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Here’s a quick recap of the crypto landscape for Friday (November 21) as of 9:00 a.m. UTC.

Get the latest insights on Bitcoin, Ether and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$83,590.70, down by 10.4 percent over 24 hours. Its lowest price of the day was US$81,868.75 and its highest was US$91,971.75.

Bitcoin price performance, November 21, 2025.

Chart via TradingView.

Bitcoin’s slide continues as it heads for its worst month since the 2022 crypto crash.

The largest cryptocurrency fell and touched US$81,000 on Friday before recovering to around US$84,166, extending a monthly decline of about 23 percent that marks its heaviest drop since June 2022.

Despite pro-crypto messaging from the Trump administration and a year of strong institutional adoption, Bitcoin has now fallen more than 30 percent from its early-October record high.

The downturn accelerated following the massive October 10 liquidation event that erased US$19 billion in leveraged positions and wiped roughly US$1.5 trillion from the combined value of all cryptocurrencies.

Institutional flows reflect the same caution. US-listed Bitcoin ETFs have recorded a record US$3.79 billion in outflows this month, surpassing February’s previous high, with BlackRock’s IBIT alone seeing more than US$2 billion in redemptions.

In total, about US$1.2 trillion has been wiped from crypto markets over the past six weeks, according to CoinGecko data.

Ether (ETH) was at US$2,736.63, down 11.2 percent over 24 hours. Its lowest price on Friday was US$2,675.70 and its highest was US$3,033.20.

Altcoin price update

XRP (XRP) was priced at US$1.94, down by 12.2 percent over 24 hours. Its lowest price of the period was US$1.86 and its highest was US$2.13.

Solana (SOL) was trading at US$128, down by 13 percent over 24 hours. Its lowest price of the day was US$123.30 and its highest was US$141.97.

Fear and Greed Index snapshot

As of Friday, CMC’s Crypto Fear & Greed Index has plunged to 11, firmly in “extreme fear” and its lowest level since late 2022.

Reports of large-scale whale liquidations have added to the uncertainty, amplifying pressure across an already fragile market. Further, traders brace for potential Federal Reserve inaction on rate cuts. CME’s FedWatch now shows only 37.6 percent expecting a 25-basis-point cut in December, while more than 62 percent anticipate no change, a reversal from near-even odds just a week ago.

Prediction market Polymarket reflects the same trend, pricing a 63 percent chance of no move after sentiment flipped late Tuesday.

CMC Crypto Fear and Greed Index, Bitcoin price and Bitcoin volume.

Chart via CoinMarketCap.

Today’s crypto news to know

Bitcoin logs weakest month since 2022

Bitcoin is heading for its steepest monthly decline since the wave of corporate failures that hit the crypto sector in 2022, with the token sliding below US$82,000 on Friday.

Its November losses have now reached roughly 25 percent, reversing much of the momentum that carried prices to record highs in early October.

Overall, data from CoinGecko shows the total crypto market value dipping back under US$3 trillion as Ether and mid-cap tokens recorded similar double-digit declines.

Analysts link the downturn to cascading liquidations that began on October 10, when nearly US$19 billion in leveraged bets were wiped out in a single session. Selling pressure intensified again this week with a two-day liquidation tally topping US$2 billion, according to CoinGlass.

Long-dormant whale activity has added to uncertainty after a wallet holding Bitcoin since 2011 unloaded more than US$1.3 billion in late October.

S&P stocks shed US$2.7 trillion

A sharp pullback across US equities sparked another wave of risk-off trading in crypto, sending Bitcoin to its weakest level in seven months.

The S&P 500’s nearly 4 percent decline on Thursday erased more than US$2.7 trillion in market value, according to Bloomberg calculations, overshadowing an earlier bounce driven by enthusiasm around AI-linked earnings.

Crypto assets fell in tandem, with Bitcoin briefly revisiting the US$85,000 range and total liquidations surpassing US$800 million for the day.

Coinbase rolls out Ether-backed loans

Coinbase has launched a new lending feature that allows eligible US users to borrow up to US$1 million in USDC by using Ether as collateral.

The product is integrated with the Morpho protocol on Base, though users interact with it entirely through Coinbase’s interface. Borrowers keep exposure to ETH’s price movements while accessing liquidity without having to sell their holdings.

The company says the service is available across most US states, with the exception of New York due to regulatory requirements.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Investing

MP Materials, US Department of Defense Strike Saudi Rare Earths Refinery Deal

MP Materials (NYSE:MP) and the US Department of Defense have entered into a joint venture with Saudi Arabia’s Maaden to build a rare earths refinery in the Kingdom, marking the first major project under a new US-Saudi critical minerals cooperation framework signed in Washington this week.

The binding agreement gives both the US and MP a collective 49 percent stake in the refinery.

Maaden will hold not less than 51 percent, and the refinery will be built in Saudi Arabia, where it will process feedstock from both local deposits and international sources. Once operational, it will produce separated light and heavy rare earth oxides for customers in the US, Saudi Arabia and allied countries.

