**Market Highlights** - U.S. stocks closed lower on Nov 19, with the Dow dropping nearly 500 points and the S&P 500 extending losses for a fourth consecutive day. - Top 20 U.S. stock movers: Home Depot CEO cited lack of extreme weather as a key factor in missing earnings expectations. - Major Chinese ADRs were mixed: Baidu rose 2.66%, while Pinduoduo fell 7.33%. - Oil prices climbed Tuesday amid market focus on potential Russian sanctions and supply glut concerns. - Spot gold rose 0.54%, while gold futures dipped 0.22%. - European equities broadly declined, with Germany’s DAX index down 1.77%.

**Macro Developments** - Foreign holdings of U.S. Treasuries neared record levels in September, though China reduced its stake. - The U.S. House voted to require the Justice Department to fully disclose Epstein case files. - Trump threatened to revoke ABC’s license after being questioned over withholding Epstein documents. - A Texas court blocked the state’s new congressional redistricting plan. - Trump stated he has begun interviewing candidates for the next Fed chair. - The U.S. may soon approve chip exports to Saudi AI firm Humain, benefiting Nvidia and AMD. - The CFTC will resume publishing trader positioning reports on Nov 19. - Europe moves to ease digital regulations to spur growth.

**Corporate Updates** - Google launched Gemini 3, intensifying competition with OpenAI. - Waymo announced expanded services in Texas and Florida by 2026. - Meta Platforms, Inc. prevailed in an FTC antitrust lawsuit related to its Instagram and WhatsApp acquisitions. - Meta’s Chief Revenue Officer, David Hegeman, left to launch a startup. - Morgan Stanley’s bitcoin-linked product gained popularity among cautious crypto investors. - Bank of America survey showed investors cutting UK equity exposure at the fastest pace in three years. - American Airlines urged Congress to pay air traffic controllers during future shutdowns. - Paramount denied reports of a $71 billion bid for Warner Bros. Discovery. - Microsoft and Nvidia plan to invest up to $15 billion in AI startup Anthropic.

**Commentary** - AI-driven trading boosted Wall Street traders’ income to a 20-year high. - Fed’s Barkin flagged risks to inflation and employment, awaiting clearer data. - BOE’s chief economist noted price pressures are weaker than headline inflation suggests. - Barkin also warned low rates won’t fix housing shortages, citing post-crisis constraints. - Trump’s approval ratings slid amid cost-of-living concerns and Epstein case backlash. - Longtime allies criticized Trump’s refusal to release Epstein files, citing MAGA movement divisions.

**Commodities & Bonds** - Oil: WTI rose as markets eyed potential U.S./EU actions against Russia. - Forex: The dollar weakened after ADP’s labor market warning. - U.S. Treasuries were mixed, with the yield curve steepening.