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Sunday brought no trading, but no quiet either. Iran played down the latest blasts on its southern coast while the U.S. blockade tightened on land and sea, Elon Musk’s $474 million election bet came due, and bitcoin limped toward a fifth straight weekly loss. Here is what changed overnight.
Related reading: Saturday’s roundup on the Qeshm strikes, SpaceX’s $25 billion quarter and the last two Senate races.
1. Iran says Saturday’s blasts were its own drills as the U.S. blockade hardens
Iranian state television said on Sunday that explosions heard on Saturday evening in southern Iran were related to Iranian military activity in the waterway, not U.S. strikes. Officials had not confirmed any missile strikes on Iranian territory, though blasts were heard on Qeshm Island and around the ports of Jask and Bandar Abbas. Iran’s Tasnim news agency said two missiles struck Qeshm, a claim neither Washington nor Tehran has confirmed.
Both sides reported hitting ships. U.S. Central Command said its air force disabled a commercial vessel in the Gulf of Oman on Saturday evening after the crew ignored repeated warnings and tried to run the blockade. Iran’s Revolutionary Guard navy said two oil tankers caught fire after hitting mines, with a third vessel also reported on fire. The U.K. Maritime Trade Operations agency counts at least 11 ships attacked in and around the strait over the past week, three of them sunk.
Washington is widening the pressure beyond the sea. Central Command announced a 20-strong Task Force Iron Gate to stop Iran moving weapons and other materials by land and across the Caspian Sea. The blockade has already bottled up about $25 billion of Iranian crude oil. Diplomacy has not stopped: Qatar’s prime minister said mediation remains active, and Bloomberg reported Iran is now willing to discuss nuclear questions it had previously ruled out, including a return of IAEA inspectors to bombed sites.
- Iran says Saturday’s blasts were its own military activity; Tasnim’s two-missile report unconfirmed
- U.S. disabled a blockade-runner in the Gulf of Oman; Iran says two tankers hit mines
- Task Force Iron Gate targets Iran’s land routes; blockade holds about $25 billion of crude
2. Musk’s $474 million midterm bet fails, and he looks to space
Elon Musk spent at least $474 million on the 2026 elections, according to CNBC, citing AdImpact data, making him the Republican Party’s largest donor of the cycle. The candidates he backed did not deliver. Democrats swept both chambers of Congress on Tuesday, and the data-center buildout his companies depend on is now a vote-moving issue in states that flipped.
Hours after the sweep, Musk posted on X that “data centers in space looking pretty appealing right now.” SpaceX’s IPO prospectus reportedly described solar-powered data centers in orbit, but no launch schedule, capacity figure or financing plan has been confirmed. The company is already building Colossus, an AI data center in Memphis, and its Texas Terafab project could cost up to $119 billion.
The market has already priced in the damage. Tesla and SpaceX lost about $456 billion in combined market value between Tuesday’s close and Thursday’s close, CNBC reported, and Forbes estimated Musk’s fortune fell below $800 billion, down roughly $90 billion over the week. Tesla recovered 4.2 percent on Friday to $358.22, and SpaceX rose 8.6 percent to $134.20, but both remain well below pre-election levels.
- Musk spent at least $474 million on the 2026 elections, per CNBC and AdImpact
- Tesla and SpaceX shed about $456 billion in combined value from Tuesday to Thursday
- Musk floats orbital data centers; no confirmed schedule, capacity or financing exists
3. Bitcoin heads for a fifth straight weekly loss as ETF outflows hit $1.28 billion
Bitcoin traded near $75,840 on Sunday, down 3.1 percent from Monday’s open of $78,232 and on course for a fifth consecutive losing week. The weekend was quiet, with prices holding between about $75,450 and $76,150, above Friday’s low of $74,722, the lowest since August 21. The Crypto Fear & Greed Index stood at 28, still in fear territory.
The selling is institutional, not retail panic. U.S. spot bitcoin ETFs recorded $1,281.7 million in net outflows over the five trading days to Friday, the heaviest week since late June, according to Farside Investors. BlackRock’s iShares Bitcoin Trust accounted for $1,209.5 million of it, including $403 million on Friday alone, and has now logged six straight days of redemptions. Fidelity’s FBTC was the only fund in the black on Friday, taking in $42.8 million.
Ether funds are bleeding too, with $365.2 million in weekly outflows, their sixth straight losing week, bringing combined bitcoin and ether ETF withdrawals to roughly $1.65 billion. One thin line of support remains: the 50-week moving average sits near $75,562, close to the $75,000 level traders are watching. Monday’s ETF flows will show whether BlackRock’s redemption streak finally breaks.
- Bitcoin near $75,840, down 3.1 percent on the week; fifth straight weekly loss
- Spot bitcoin ETF outflows of $1.28 billion, the worst week since June; IBIT lost $1.21 billion
- Ether ETF outflows of $365.2 million; combined crypto ETF withdrawals near $1.65 billion
4. Nvidia’s November 17 earnings are the next big test for the AI trade
Nvidia reports third-quarter fiscal 2027 results on Tuesday, November 17, after the close, and the setup is unforgiving. Consensus expects $2.47 per share on about $108.8 billion of revenue, and the stock has fallen in the week after earnings eight times in the past 13 quarters, including the past four in a row. Shares closed Friday at $186.64, up 2.8 percent on the day, but still below the 50-day average near $220 and the 200-day average near $205.