Rare earths are essential for the production of weapons systems, electric vehicles, renewable energy technologies and high-performance electronics. Secure supply has become increasingly important due to China’s sector dominance.

James Litinsky, MP’s founder and CEO, said the company views the partnership as an extension of its strategic role in Washington’s efforts to diversify global supply chains. “We are honored that the U.S. government asked MP to partner on a project of this magnitude and importance for America and its allies,” he said.

Maaden CEO Bob Wilt said the project fits squarely within the Kingdom’s national mining and industrial strategy.

“This JV is a significant step forward in the development of this important global sector, underpinned by the support of Saudi Arabia’s Ministry of Energy and the Ministry of Industry and Mineral Resources,” Wilt noted.

The joint venture was negotiated under a critical minerals framework signed by senior US and Saudi officials this week. The document is intended to formalize cooperation on rare earths, battery metals and other strategic inputs.

For Washington, the initiative reflects an effort to reshape supply chains away from geopolitical competitors. For Riyadh, it supports a long-term plan to leverage energy resources and expand its footprint in high-tech materials markets.

Financially, the deal is structured to be light in capital for MP.

The Department of Defense will fund the entire US contribution to the venture on a non-recourse basis, allowing MP to deploy technical expertise in separation and refining without taking on debt tied to the refinery’s construction.

The Saudi venture also connects to MP’s growing public-private alignment with the US defense sector.

In July, the company and the Department of Defense announced a multibillion-dollar partnership to accelerate the buildout of a domestic rare earth magnet supply chain. Under the partnership, MP is also constructing a second magnet manufacturing facility known as the 10X Facility, which is expected to begin commissioning in 2028.

When completed, MP’s total US magnet output will reach roughly 10,000 metric tons annually.

Beyond government partnerships, MP has also moved into large-scale commercial magnet supply. Also in July, Apple (NASDAQ:AAPL) and MP announced a US$500 million long-term agreement that will supply Apple with magnets manufactured in the US using 100 percent recycled rare earths feedstock.

Under the arrangement, MP will expand its Fort Worth, Texas, Independence factory to produce components for hundreds of millions of Apple devices starting in 2027. Apple and MP spent nearly five years jointly developing recycling techniques to meet the company’s performance and design requirements.

MP will add a dedicated recycling line at Mountain Pass to support commercial scale as magnet production ramps.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Investing

Top 5 Canadian Mining Stocks This Week: Sigma Lithium Flips the Switch with 64 Percent Gain

Statistics Canada released October’s consumer price index (CPI) data on Monday (November 17). The figures showed that inflation softened during the month, falling to 2.2 percent year-over-year from 2.4 percent in September.

The agency cited a 9.4 percent decrease in gasoline prices as the main contributing factor, following a 4.1 percent decrease the previous month. However, less gasoline prices, CPI actually rose by 2.6 percent in both October and September.

Statistics Canada also noted slowing grocery prices, reporting a 3.4 percent year-over-year increase in October compared to the 4 percent recorded in September. Additionally, October saw the largest month-on-month drop in grocery prices since September 2020 at 0.6 percent.

On Thursday (November 20), StatsCan released September’s monthly mineral production survey.

The data shows that gold production declined month-over-month, while copper and silver output increased.

Gold production fell to 16,978 kilograms compared to 17,651 kilograms in August. Meanwhile, copper production rose significantly to 36.23 million kilograms from 30.47 million, and silver production jumped to 28,384 kilograms from 24,801 kilograms.

Shipments, however, increased broadly in September. Gold shipments rose to 19,025 kilograms from 16,289 kilograms in August, and silver shipments jumped to 33,296 kilograms from 25,636. Copper shipments increased the most, spiking to 44.04 million kilograms from 27 million.

For more on what’s moving markets this week, check out our top market news round-up.

Markets and commodities react

Canadian equity markets were in retreat this week.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was flat, gaining just 0.19 percent over the week to close Friday (November 21) at 30,160.65.

Meanwhile, the S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 1.3 percent to 854.76. The CSE Composite Index (CSE:CSECOMP) had another bad week, dropping 3.44 percent to close at 145.59.

The gold price fell 0.43 percent to US$4,065.32 by 4:00 p.m. EST Friday. The silver price fared worse, dropping 1.07 percent to US$50.02.

Meanwhile, in base metals, the COMEX copper price ended the week down 0.3 at US$5.07 per pound.

The S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) dropped 2.01 percent to end Friday at 546.41.

Top Canadian mining stocks this week

How did mining stocks perform against this backdrop?

Take a look at this week’s five best-performing Canadian mining stocks below.

Stocks data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.

1. Sigma Lithium (TSXV:SGML)

Weekly gain: 64.01 percent
Market cap: C$1.48 billion
Share price: C$13.67

Sigma Lithium is a lithium mining company advancing its Grota do Cirilo operation in Minas Gerais, Brazil.

Operations at the Greentech processing facility were commissioned in 2023, with an annual nameplate capacity of 270,000 metric tons of lithium oxide concentrate. The company is currently constructing its Phase 2 expansion that will more than double that capacity.

