. Traders have pared rate-cut odds significantly from total conviction a month ago, and are now pricing in a roughly 50-50 chance of easing. Meanwhile, data from ADP on Tuesday showed job losses slowing in the private sector heading into November. And a stream of earnings from retailers should offer insight into consumer strength ahead of the holiday season. Home Depot (HD) cut its full-year profit guidance after its earnings missed estimates before the bell, pulling its shares lower. Results from major chains Walmart (WMT) and Target (TGT) are also set to hit this week. LIVE COVERAGE IS OVER 21 updates The major US stock indexes posted their fourth consecutive day of losses on Tuesday as an AI bubble and the broader US economy continued to set markets on edge. Investors are staring down a crucial Nvidia (NVDA) earnings report and shutdown-delayed jobs data coming by the end of the week. The tech-heavy Nasdaq Composite (^IXIC) drove losses, shedding around 1.2%, while the Dow Jones Industrial Average (^DJI) lost about 1.1%. The S&P 500 (^GSPC) fared the best, falling by around 0.8%. Big Tech stocks broadly fell, with Amazon (AMZN) leading the cohort down with a loss of around 4.4%. Fellow tech megacaps Nvidia and Microsoft (MSFT) shed around 2.8% and 2.7%, respectively. After an outage throughout the morning that forced several web services offline, Cloudflare (NET) ended the day down around 2.9% after paring losses from a steeper initial drop. Small business owners are taking a bearish outlook on the upcoming year, with more owners expecting a drop in sales over the next 12 months than last year, according to research out today from Bank of America. According to the bank, business recovery is largely mirroring the "K-shaped" recovery of the job market. Nearly three out of four owners of businesses of all sizes are expecting revenues to increase over the next 12 months. But among small business owners, the share of owners projecting the same for their businesses is falling compared to last year. "The largest businesses have been leading the charge in job creation, painting a picture of a 'K-shaped' recovery," BofA analysts wrote, while in small business data, there has been "a deviation in profitability growth between those firms of the highest and lowest revenues." While the past year saw strong profit growth for small business owners — or those with less than $500,000 in annual revenue — profitability growth turned negative in the third quarter, according to BofA analysis. While medium-size business owners more often reported increasing costs, the effect of rising costs was felt more intensely by small business owners, BofA wrote. While luxury automaker Bentley's CEO Frank-Steffen Walliser is bullish on the company's newest high-performance car model, a shifting clientele base has signaled that the sector's typical high-end customer lane is remaining hesitant amid ongoing "uncertainty in the markets." Yahoo Finance's Pras Subramanian reports: Last Thursday, luxury British automaker Bentley unveiled its latest creation, the Supersports, a high-performance, lightweight, two-passenger version of its Continental GT coupe. The event in New York City's Chelsea district drew youthful and urban fans — not the usual clientele Bentley typically attracts. But times are changing — and so are Bentley's buyers. The stripped-down, carbon-fiber-shod sports car is powered by a twin-turbo V8, comes in rear-wheel drive only, and isn't a hybrid, like most of the other models in the Bentley lineup. The company has not yet provided pricing for the Supersports, but assume an MSRP north of at least $350,000, which is the starting price of the highest-trim Continental GT. Bentley will start taking orders for the Supersports in March 2026, with initial deliveries set to begin in 2027. But while the push for more diverse clients is a welcome change for the staid brand, its bread-and-butter luxury clientele — who generally own several cars in their personal fleets — are still a little hesitant, given an uncertain economy. That "uncertainty" has ruled the day for months now and continues to do so. "It did not really change [from this summer]," Walliser said. "It's still uncertainty in the markets, specifically in the US. But if the US is uncertain, Europe is definitely uncertain. China is still slow." Read more here. Meta (META) will maintain ownership of the social media platform Instagram and global messaging app WhatsApp after a judge ruled in the tech giant's favor in an antitrust suit brought by the Federal Trade Commission. Meta shares pared losses but remained down roughly 0.3% in afternoon trading.NasdaqGS - Nasdaq Real Time Price • USD Yahoo Finance's Daniel Howley reports: A US district judge on Tuesday ruled against the Federal Trade Commission (FTC) in its antitrust lawsuit against social media giant Meta (META). In his ruling, Judge James Boasberg said the FTC failed to prove