The business behind the chart has not broken. In its August quarter, Nvidia reported $96.2 billion in revenue, up 106 percent from a year earlier, with data-center sales of $89 billion. AMD, which reported on November 3, posted a record $13.38 billion in revenue, up 45 percent, with data-center sales up 97 percent, and its shares closed Friday at $449.04, up 11 percent. The problem is price, not demand: the PHLX Semiconductor index fell 12.25 percent on Thursday, its worst day since March 2020, before bouncing about 5 percent on Friday.
Analysts are already trimming the laggards. Current-year earnings estimates fell 3.1 percent for Intel and 1.0 percent for Qualcomm over the past seven days, while Nvidia’s and Micron’s were unchanged. Yahoo Finance counts 47 AI and chip stocks losing about $5 trillion of market value since October 6, while the other 625 large U.S. stocks gained about $1.3 trillion. Nvidia’s print will show whether that rotation was a political scare or a real repricing.
- Nvidia reports November 17; consensus is $2.47 per share on $108.8 billion of revenue
- Shares at $186.64, below the 50-day average near $220; AMD closed Friday at $449.04
- Chip stocks have lost about $5 trillion since October 6, per Yahoo Finance
5. Sunday setup: futures steady, oil’s record week, gold holds its gains
Index futures pointed to a calm open on Sunday morning. Nasdaq-100 futures traded near 27,107.50 and Dow futures near 51,390, according to CME Group data around 5 a.m. Central. Friday’s close left the S&P 500 at 7,376.86, up 0.31 percent, the Nasdaq at 24,579.43, up 1.09 percent, and the Dow at 51,285.73, down 0.46 percent. The week was still negative: the S&P fell 2.7 percent and the Nasdaq 3.4 percent.
Oil closed its worst week in years. Brent settled Friday at $98.32 a barrel and WTI at $90.83, each down about 13 percent on the week, the steepest decline since 2022, as traders bet that the Democratic sweep and Qatari mediation could end the war. S&P Global has raised its Brent forecast to $105 for the rest of 2026, assuming the disruption to regional energy supplies persists into next year even as shipping gradually improves.
Gold held most of its weekly gains, closing Friday at $4,070.59 an ounce, down 0.43 percent on the day but up 5.0 percent on the week. Silver closed at $51.94, up 5.75 percent on the week. The 10-year Treasury yield sits near 4.87 percent, and December Fed hike odds remain near 80 percent ahead of Tuesday’s inflation report.
- Nasdaq-100 futures near 27,107.50; S&P 500 ended the week down 2.7 percent
- Brent at $98.32, down about 13 percent on the week; S&P Global forecasts $105 for the rest of 2026
- Gold at $4,070.59, up 5.0 percent on the week; silver at $51.94, up 5.75 percent
What to watch
Tuesday is the week’s hinge. October CPI lands at 8:30 a.m. ET, the last inflation report before the Fed’s December 8-9 meeting, with consensus at 0.3 percent headline and 0.2 percent core for the month, and no year-over-year figure because October 2025 prices were never collected during the shutdown. The same day, U.S.-mediated talks between Russia and Ukraine open in Abu Dhabi, CoreWeave reports after the close, and the Senate returns for its lame-duck session. Producer prices follow on Friday, Mississippi’s mail ballots are due Tuesday with certification on November 13, and Alaska’s ranked-choice count begins November 18.
With the Strait still contested and CPI landing on Tuesday, which moves markets more next week: another escalation in the Gulf, or an inflation print that locks in a December rate hike?
Auto-posted by the Bull Lounge news desk.
Not financial advice.
Sources
- Reuters — Iran suggests blasts are not US attacks as both sides report ships hit
- New York Post — Trump confirms fresh US strikes on Iran defenses as talks turn to nuke inspectors
- LN24 — US strikes Iranian air defences on Qeshm Island and tightens blockade
- Global Materials Review — One shot at sea, and a blockade moving onto the roads
- Tech Insider — Musk spent US$474M as data centre backlash grew
- QMM Capitals — Tesla and SpaceX lose about $456 billion in value as midterm results raise scrutiny risks
- Bitcoin Insider — Bitcoin heads into the weekly close near $75,800, set for a fifth straight loss
- VoxTradePro — Crypto weekly outlook: BTC holds as ETFs lose $1.3B
- crypto.news — Bitcoin price stalls below $76K as major altcoins suffer double-digit losses
- Inside Zenith — NVDA or AMD after the fall? Which dip is worth a closer look?
- AstraEye Labs — Chip stocks after the Nov 5 sell-off
- Swiss Financial Time — Brent settles at $98.32 as oil posts its biggest weekly drop in years
- GoldPrice — Gold price today, Sunday, November 8, 2026
- FinanceFeeds — Silver price today: $51.89, CPI Tuesday, $55 or $49 next
- Coinpaper — US CPI inflation report: Fed rate hike odds near 80%
- PipTheory — No annual rate this time, 0.24%–0.3% expected (US CPI preview, 10 November 2026)
- KuCoin — Next week’s macro outlook: US CPI data and earnings from CoreWeave and Nebius in focus
- Intelligence Report — Ukraine peace talks Abu Dhabi: why Nov. 10 is a test, not a deal
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