In its third-quarter results released on November 14, Sigma reported that net revenue increased to US$28.5 million, 69 percent higher than Q2 and 36 percent higher than the same period in 2024.

The report also stated that Sigma upgraded its mining operations in Q3 with the goal of reaching the plant’s full capacity of 300,000 metric tons in 2026. As part of this process, Sigma is doubling its mining fleet. The company expects production to resume by the end of November, with full operational capacity expected in Q1 2026.

The report boosted Sigma’s share price, as did climbing lithium prices, which have gained more than 10 percent in November and more than 50 percent since bottoming out in June.

2. Li-FT Power (TSXV:LIFT)

Weekly gain: 52.63 percent
Market cap: C$201.24 million
Share price: C$4.35

Li-FT is a lithium exploration company advancing its flagship Yellowknife lithium project in the Northwest Territories, Canada.

The 1,843 hectare property, located east of the city of Yellowknife, hosts 13 spodumene-bearing pegmatites. Its current combined inferred resource estimate across eight of those pegmatites stands at 50.38 million metric tons of ore grading 1 percent lithium oxide for 1.25 million metric tons of lithium carbonate equivalent (LCE).

The company also owns the Cali project in the Northwest Territories, and the Pontax, Rupert and Moyenne projects in the Eeyou Istchee James Bay region of Québec, Canada.

On Tuesday, Li-FT filed a final base shelf prospectus to replace the previous prospectus that expired on October 21. The company said the new filing will permit it to offer common shares, warrants, subscription receipts, units or debt securities up to a total of C$200 million until it expires in December 2027.

Li-FT also said it was changing its financial year-end from November 30 to December 31 to better align with the timing of the company’s financial reporting and with its peers.

The company is another lithium stock benefiting significantly from rising lithium prices this week.

3. LithiumBank Resources (TSXV:LBNK)

Weekly gain: 45.59 percent
Market cap: C$32.45 billion
Share price: C$0.50

LithiumBank is a lithium exploration and development company advancing its Boardwalk and Park Place lithium brine projects in Alberta, Canada, both of which overlap with the Leduc and Swan Hills formations.

Boardwalk consists of 395,369 acres of brine-hosted licenses about 85 kilometers east of Grand Prairie in an area with a history of hydrocarbon extraction.

According to Boardwalk’s mineral resource estimate from a February 2025 technical report, the project hosts a measured resource of 1.67 million metric tons of LCE with an average grade of 81.2 milligrams per liter (mg/L), and an indicated resource of 3.52 million metric tons of LCE with an average grade of 81.8 mg/L, all within the Leduc formation.

Park Place, located 50 kilometers south of Boardwalk, consists of 1.4 million acres of licenses. A June 2024 mineral resource estimate demonstrated an inferred resource of 10.08 million metric tons LCE with a grade of 79.4 mg/L at the Leduc aquifer, and 11.6 million metric tons of LCE with an average grade of 80.9 mg/l at the Swan Hills aquifer.

The most recent news from the company came on Thursday, when LithiumBank reported that, following its award of C$3.9 million in funding for certain milestones through Alberta’s Emission Reduction Act in July, it is working to acquire a second past-producing well at Boardwalk.

LithiumBank is focused on commencing near-term production at Boardwalk using modular direct lithium extraction plants, which the company said it believes this second well can likely support.

Rising lithium prices also helped support LithiumBank this week.

4. Abcourt Mines (TSXV:ABI)

Weekly gain: 41.67 percent
Market cap: C$72.45 million
Share price: C$0.085

Abcourt Mines is a gold mining and development company focused on ramping up operations at its Sleeping Giant gold mine in the Abitibi region of Québec.

Sleeping Giant hosts an underground mine along with a mill capable of processing 750 metric tons per day. The property consists of four mining leases covering an area of 458 hectares and 69 claims.

A July 2023 preliminary economic assessment demonstrates an after-tax net present value of US$77.5 million with an internal rate of return of 33.3 percent over a payback period of 2.2 years.

The company has been working on restarting mining operations at the site throughout 2025, and achieved its first gold pour in September.

The most recent news came on November 11, when the company released an update from Sleeping Giant. In the announcement, the company stated that in October it had milled 2,563 metric tons of ore with a head grade of 6 grams per metric ton of gold, producing 475 ounces of gold.

Abcourt also said progress at the site was continuing with one stope in production and two more under development. Additionally, civil engineering was underway at the tailings facilities in preparation for a planned lift in summer 2026.

5. Pure Energy Minerals (TSXV:PE)

Weekly gain: 38.1 percent
Market cap: C$10.19 million
Share price: C$0.29

Pure Energy is a lithium exploration company that owns a 3 percent net smelter return (NSR) on the Clayton Valley lithium brine project in Nevada, United States.

The project consists of 950 placer claims covering 9,450 hectares. In September 2024, Pure Energy announced that its project partner, SLB, had completed an earn-in to acquire a 100 percent stake in Clayton Valley, leaving Pure Energy with its NSR.

Through 2023 and into 2024, SLB completed construction of a direct lithium extraction pilot plant at the site, with the first lithium production occurring in March 2024.