that Meta purchased Instagram and WhatsApp with the goal of eliminating them as competitors in the social media market. The FTC was seeking to force Meta to divest itself of both Instagram and WhatsApp, despite the commission originally approving their purchases in 2012 and 2014, respectively. Boasberg said government lawyers insufficiently argued that Facebook, Instagram, and Snapchat make up what they referred to as a personal social networking market. Instead, the judge found Meta's argument that if there was a private social networking market, it doesn't exist anymore, and that the company also has to compete with major rivals such as TikTok and Google's (GOOG, GOOGL) YouTube. "With apps surging and receding, chasing one craze and moving on from others, and adding new features with each passing year, the FTC has understandably struggled to fix the boundaries of Meta's product market," Boasberg wrote in his ruling. Read more here. Crude oil prices will rise through the back half of the 2020s while natural gas (NG=F) prices will fall, Goldman Sachs analysts said in a duo of notes released yesterday and today outlining the bank's long-term view on the energy products. The market is in near-total consensus that oil is headed for a major supply glut in 2026, as the OPEC+ cartel has continued to raise its production levels and Beijing has slowed its market-buoying purchases, which led headlines throughout the first half of 2025. Prices on Brent crude oil (BZ=F), the international benchmark, and West Texas Intermediate (WTI) crude (CL=F), the US benchmark, will each fall by around 13% in 2026 as the "last supply wave" passes through the market, Goldman Sachs analysts wrote. But the investment bank sees price movement reversing through 2027 and into the 2030s as production falls and markets turn back into a deficit, with Brent and WTI climbing to $80 and $76 per barrel, respectively, far above current pricing at $64 and $60. Brent and WTI crude futures are down by roughly 13.7% and 15.5%, respectively, since the beginning of the year. In natural gas, for which demand has been steadily climbing and prices have increased by more than 28% in the past six months, Goldman Sachs analysts see the opposite movement. While new liquified natural gas (LNG) projects have lifted global LNG supply by 5% year over year in 2025, the bank sees European storage — cheaper relative to the rest of the global market — absorbing much of the excess, keeping prices low and encouraging production in the US, where export demand is booming. But eventually, Goldman Sachs analysts wrote, the "largest ever LNG supply wave" will reach levels that will overwhelm European storage capacity and even exceed demand in Asia, pushing prices sharply down across the US, European, and Asian markets through 2029. Looking past 2030, Goldman Sachs sees demand, especially from China, catching back up and normalizing the market, but only after several years of depressed prices for the natural gas industry. Homebuilder sentiment remained pressured in November, with a record 41% of homebuilders reporting that they cut prices this month to entice skittish buyers sitting on the fence. Yahoo Finance's Claire Boston reports: The share of builders slashing prices reached a post-pandemic high, according to the National Association of Home Builders/Wells Fargo Housing Market Index, and topped 40% for the first time on record. The average discount was 6%, unchanged from a month earlier. Sixty-five percent of builders reported using sales incentives, such as mortgage rate buydowns and funds toward upgrades and closing costs, a share that’s held steady since September. Homebuilders have been dealing with a sluggish housing market, wary consumers, and unknowns around tariffs and construction costs throughout 2025. They’ve responded by reducing single-family housing starts this year, although NAHB chief economist Robert Dietz said the trade group is forecasting a slight increase in 2026 because builders’ assessment of future sales conditions remains slightly positive. The index’s measurement for builder confidence in the new single-family home market rose one point to 38 this month, but remains in deeply negative territory. An index reading below 50 indicates that more builders view conditions as poor than good. Read more here. While the "Magnificent Seven" tech stocks remain the most crowded trade in the market, investors are pointing to potential hazards ahead with the artificial intelligence investment spree. According to a new survey from Bank of America, fund managers now view an AI bubble as the biggest concern for markets. The survey conducted from Nov. 7-13 found that 45% of fund managers now believe an AI bubble is the biggest tail risk to the economy and the markets, up from 33% who cited this risk last month. Other top risks mentioned included a disorderly rise in bond yields (17%), inflation (16%), and a US