Markets Poised for Seven-Month Low; Trump & Mamdani to Meet Friday

9 snips

Nov 21, 2025

Valerie Teitel, a Bloomberg markets reporter, dives into the challenges facing global stocks with a notable drop driven by concerns over AI valuations. She highlights the Nasdaq's dramatic intraday swings and Cathie Wood's strategic Nvidia purchases amidst volatility. The discussion shifts to Bitcoin's steep decline, with institutional investors hesitating to buy the dip. Teitel also outlines mixed Fed signals affecting rate cut expectations, all while Japan announces a massive stimulus package to alleviate economic pressures.

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INSIGHT

Markets Face AI Valuation Reckoning

Global stocks are set for their worst week in seven months driven by worries over high AI valuations and market reversals.
Valerie Teitel highlights a $2.7 trillion wipeout in the S&P 500 from the recent sell-off.

INSIGHT

Bitcoin Selling Intensifies

Bitcoin plunged more than 23% this month and fell below about $82,000 amid heavy ETF outflows.
A dozen U.S.-listed Bitcoin ETFs saw $903 million in net outflows in a single day, the second-largest since their debut.

INSIGHT

Fed Uncertainty Amplifies Volatility

Markets are also reacting to uncertainty about whether the Fed will cut rates next month.
Traders priced only about a 30% chance of a December rate cut, fueling risk-off moves.

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On today's podcast:
1) Global stocks are poised for their worst week in seven months as concerns over lofty valuations and whether massive investments in artificial intelligence will pay off prompt investors to retreat from riskier assets. The MSCI All Country World Index has slumped 3.1% this week, putting it on track for its sharpest weekly drop since April 4, when President Trump’s tariffs rattled markets. Bitcoin fell below $84,000, extending its drop from an all-time high less than seven weeks ago to more than 30%. European and Asian shares were also set for their biggest weekly decline since April after Wall Street’s Thursday selloff. Sentiment remained fragile for US assets, with S&P 500 futures fluctuating after the benchmark slipped to its weakest level since September.
2) Philadelphia Fed President Anna Paulson said she’s approaching next month’s rate-setting meeting with caution, though she remains more concerned about weaknesses in the job market. “Each rate cut brings us closer to the level where policy flips from restraining activity a bit to the place where it is providing a boost. So, I am approaching the December FOMC cautiously,” Paulson said Thursday, referring to next month’s gathering of the Federal Open Market Committee. “Each rate cut raises the bar for the next cut.” Deep divisions have emerged among policymakers after they lowered rates at two consecutive meetings. Some remain concerned more by weakness in the labor market while others have expressed growing worry over inflation. The lack of official data during the long government shutdown has also blurred policymakers’ view of the economy.
3) President Trump and New York City Mayor-elect Zohran Mamdani are set to meet at the White House on Friday, the president said in a social media post. The meeting marks the first time the two leaders will come together to discuss how they can work with each other since the election earlier this month. Mamdani was elected as mayor of New York City after campaigning on a progressive platform that includes freezing the rent on more than 1 million stabilized apartments, providing universal child care, funding free buses and operating city-owned grocery stores. Mamdani, a democratic socialist, is seeking higher taxes on corporations and the wealthy to pay for his agenda.

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