This Thursday, Pure Energy released its management discussion and analysis for the quarter ending September 30, 2025. In the report, the company restated its position in Clayton Valley, noting that it is receiving annual payments of US$400,000 from SLB until commercial production, after which time it will receive its 3 percent NSR on minerals produced.

Pure Energy’s share price increased significantly this week alongside rising lithium prices.

FAQs for Canadian mining stocks

What is the difference between the TSX and TSXV?

The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.

How many mining companies are listed on the TSX and TSXV?

As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.

Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.

How much does it cost to list on the TSXV?

There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.

The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.

These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.

How do you trade on the TSXV?

Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.

Article by Dean Belder; FAQs by Lauren Kelly.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Business

What AI bubble? Nvidia’s strong earnings signal there’s more room to grow

U.S. stock markets were poised for lift off Thursday, after a strong earnings report from computer chip giant Nvidia signaled that there is still plenty of room to run in the artificial intelligence boom that has powered markets higher for much of the year.

Prior to the opening bell, bets on the S&P 500 were up about 1%, while the tech-heavy Nasdaq climbed 1.5%.

Late Wednesday, Nvidia said sales of its trademark Blackwell AI chips ‘are off the charts,’ while another set of key computer processing units is ‘sold out,” founder and CEO Jensen Huang said in a statement.

On a call with investors following the report, Huang dismissed concerns about an AI bubble.

“There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different,” Huang said.

Dan Ives, managing director at Wedbush Securities finanical group, echoed that sentiment.

“This was a golden quarter for Nvidia with demand massive and well above Street whisper numbers,’ Ives said in an email. ‘These numbers validate the AI Revolution is still early days and send the bears back into hibernation mode.’

Shares of the world’s most valuable company were up more than 4% in after-hours trading.

Nvidia’s chips have been the catalysts for a massive build-out of data centers that have supplied a backbone to the U.S. economy amid slowdowns elsewhere. More money is flowing into building data centers than all other manufacturing facility types combined, according to the research group S&P Global.

Until recently, that spending has also powered major stock indexes to record highs.

Lately, however, stocks have shown signs of wobbling lately. The declines in share prices — led by tech companies — have sparked debates about whether AI-driven gains are beginning to slow.

This raises a bigger question: how the broader economy will perform if it no longer benefits from all the wealth the AI boom is creating.

Nvidia’s latest earnings are likely to allay these fears, for now at least.

Huang said last month that his company had $500 billion in orders for its chips, for 2025 and 2026 combined.

“This is how much business is on the books. Half a trillion dollars’ worth so far,” Huang said at a conference in Washington, D.C.

Alongside broader concerns about the state of the U.S. economy, stock market momentum has been tripped up by worries about circular dealing among AI’s biggest players. This means the same money is being passed back and forth between several companies — even as each company’s individual value climbs.

Nvidia is a fixture in the kinds of deals that are raising concerns. It recently announced a commitment alongside Microsoft to fund AI software provider Anthropic with $10 billion.

Nvidia CEO Jensen Huang during the Live Keynote Pregame of the Nvidia GPU Technology Conference in Washington on Oct. 28.Jim Watson / AFP – Getty Images file

This kind of big collaboration news would typically boost the stock prices of all the companies involved. But neither Nvidia’s nor Microsoft’s stock got a boost from the Anthropic announcement.

Analysts with Deutsche Bank said this is a sign of the ongoing investor wariness about deals like this.

“It goes to show how sentiment has turned more negative in the last few weeks, with the circular AI deals being treated with increasing caution as the conversation around a potential bubble has gathered pace,” they wrote in a note published Wednesday.

The Nvidia headquarters, in Santa Clara, Calif., on May 21, 2024.Justin Sullivan / Getty Images file

The question now is whether the latest market hiccups represent a temporary pullback, or the onset of a more permanent state of affairs.

For the experts who are cautiously optimistic that the market will continue to climb, Nvidia’s massive haul serves to validate their rosy outlook.

“We think the investment boom has room to run,” Goldman Sachs researchers wrote in a note published Wednesday, adding that the economy writ large has remained resilient, something that should provide ongoing support to stock returns.

This post appeared first on NBC NEWS

Business

U.S. added 119,000 jobs in September, but there are signs of a weakening labor market

The United States added 119,000 jobs in September, a stronger-than-expected figure and a sign that the economy was adding jobs at a healthy clip before government shutdown.

But the details of the report from the Bureau of Labor Statistics paint a more mixed picture, that of a labor market that has recently begun to look wobblier amid high-profile layoff announcements from a host of blue-chip companies.

September’s employment gains were concentrated in health care, food and drinking establishments, and social assistance. Manufacturing shed 6,000 jobs, continuing a trend in a sector the Trump administration has touted as a key target of its economic policies. Transportation and warehousing also lost 25,300 jobs.

The unemployment rate climbed from 4.3% to 4.4% in September, though the pickup was due in part to an increase in the labor force, which the BLS said gained 450,000 new potential workers.

The pace of wage growth slowed.

Thursday’s report was originally supposed to be released Oct. 3, but it was shelved because of the government shutdown. Jobs data collected for October will be released Dec. 16 as part of the full report covering November, the BLS said Wednesday.

