Hello Capitalists,

Here is everything you should be following today:

• Bessent torches Warren and Klobuchar in stunning style: “While I know it will be soul-crushing for you....”

• Trump and Xi finally meet face to face, all the details below

• Don Jr just destroyed a CNBC reporter over “Crony Capitalism”

• Rare Earth stocks soar over China deal

• Google Soars, Meta Tanks on AI focused earnings report

• The Fed cuts rates but Powell has a warning

Today’s markets + assets:

• ✅ DOW: 47788.46 (⬆️ 0.33%)

• 🔴 S&P: 6866.65 (⬇️ 0.35%)

• 🔴 NASDAQ: 23754.93 (⬇️ 0.85%)

• ⚠️🔴CBOE VIX Volatility Index: 16.39 (⬇️ 3.13%)

• ✅ Gold: $4026.1 (⬆️ 0.63%)

• ✅ Silver: $48.73 (⬆️ 1.71%)

• 🔴 Bitcoin: $107,384 (⬇️ 3.04%)

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Scott Bessent unloads on senate Democrats for gov’t shutdown “failure”

In a blistering post on X Treasury Secretary Scott Bessent took Democrat Senators Elizabeth Warren and Amy Klobuchar to the woodshed for refusing to reopen the government and for their economic incompetence, calling the pair “failures.”

• Blames senators for government shutdown harming farmers: Bessent criticized Senators Warren and Klobuchar for not reopening the government, which he said is preventing aid to American farmers and blocking activation of the Farm Credit Agency, while warning they should be “ashamed” if they vote to keep it closed over Thanksgiving and ruin travel for American families.

• Criticizes attempt to derail Argentine president: He continued to say that the senators failed to undermine Argentine President Javier Milei’s landslide electoral victory, where “the poorest members of society” voted for “economic freedom,” calling Warren the “Senate’s resident American Peronist” and contrasting their failures with Trump’s successful Asia trip and upcoming “resounding victory” for farmers from his meeting with President Xi.

• Mocks economic incompetence: Bessent sarcastically tells the senators to “re-focus your staff away from writing incoherent letters” and announces the Argentine economic bridge has turned a “profit,” which he sarcastically clarified is “a private sector word that you may both be unfamiliar with” while criticizing their Biden Administration experience with efforts to “bankrupt the US government.”

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Trump and Xi make historic trade deal in South Korea

Presidents Donald Trump and Xi Jinping forged a dramatic trade truce Thursday, China will pause rare earth export curbs for a year and the U.S. will cut tariffs from 20% to 10% as China curbs fentanyl ingredient exports staving off a full-blown economic clash.

• Rare Earths Paused Yearly: China halts Oct. 9 export controls for one year; Trump vows routine extensions, settling global supply for semiconductors, EVs, weapons.

• Tariffs Slashed Immediately: Fentanyl related duties halved to 10%, dropping overall Chinese goods rate to 47% which averts Trump’s threatened 100% hike.

• Nvidia Exports Unresolved: Chip talks excluded the advanced Blackwell GPUs but Trump is to arbitrate between Xi and Nvidia CEO Jensen Huang.

• Agriculture And Shipping: China will buy 25M tons U.S. soybeans a year and the U.S. and China will each suspend port fees for ships that dock in each others country.

Don Jr and Omeed Malik torch CNBC reporter over “Crony Capitalism” claims

In an interview with CNBC, Donald Trump Jr and Omeed Malik of 1789 Capital laid out their reasons for investing in American companies as “common sense” and “things that make sense for America” compared to what happened under the Biden Administration.

US Rare Earth stocks surge on news out of South Korea

U.S. rare earth stocks surged Thursday after Presidents Trump and Xi clinched a dramatic trade truce in South Korea, with Beijing delaying new export controls on the vital minerals for one year amid fentanyl tariff cuts.

• Stocks Surge Wildly: CRML leaps 7%, USAR climbs 6%, UUUU and MP gain 3% in a premarket frenzy.

• China’s Iron Grip: China still dominates 70% of rare earth mining, and 90% of rare earth processing but the deal opens the window for US based miners and processors to grow their share.

• April Curbs Linger: Earlier restrictions on seven rare earths, magnets stay firmly enforced.

A tale of two AI earnings reports, Google soars, Meta tanks

Alphabet’s shares rocketed 4% Thursday after the tech giant smashed Wall Street estimates with record Q3 revenue topping $100 billion for the first time, fueled by roaring ad sales and AI-charged cloud demand.

• Q3 Earnings Crush Forecasts: Google’s results of $3.10 adj. earnings per share and $102.35B revenue—beats the $2.33/$99.89B estimates. Search revenue was also up, leaping 15% to $56.56B.

• Cloud Backlog Booms Massive: Google Cloud hits $155B backlog, while revenue surges 34% on the markets frenzy for all things AI.

• AI Capital Xxpenditure Skyrockets Boldly: In 2025 investment in AI surged to $91-93B. The expectation is that there will be a “significant” 2026 jump as the AI war escalates.

• Analysts Cheer AI Dominance: Analysts now see a price targets on Google’s shares of $340 as AI flips the threat to Google search into an epic opportunity.

Meta Platforms’ shares plunged more than 10% Thursday after blockbuster Q3 earnings, as investors recoiled from the tech giant’s raised $70 billion-plus AI spending forecast despite CEO Mark Zuckerberg’s fierce defense of future “superintelligence” gains.

• AI Capex Skyrockets Higher: Meta upped its 2025 guidance to $70-72 billion from $66-72 billion, fueling data centers and tools amid fierce competition.

• Zuck Bets Superintelligence: Meta is aggressively building AI capacity for what it sees as a “generational paradigm shift.”

• Scale AI Mega-Investment: As part of its investment in AI Meta’s acquired Scale AI at a cost of $14.3 billion on startup, hiring CEO Wang for the new Superintelligence Labs.

• 2026 Spending Explodes: The expectation is that investment in 2026 will be “notably larger” than 2025, with AI talent hires driving massive expenses.

Fed cuts rates by 0.25% but warns a December cut “is not a foregone conclusion”

The Federal Reserve slashed interest rates by a quarter-point to 3.75%-4% Wednesday—its second cut this year— but Fed Chair Jerome Powell stunned markets with a warning.

• Split 10-2 vote reveals: Dissents from Gov. Miran (who wanted a 50bps cut) and Kansas City Fed’s Schmid (who preferred a hold).

• Yields Surge Dramatically: 10-year jumps 7 bps to 4.054%, 2-year leaps 9 bps to 3.582%, 30-year climbs 5 bps to 4.598%.

• QT Ends December 1: Fed halts $5B monthly Treasury runoff, caps MBS reinvestments at $35B to avert liquidity crunch.

• Shutdown cripples data: Due to the Democrat shutdown of the government, the Fed had to make it’s decision without the usual economic data reports that it uses and the decision reflects more concern about jobs risks than inflation and elevated prices.

• Markets reel sharply: Chair Powell warned a December cut “is not a foregone conclusion” causing markets to dip and the odds of a December rate cut to drop to 67% based on Powell’s hawkish tone.

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