consumer credit crunch (8%). And for the first time in 20 years, a majority of fund managers say that companies are overinvesting in capital expenditures, even as most acknowledge that AI is boosting productivity. The “magnitude & financing of the AI capex boom” largely accounted for the jump, the BofA team noted. (Chart: BofA Global Fund Manager survey) "We believe that we are in a rational bubble," economist and former PIMCO CEO Mohamed El-Erian said in an interview at Yahoo Finance's Invest event last week. He later added that "the payoff [of AI] is so large that it is rational to have multiple investments and to overinvest." Redburn analyst Alex Haissl downgraded Amazon (AMZN) and Microsoft (MSFT) stocks to Neutral from Buy, saying their current levels are overvaluing the companies' AI businesses. Both equities fell as much as nearly 4% in late morning trading.NasdaqGS - Nasdaq Real Time Price • USD "It is time to take a more cautious stance on the hyperscalers and move beyond the industry’s reassuring ‘trust us – Gen-AI is just like early cloud 1.0’ narrative, which looks increasingly misplaced," he wrote. Haissl is referring to the comparison Big Tech firms have drawn between their massive spending on AI data centers and their big investments in cloud infrastructure in the 2010s. The latter reaped huge benefits for the tech giants as their cloud businesses boomed. But the analyst said generative AI costs more and generates less revenue than companies' traditional clouds. "At current valuations, investors appear to be giving management teams too much benefit of the doubt, still pricing today’s heavy capex as if it carried cloud 1.0-level returns, even though there is no clear path back to those economics." Cloudflare (NET) shares sank 3.6% as the internet infrastructure provider experienced an outage that hit big online platforms including X and ChatGPT. Cloudflare's network serves one fifth of the world's internet traffic, according to Reuters. The company said it believed it had fixed the outage — which began early Tuesday morning — around 9:40 am ET. But Cloudflare said some customers may still be experiencing issues.NYSE - Nasdaq Real Time Price • USD Earlier this week, the IT provider made news as its CEO slammed Alphabet-owned Google (GOOG), saying the tech giant is abusing its monopoly in Search to scrape web content for its AI models. The issue is something the company has been outspoken about for months. Despite Tuesday's drop, Cloudflare stock is up more than 80% for the year. The major stock indexes saw losses of more than 1% as morning trading was underway Tuesday after each index declined fractionally at the market open. The Nasdaq Composite (^IXIC) led declines, at one point sinking nearly 1.9%, while the Dow Jones Industrial Average (^DJI) fell 1.3% and the S&P 500 (^GSPC) dropped 1.2%. Meanwhile, Amazon (AMZN) led Big Tech equities lower, sinking more than 3%. Microsoft (MSFT), Tesla (TSLA), Nvidia (NVDA), and Meta (META) all fell by over 2%. Big Tech stocks dropped across the board, save for Apple. Intuit (INTU) is the latest company to see its shares lifted by news of a deal with OpenAI (OPAI.PVT). Intuit shares rose 1.5% Tuesday after climbing 3.5% in premarket trading on the announcement of an agreement with the ChatGPT maker. That gain came as stocks sank across the board in morning trading, with the Nasdaq (^IXIC) down more than 1% shortly after the market open.NasdaqGS - Nasdaq Real Time Price • USD The financial management software provider will pay OpenAI more than $100 million to use the AI developer's models in Intuit's apps, and Intuit's apps will be available within ChatGPT. US stocks sank at the open as investors looked to upcoming jobs data that will factor into interest rate-cut bets and fears of an AI bubble continued to put pressure on tech equities. The tech-heavy Nasdaq Composite (^IXIC) sank 0.6%, while the S&P 500 (^GSPC) dropped 0.4%. The Dow Jones Industrial Average (^DJI) fell 0.8%, following three days of losses for the blue-chip benchmark. The downbeat mood Tuesday comes after a bruising session for stocks Monday. US private employers shed an average of 2,500 jobs per week during the four weeks that ended Nov. 1, according to fresh data from ADP Research Tuesday. That's a narrower loss than the 14,250 private sector jobs shed by employers over the four weeks through Oct. 25. Investors have closely watched private sector employment data as the longest-ever US government shutdown delayed the release of critical federal economic data. Looking ahead, Wall Street is eyeing the long-awaited September jobs report from the Bureau of Labor Statistics on Thursday, which will factor into bets on the Fed's path to interest rate cuts. Private sector job losses. (ADP Research) Shares of Swedish buy now, pay later firm Klarna (KLAR) rose in premarket trading but then reversed gains after its first quarterly results since going