The absence of official economic reports over the past six weeks has made it difficult to accurately assess the current state of the jobs market.

But data from private and alternative sources has painted a worrisome portrait amid signs of softening consumption among many households and stubborn price increases.

Over the past few weeks, Amazon, General Motors, IBM, Microsoft, Paramount, Target and UPS have announced plans to eliminate tens of thousands of jobs. Their ranks were joined Thursday by Verizon, which announced the start of layoffs affecting 13,000, according to an internal memo.

About 39,000 workers received layoff notices in October, according to data tracked by the Cleveland Federal Reserve — a number last seen in May and before that only during times of crisis.

A separate report released this month by the research firm Challenger, Gray & Christmas counted 153,000 job cuts announced in October, though some analysts give less weight to its data over methodology questions.

Whatever the exact total, those who do find themselves without work are now experiencing an average unemployment spell of 24.5 weeks — nearly six months. That’s the worst reading since November 2017.

Tiffany Price, South Florida general manager for Job News USA, a job listings service, said many companies face budget cuts and have effectively frozen hiring. And what companies are still hiring are offering lower compensation rates that more experienced workers may have trouble accepting.

The number of employers who attended a recent Job News jobs fair at Amerant Bank Arena in Broward County, Florida, was nearly half the figure of a year ago, while attendance among workers held steady at about 2,000 potential applicants, Price said.

Still, many organizations report difficulties finding qualified workers, she said. On both the employer and the employee sides, a “post and pray” job application strategy has taken hold that leads to worse outcomes for both, she said. More successful outcomes on both fronts have come from local relationships and face-to-face outreach.

A bright spot has been local government, Price said — something that is reflected in the national data, which shows employment in local government roles has continuously expanded since the Covid-19 pandemic recovery set in.

“It’s a weird market,” she said.

Questions about the health of the labor market now dominate discussions about whether the Federal Reserve should continue to cut interest rates. On Monday, Fed Governor Christopher Waller said a December cut was needed to stem further job-market deterioration.

“My focus is on the labor market, and after months of weakening, it is unlikely that the September jobs report later this week or any other data in the next few weeks would change my view that another cut is in order,” he said.

In his speech last month announcing a 0.25% rate cut, Federal Reserve Chair Jerome Powell was more circumspect, saying it appeared that the jobs market was weakening only gradually and signaling he was not ready to guarantee a December rate cut was inevitable.

The Fed’s divisions were laid bare in meeting notes released Wednesday from the October rate-setting meeting that showed a sharp split among policymakers about the risk that lower rates would spur already-elevated inflation by making it easier for consumers and businesses to borrow money.

“Most participants noted that, against a backdrop of elevated inflation readings and a very gradual cooling of labor market conditions, further” interest-rate cuts “could add to the risk of higher inflation becoming entrenched,” the notes said.

So far, many economic analysts have been reluctant to call it a full-blown jobs crisis, pointing to data from state-level claims for unemployment that remain subdued and recent reports from the payrolls processor ADP showing a slight rebound in new hires.

“Fears of a renewed labour market downturn, amid reports of mass layoffs at several large firms, are not reflected in still-muted jobless claims or the pick-up in hiring in the ADP private payrolls report,” Thomas Ryan, North America economist for Capital Economics research group, wrote in a note published last week.

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Business

Bargain hunters drive Walmart sales and outlook higher

Shoppers are still flocking to Walmart.

The company raised its full-year earnings and sales outlook Thursday, heading into the crucial holiday shopping season.

Walmart also offered fresh signs that it is shedding its original identity as a strictly down-market brick-and-mortar operation by growing its e-commerce business and increasing its market share of higher-income shoppers.

Walmart’s shares closed more than 6% higher Thursday, even as the broader market suffered a dramatic sell-off. The stock is up more than 18% this year.

The biggest retailer and grocer in the United States acknowledged the added financial pressures on lower-income households but said middle-income families are holding up. Walmart saw more sales growth in its grocery and health and wellness product categories than in general merchandise.

‘As pocketbooks have been stretched, you’re seeing more consumer dollars go to necessities versus discretionary items,’ Chief Financial Officer John David Rainey said on a call with analysts Thursday morning.

The company reported that same-store sales for Walmart U.S. rose 4.5% in the quarter that ended Oct. 31, exceeding analysts’ expectations.

“The team delivered another strong quarter across the business. eCommerce was a bright spot again this quarter. We’re gaining market share, improving delivery speed, and managing inventory well,” outgoing CEO Doug McMillon said in a statement.

Walmart reported 27% growth in e-commerce sales globally.

Walmart also announced that it will move from trading on the New York Stock Exchange to the tech-heavy Nasdaq next month. It’s the latest sign of America’s largest private employer working to position itself as tech-forward in order to compete with Amazon.

The discounter’s third-quarter earnings come amid growing questions about whether Americans contending with tariffs, corporate layoffs and accelerating inflation are still confidently spending on retail.

