US Morning News Call | US Shutdown Deepens Economic Uncertainty With Data Blackout and Tariff Risks
Before the Bell
On Thursday, the shutdown began after top Democrats and Republicans missed Tuesday’s deadline to strike a funding deal, with both sides trading blame as Democrats held firm on extending health-care tax credits for millions. Investors largely shrugged off the impasse: futures tied to the $E-mini S&P 500 Futures (DEC5) (ESmain.US)$ rose 0.16%. $E-mini NASDAQ 100 Futures (DEC5) (NQmain.US)$ went up by 0.38%, and $E-mini Dow Futures (DEC5) (YMmain.US)$ went down 42 points, or 0.09%.
Top News
US Shutdown Deepens Economic Uncertainty With Data Blackout and Tariff Risks
The government shutdown halts official economic data releases, leaves major tariff decisions in limbo, and injects fresh uncertainty into key appointments like the BLS chief after the administration withdrew its initial pick.
EU Plans 50% Steel Tariffs, Aligning With US to Counter Overcapacity
A draft proposal would double the EU’s steel tariff rate to 50% for imports exceeding quotas, replacing the expiring 25% safeguard mechanism and mirroring US policy to curb trade diversion and address Chinese overcapacity.
OpenAI Hits $500 Billion Valuation, Overtaking SpaceX
OpenAI completed a secondary sale letting current and former employees sell $6.6 billion in shares at a $500 billion valuation, vaulting it past SpaceX’s $400 billion and making it the world’s most valuable startup. The deal comes as OpenAI negotiates with $Microsoft (MSFT.US)$ to convert into a more traditional for-profit structure.
Elon Musk Becomes First Person Worth $500 Billion
A surge in $Tesla (TSLA.US)$ stock, SpaceX’s soaring valuation, and rising expectations for xAI pushed Musk’s fortune to $500 billion on Forbes’ real-time list, about $150 billion ahead of Larry Ellison, with Mark Zuckerberg in third at $245.8 billion.
Microsoft Commits $33 Billion to Neoclouds, Taps $NEBIUS (NBIS.US)$ for 100,000 $NVIDIA (NVDA.US)$ Chips
Microsoft’s deal with Nebius—worth up to $19.4 billion—secures access to over 100,000 Nvidia GB300 chips to ease AI compute bottlenecks and free internal capacity for customer services. It’s part of more than $33 billion in commitments to neoclouds including $CoreWeave (CRWV.US)$, Nscale, and Lambda.
$Amazon (AMZN.US)$ Faces Mounting Cloud Competition as Rivals Gain Ground
AWS’s growth continues to lag Microsoft and Alphabet amid intensifying competition, while $Oracle (ORCL.US)$’s rapid gains—bolstered by a high-profile OpenAI deal—have lifted its market share and stock, pressuring Amazon’s valuation and cloud leadership.
JPMorgan raised Alibaba’s Hong Kong target to HK$240 by end-2026, implying 36% upside, citing a stronger cloud outlook and AI–e-commerce synergies. Alibaba shares jumped 53% in September after plans to boost AI spending beyond $53 billion and a new Nvidia partnership.
Crypto News
$Robinhood (HOOD.US)$’s Tenev: Tokenization Will “Eat” Finance
Robinhood’s CEO Vlad Tenev says asset tokenization will rewire financial services, expanding the addressable market from low-single-digit trillions to tens of trillions. He expects adoption to scale faster outside the US initially, broadening access to illiquid assets while cutting fees.
Robinhood’s CEO Vlad Tenev says asset tokenization will rewire financial services, expanding the addressable market from low-single-digit trillions to tens of trillions. He expects adoption to scale faster outside the US initially, broadening access to illiquid assets while cutting fees.
Bitcoin Could Sprint to $150K After $120K Breakout, Says Edwards
Capriole Investments’ Charles Edwards forecasts a rapid move to a $150,000 all-time high once Bitcoin clears the $120,000 threshold, citing safe-haven inflows alongside gold and suggesting the breakout could arrive in the near term.
Capriole Investments’ Charles Edwards forecasts a rapid move to a $150,000 all-time high once Bitcoin clears the $120,000 threshold, citing safe-haven inflows alongside gold and suggesting the breakout could arrive in the near term.
$Tether (USDT.CC)$ to Launch USAT Stablecoin on $Rumble (RUM.US)$ to Target U.S. Market
Tether plans to debut a new stablecoin, USAT, on video platform Rumble to expand its U.S. market share, Bloomberg reports, leveraging Rumble’s large American user base as a YouTube rival.
Tether plans to debut a new stablecoin, USAT, on video platform Rumble to expand its U.S. market share, Bloomberg reports, leveraging Rumble’s large American user base as a YouTube rival.
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