President Donald Trump met New York Mayor-elect Zohran Mamdani this week, saying the two shared more similarities than expected. It was an unlikely pairing and a reminder that markets, too, often move unexpectedly.

Like Nvidia, which reported its Q3 2026 earnings on Wednesday, Nov. 19, and exceeded expectations, momentarily lifting the entire market as investors sought clarity on whether AI is still in a boom or on the brink of a bubble. But the enthusiasm did not last long.

The company’s stock fell on Nov. 20, resulting in a 5.9% decline this week. Business Insider reported that even Nvidia founder Jensen Huang was surprised by the decline, which came unexpectedly after the semiconductor giant delivered a strong quarterly report.

Amid these fears of an AI bubble and increased spending forecasts on AI infrastructure, the stock market wavered this week. 

  • The S&P 500 declined 1.9% this week, led down by tech stocks.
  • The tech-heavy Nasdaq Composite suffered a significant decline, falling 2.7% this week.
  • The Dow Jones Industrial Average declined 1.9% over the week. Although the small-cap Russell 2000 managed to recover from its earlier losses, it still ended the week 0.8% lower.
Eli Lilly stock is up 37% year to date.

TheStreet/Eli Lilly & Company

Market analysis and the Federal Reserve

Overall, the market rebounded on Nov. 21, but the week displayed a bearish sentiment. This feeling was visible in the CBOE Volatility Index VIX, which was up 18% this week.

The index displayed significant market volatility and anxiety, mostly stemming from concerns over AI (valid, since that is also what had been driving the market, especially this past quarter), and uncertainty over future rate cuts by the Federal Reserve.

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Gold was down 0.8% this week, but remained above the $4,000 mark.

However, it was the Bitcoin slump that dominated market conversations this past week, as it slipped 10% and lost all its yearly gain, down 9% year to date, and closed at $84,765.

A small dose of relief came as New York President of the Federal Reserve John C. Williams noted a possibility of further rate cuts in December in his remarks at the Central Bank of Chile Centennial Conference.

Williams has been in favor of rate cuts in the past two meetings as well, and the current interest rate stands at 3.75% to 4%.

This hope is what drove the market to gains on Nov. 21.

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Your weekly White House update

A consequential development came in foreign policy, as President Donald Trump gave Ukraine an ultimatum to accept a peace deal with Russia, aimed at ending the nearly four-year-long war.

Ukrainian President Volodymyr Zelensky responded with a video message addressed to his nation, stating that he faces a tough choice and stands the risk of losing either dignity or a key ally. The talks among Ukraine, the U.S., and the UK are ongoing as Ukraine continues to seek a resolution to the war.

In a post on X (formerly twitter), Zelensky said, “In the coming days, consultations with our partners will take place on the steps needed to end the war. Our representatives know how to defend Ukraine’s national interests and exactly what must be done to prevent Russia from launching a third invasion.”

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The geopolitical tensions impacted oil prices, which were down 1.5% on Nov. 21 and closed at $57.98, marking a 3.5% decline for the week.

Another historic moment came as Saudi Crown Prince Mohammed bin Salman visited the U.S. after a seven-year absence. President Trump, during the meeting, agreed to sell the coveted F-35 fighter jets to Saudi Arabia, noting the country as a great ally. 

Health care paving way for jobs

The U.S. Bureau of Labor Statistics released the official September jobs report on Nov. 20, after a 48-day delay. According to the report, 119,000 jobs were added in September, with the most jobs (43,000) added in the health care sector.

Speaking of health care, Eli Lilly became the first pharmaceutical company to surpass $1 trillion market capitalization, driven by revenue from its weight-loss drugs.

The news comes soon after Eli Lilly and its rival, Novo Nordisk, announced a first-of-its-kind deal with the White House, under the “Make America Healthy Again” campaign. The two Pharma giants finalized an agreement with the government earlier this month to broaden access to their obesity and diabetes treatments by significantly reducing their costs. 

The lower-priced medicine will become available starting in 2026, when bought directly through TrumpRx, a site to provide pivotal drugs at affordable prices to Americans.

Eli Lilly’s stock rose 3.4% this week, reaching a 52-week high on Nov. 21.

Mergers, streaming and football 

Netflix, Comcast, and Paramount Skydance submitted bids to acquire Warner Bros. Discovery this week, setting the stage for what could become one of the largest entertainment deals in years.

The news lifted Comcast and Paramount Skydance’s stocks by 2.8% and 1.3%, respectively, but Netflix suffered after a brief surge, down 6% this week.

When it comes to streaming, college football remains one of the most reliable ratings engines for legacy media, as college football rivalry week produced some of the strongest viewership this fall for Disney’s ESPN/ABC, Fox, and CBS Sports.

And from one version of football to another, the ongoing English Premier League continues to draw steady viewership for Comcast’s NBC and Peacock.

The “California sober” Thanksgiving

Over the year, alcohol sales have steadily declined and paved the way for a more open “California sober” journey, according to a Bloomberg report. These people do not drink alcohol, but may instead consume low-potency THC edibles, especially during family-oriented holidays. 

An increasingly popular tradition is the “walk with the cousins” to enjoy the edibles before the meal, and it has given a significant push to the cannabis industry. The second-biggest day for cannabis sales comes a day before Thanksgiving. 

However, the recent bill signed by President Trump to end the government shutdown included a ban on intoxicating hemp products. 

This may not just change how Thanksgiving sales around this larger industry are affected, with a variety of THC-infused drinks on the rise, but it will also impact the hemp farming industry, PBS reported.

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