As a bellwether for the U.S. economy and consumer confidence, Walmart’s strong earnings and guidance indicate that consumers are still shopping — at least at the lower end of the retail price point.

The company announced last week that McMillon will step down in January. McMillon, 59, started at Walmart as an associate in the 1980s and has helmed the company since 2014.

Under his leadership, Walmart improved pay and benefits for many employees, renovated hundreds of stores and boosted its e-commerce and delivery programs, especially during the Covid pandemic.

John Furner, CEO of Walmart U.S., will take over the top job Feb. 1. Since 2019, Furner has led Walmart’s American operations — by far the largest slice of the company, with around 1.6 million of Walmart’s approximately 2.1 million total associates worldwide.

Walmart is leading the retail race against longtime rival Target, which Wednesday reported a drop in third-quarter sales and cut its full-year profit guidance.

Target’s sales have faltered over the last few years, with some consumers expressing frustration over what they said were disorganized stores and rollbacks of the company’s diversity, equity and inclusion initiatives.

In October, Target said it would cut about 1,800 corporate jobs.

Target is hoping for a fresh start in the new year. Incoming CEO Michael Fiddelke will take over Feb. 1, the same day Furner becomes CEO of Walmart.

The struggling retailer said Wednesday that it plans to increase its investment in stores and technology next year by 25%.

Since January, U.S. businesses have had to contend with ever-changing tariffs under the Trump administration. Walmart has navigated the uncertainty by raising prices on some items, while swallowing some tariff costs on others. In the three months that ended Oct. 31, prices at Walmart U.S. rose around 1% overall, with higher prices on electronics, toys and seasonal items in particular due to tariff pressures.

In the grocery section, Walmart expects egg prices to drop but anticipates the record-breaking beef prices will stay high, in part from cattle herds shrinking over the last few decades.

Prices for other grocery staples are also up, though the Trump administration’s rollback of tariffs on many food items last week could offer some relief.

Despite the rising prices, Walmart is offering its annual Thanksgiving menu deal for 10 at less than $4 per person. It’s less expensive than last year’s package, but it also contains fewer items.

The company is also expanding its use of artificial intelligence, teaming up with OpenAI to allow customers to buy from Walmart within ChatGPT. Walmart has not detailed the terms of the partnership or shared when the new option could be available.

This week, Target announced its own collaboration with OpenAI.

Walmart has lagged behind rival Amazon in AI-driven e-commerce — Amazon debuted its Rufus shopping assistant in February 2024, more than a year before Walmart launched its counterpart, Sparky.

This post appeared first on NBC NEWS

Politics

Zeldin, McCain hammer Crockett on Epstein donations claim

U.S. Environmental Protection Agency Administrator Lee Zeldin — who clapped back after House Democratic Rep. Jasmine Crockett said that he and others had taken money from someone by the name of Jeffrey Epstein — took to social media again after Crockett defended her comments and claimed that she was not seeking to ‘mislead’ anyone.

Zeldin began his Wednesday post on X with an exploding head emoji and then declared, ‘When you find yourself in a hole, it’s best to stop digging.’

‘The public FEC report Crockett referenced on the House floor very clearly states that the Jeffrey Epstein who donated to my past campaign was a physician, and the donation date was well AFTER the [drum emoji] other [drum emoji] Jeffrey [drum emoji] Epstein [drum emoji] WAS [drum emoji] ALREADY [drum emoji] DEAD!!!’ he exclaimed.

The dust-up originated because Crockett, during remarks on Tuesday, listed figures and entities she said had taken money from ‘somebody’ with the name Jeffrey Epstein. Noting that she had her ‘team dig in very quickly,’ she ran through the following list: ‘Mitt Romney, the NRCC, Lee Zeldin, George Bush, WinRed, McCain-Palin, Rick Lazio.’

Zeldin fired back on X, pointing out that the donation was not from the notorious Jeffrey Epstein, but from a completely different individual.

‘Yes Crockett, a physician named Dr. Jeffrey Epstein (who is a totally different person than the other Jeffrey Epstein) donated to a prior campaign of mine,’ Zeldin wrote. ‘NO [clap emoji] FREAKIN [clap emoji] RELATION [clap emoji] YOU [clap emoji] GENIUS!!!’

Meghan McCain, who is the daughter of the late Republican senator and 2008 Republican presidential nominee John McCain, also fired back at Crockett.

‘My Dad has been dead 7 years @RepJasmine. He never met Jeffrey Epstein, let alone took money from him. The Jeffrey Epstein you are referencing is an entirely different human being. Do you have mashed potatoes for brains, you absolute joke?!’ she wrote in a Wednesday post on X.

When CNN’s Kaitlan Collins confronted Crockett on Wednesday about Zeldin’s Tuesday post that pushed back against the notion that he had accepted a donation from the late convicted sex offender Jeffrey Epstein, the Texas Democrat said that she ‘never said that it was that Jeffrey Epstein.’

‘Unlike Republicans, I at least don’t go out and just tell lies,’ she later said.

‘So, number one, I made sure that I was clear that it was a Jeffrey Epstein, but I never said that it was specifically that Jeffrey Epstein,’ Crockett said later during the interview.