public beat expectations. The company also announced it will sell up to $6.5 billion in loans to Elliott Investment Management in order to further its push into the US market. The stock was down 1.8% as the earnings call was underway (listen here).NYSE - Nasdaq Real Time Price • USD Revenue grew 26% year over year to $903 million, greater than the $885 million the Street expected, while Klarna's net loss reached $95 million in the third quarter. Like economic bellwether Home Depot (HD), which hinted on Tuesday that consumers are putting off home projects, Klarna offers a glimpse into how consumers' finances are holding up. On that front, the fintech firm added more provisions for loan losses, which climbed to 0.72% of gross merchandise volume from 0.44% last year. Still, CEO Sebastian Siemiatkowski said in the company's shareholder letter that "more consumers are paying early, not late." Yahoo Finance's Allie Canal reports: America's labor market continues to cool, and the gig economy is quietly absorbing some of the employment strain being felt across the economy. A new Goldman Sachs analysis found that platform-based gig work opportunities — which include major tech players like Uber (UBER), DoorDash (DASH), and Instacart (CART) — are holding up as traditional payroll growth cools. About 20% of people who lost pay, lost a job, or had hours cut turned to gig platforms to make up the difference, the analysis said. More signs of a shrinking labor market are expected in this week's delayed September payrolls report, which is set to be released on Thursday. Goldman found that gig hours rose the most in cities where payroll growth slowed, signaling that workers are taking on extra shifts to make up for lost hours or pay in traditional jobs. Read more here. Home Depot (HD) reported mixed third quarter earnings on Thursday, with the retail giant lowering its fiscal 2025 adjusted earnings forecast but raising its expectations for sales growth. Home Depot stock fell more than 3% before the bell on Tuesday.NYSE - Nasdaq Real Time Price • USD The AP reports: For the three months ended Nov. 2, Home Depot earned $3.6 billion, or $3.62 per share. A year earlier it earned $3.65 billion, or $3.67 per share. Removing one-time charges and benefits, earnings were $3.74 per share, a dime short of Wall Street expectations, according to a poll by FactSet. “Our results missed our expectations primarily due to the lack of storms in the third quarter, which resulted in greater than expected pressure in certain categories,” CEO Ted Decker said in a statement. “Additionally, while underlying demand in the business remained relatively stable sequentially, an expected increase in demand in the third quarter did not materialize. We believe that consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand.” Read more here. Axalta (AXTA) stock jumped 7% in premarket trading on Tuesday after Dulux owner AkzoNobel agreed to combine with the paint and chemicals company to create a $25 billion business.NYSE - Nasdaq Real Time Price • USD PDD Holdings (PDD) stock fell 2% before the bell after reporting a 9% jump in revenue. The Temu owner had made moves to slash prices and offer steep discounts were bolstering demand in its home market. Amer Sports (AS) stock rose 6% in premarket trading after reporting third quarter results and raising its full-year guidance. Bloomberg reports: Bitcoin’s (BTC-USD) slide below $90,000 worsened a slump in Asia’s financial markets Tuesday, fueling alarm that leveraged investors would set off a negative spiral of selling pressure. The cryptocurrency fell as much as 2.8%, the latest drop in a slide that has wiped out all of its gains for the year. That ramped up pressure across Asian stock markets: The MSCI Asia Pacific Index tumbled more than 2%, its worst performance in a month, and almost every market in the region lost ground. Treasuries rose across the curve, with yields on 10-year notes (^TNX) falling four basis points. Haven currencies including the yen (JPY=X) and the Swiss franc (CHF=X) strengthened while the risk-sensitive Australian dollar (AUD=X) declined. The Bloomberg Asia Dollar Index dropped to the lowest since May. ... “Bitcoin’s extended selloff has definitely amplified the market’s risk alarm, reinforcing the sense that something deeper may be shifting under the surface,” said Hebe Chen, an analyst at Vantage Markets in Melbourne. Read more here. Baidu (BIDU) stock rose 2% before the bell on Tuesday after the Chinese search engine beat market expectations for its third quarter revenue. The company was helped by strong growth in its cloud business amid a recovering ad market.NasdaqGS - Nasdaq Real Time Price • USD Reuters reports: The company reported total revenue of 31.17 billion yuan ($4.38 billion)，compared with estimates of 30.7 billion yuan, according to data compiled by LSEG. Read more here.

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