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Politics

Vance says Trump admin has ‘great’ healthcare plan coming, wants to work with Dems: ‘Politics be damned’

Vice President JD Vance on Thursday teased a ‘great’ healthcare plan that the Trump administration has in the works to help bring costs down for American families, saying President Donald Trump cares about fixing a broken system, not playing political games with Democrats.

Vance made the remarks during a fireside chat with Breitbart’s Matt Boyle in Washington, D.C., when asked about Affordable Care Act (ACA) subsidies expiring at the end of the year and the high costs of healthcare prices and premiums.

‘I don’t want to get ahead of the President … because we had a very, very good meeting in the Oval Office yesterday,’ Vance said. ‘I think that we have a great healthcare plan coming together. I think that it’s going to get Republican and Democrat support. And I think the president, look, right now, American people, the American people get crap healthcare and they pay way too much for it.’

Americans could see sharp increases in healthcare premiums in 2026 as ACA subsidies are set to expire at the end of 2025, with their extension uncertain. Those using the ACA marketplace are already projected to face a 26% premium hike. If subsidies lapse, monthly payments for subsidized patients could jump by 114%, according to an October analysis by the Kaiser Family Foundation.

Vance described the healthcare system as ‘broken,’ claiming it was the Democrats who ‘broke it,’ but said the Trump administration still wants to work together if Democrats are ‘willing to fix it.’ He touted Trump’s leadership, saying that the president cares more about doing what is right for American families than playing politics.

‘People come to the president and say, ‘No, no, no, don’t talk about healthcare. That’s a graveyard for Republicans. Republicans always lose on healthcare,’’ Vance said. ‘And the president’s like, ‘I don’t care about the politics of it. This system is screwed up for the American people. We need to fix it. So let’s go and do it. Politics be damned.’’

He added: ‘I love that. That’s leadership. And that’s exactly what we should want coming from the White House.’

Republicans and Democrats clashed over whether to extend expiring ACA subsidies, triggering a shutdown that lasted more than 40 days — the longest in U.S. history.

Democrats initially refused to support a funding measure without a provision to make the subsidies permanent but eventually backed a short-term bill that did not include the extension. However, Senate Majority Leader John Thune, R-S.D., agreed to hold a vote in December on legislation to continue the credits.

Trump has signaled he would not back continuing the subsidies and said in a social media post Tuesday that Congress should not ‘waste’ its time on negotiating an extension.

‘THE ONLY HEALTHCARE I WILL SUPPORT OR APPROVE IS SENDING THE MONEY DIRECTLY BACK TO THE PEOPLE,’ Trump said in the post.

Fox News Digital’s Diana Stancy contributed to this report.

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Politics

White House shuts down reports US backtracked on Trump’s G20 boycott

The White House reiterated Thursday that the U.S. will not send a delegation to the upcoming G20 conference in South Africa, calling reports claiming the opposite ‘fake news.’

President Donald Trump said earlier in November that U.S. officials would skip the annual conference, which brings together 19 nations to discuss global economic stability and development, over South Africa’s reported human rights abuses.

Media reports and South African President Cyril Ramaphosa, however, have claimed that the U.S. will send a delegation to the summit, which begins Saturday.

When approached for comment on claims the U.S. backtracked and will send a delegation, a White House official said such claims were ‘fake news.’

‘This is fake news. The chargé d’affaires in Pretoria will attend the handover ceremony as a formality, but the United States is not joining G20 discussions,’ a White House official told Fox News Digital Thursday.

Trump wrote on Truth Social Nov. 7, ‘Afrikaners (People who are descended from Dutch settlers and also French and German immigrants) are being killed and slaughtered, and their land and farms are being illegally confiscated. No U.S. Government Official will attend as long as these Human Rights abuses continue.’

Ramaphosa, speaking Thursday at a G20 event in Johannesburg, told delegates and media, ‘We have received notice from the United States, a notice where we are still in discussions with them, about a change of mind about participating in one shape, form or other in the (G20) Summit.

‘So, the discussions are still ongoing, it’s come at a late hour before the summit begins, so it needs to engage in those type of discussions to see how practical it is, and what it finally really means.

‘In a way, I see this as a positive sign, very positive, because, as I’ve often said, boycott politics never works.’

Ramaphosa later said if the U.S. does not take part, it is ‘outside the tent.’

He added, ‘The United States needs to be here, so it’s pleasing to hear that there is a change of approach, and so we are still discussing how that will manifest.’

Fox News Digital reached out to Ramaphosa’s office for a response to the White House official’s statement Thursday but did not immediately receive a reply.

White House press secretary Karoline Leavitt added during Thursday’s news conference that ‘there is not a shift’ of plans to attend.

‘The United States is not participating in official talks at the G20 in South Africa,’ she said. ‘I saw the South African president running his mouth a little bit against the United States and the president of the United States earlier today, and that language is not appreciated by the president or his team.

‘The ambassador or the representative of the embassy in South Africa is simply there to recognize that the United States will be the host of the G20,’ Leavitt continued. ‘They are receiving that send-off at the end of the event. They are not there to participate in official talks despite what the South African president is falsely claiming.’

Ramaphosa lashed out at Trump from the sidelines of a G20 event Thursday, reportedly saying, ‘We will not be bullied. We will not agree to be bullied by anyone.’

Trump had a fiery Oval Office moment with Ramaphosa in May when he confronted the South African president over claims White Afrikaner South African farmers were being slaughtered in the nation. The White House played video footage for Ramaphosa and his cohort that showed white crosses marking alleged graves lining a road in South Africa.

‘Now this is very bad. These are burial sites right here. Burial sites — over a thousand — of White farmers,’ Trump said during the tense Oval Office moment. ‘And those cars are lined up to pay love on a Sunday morning. Each one of those white things you see is a cross. And there is approximately a thousand of them.

‘They’re all White farmers. The family of White farmers. And those cars aren’t driving. They are stopped there to pay respects to their family member who was killed. And it’s a terrible sight. I’ve never seen anything like it. On both sides of the road, you have crosses. Those people are all killed.’

‘Have they told you where that is, Mr. President? I’d like to know where that is. Because this I’ve never seen,’ Ramaphosa then asked Trump.

‘I mean, it’s in South Africa, that’s where,’ Trump responded.

‘We need to find out,’ Ramaphosa said.

That same month, the State Department announced that the U.S. was welcoming South African refugees who were victims of ‘government-sponsored racial discrimination’ in their homeland.

The South African government has slammed the Trump administration’s refugee efforts, arguing claims of White genocide in the country have been discredited.

‘The South African Government wishes to state, for the record, that the characterisation of Afrikaners as an exclusively white group is ahistorical. Furthermore, the claim that this community faces persecution, is not substantiated by fact,’ the South African government said in a statement on Nov. 8 in response to Trump’s Truth Social post announcing the U.S. would skip the summit.

China’s Xi Jinping, Russia’s Vladimir Putin and Argentina’s Javier Milei are also skipping the summit but are sending delegations in their place, The Associated Press reported.

Fox News Digital’s Paul Tilsley, Morgan Phillips and Greg Norman contributed to this report.

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Politics

Trump’s trillion-dollar Saudi deal could reshape markets — if the money ever materializes

President Donald Trump loves a deal and few partners have proven more willing or more powerful than Saudi Arabia.

This week, Saudi Arabia’s Crown Prince Mohammed bin Salman pledged to channel $1 trillion in investments from the oil-rich kingdom into the U.S.

Trump embraced the announcement as validation of his close ties with Riyadh and proof that international money is eager to flow back into the U.S. economy. Yet beneath the impressive headline figure lies a familiar reality: much of the promised investment exists only on paper, and experts caution that the actual cash flow could take years to materialize.

‘The term investment implies long-term capital, but in this case it really means purchases like aircraft, tanks, even computer chips,’ said Simon Henderson, a senior fellow at The Washington Institute for Near East Policy. ‘And those figures, $600 billion, a trillion, who really knows how accurate they are, or over what time frame?’

‘Perhaps the real story is that Saudi finances are in bad shape,’ added Henderson, who specializes in the Gulf region and energy policy. ‘Oil prices are too low, they need about $100 a barrel, and extravagant spending on prestige projects like The Line and NEOM are being scaled back.’

The Line is a proposed 105-mile car-free city and NEOM is a $500 billion futuristic mega-development on the Red Sea. Both are part of the crown prince’s ‘Vision 2030’ plan to diversify the kingdom’s economy beyond oil.

Others note that Saudi Arabia’s short-term fiscal strains don’t necessarily preclude large-scale investments over time.

‘It’s perfectly within the realm of possibilities that Saudi Arabia could make a $1 trillion investment into the United States over many years,’ explained E.J. Antoni, chief economist at the Heritage Foundation, citing the kingdom’s vast oil wealth and long-term economic ambitions.

Antoni noted that much depends on how such an investment ultimately takes shape. For now, the White House has offered few details about what exactly the Saudi funds would be directed toward or when they might arrive.

‘What does it look like in practice? It could take a whole host of different forms,’ he said. ‘We don’t know yet if this is going to look like an investment in infrastructure and even if it is, in what industry?’

He pointed to petrochemicals as one possible fit but said other sectors could also attract Saudi money.

‘In terms of beneficiaries, clearly you have the American taxpayer, who’s going to benefit from a larger economy,’ Antoni continued. ‘That broadens the tax base and reduces the overall tax burden on each individual. So that’s very, very positive.’

He added that while such deals can stimulate confidence and markets in the short term, their most meaningful returns often unfold over years, well beyond a single presidential term.

‘Most of what President Donald Trump has done is to accrue benefits that will not appear until after he has already left office,’ Antoni told Fox News Digital.

‘That’s not to say there are no initial gains, there clearly are. Every time another company announces more investment in the United States, it helps buoy the stock market, because equity prices are ultimately based on future earnings and those earnings rise when there’s additional investment coming.’

For now, the pledge bolsters Trump’s economic narrative but also sets up a long-term test of U.S.–Saudi relations, one whose true impact may not be clear for years.

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