Key Takeaways
- Former US President Donald Trump expressed a desire to continue meeting with Russian President Vladimir Putin in Budapest, while also highlighting Russia's unwillingness to cease the war in Ukraine as a fundamental dispute.
- The US Baker Hughes Rig Count saw a slight increase in total rigs to 548, though the number of active oil rigs remained unchanged at 414.
- Technology giants Nvidia (NVDA) and Tesla (TSLA) led a significant tech sell-off on Friday, contributing to what is shaping up to be another challenging week for the broader stock market.
- The Federal Aviation Administration (FAA) has mandated that carriers reduce flights by 10% by 6 AM ET on November 14.
- Positive signals emerged regarding the resumption of Nexperia chip exports from China, with German and Dutch officials indicating a potential restart in the coming hours.
Former US President Donald Trump indicated his interest in continuing discussions with Russian President Vladimir Putin in Budapest, even as he identified Russia's reluctance to end the war in Ukraine as a core point of contention between the two nations. Trump also stated he is considering an exemption for Hungary from sanctions on Russian oil and plans to discuss trade, energy, and Ukraine with Hungarian Prime Minister Orban. Meanwhile, a US source cited by Reuters reported that the United States supports the European Union's initiative to use frozen Russian assets to aid Ukraine and help bring an end to the conflict. US Hegseth also confirmed that US troops will remain in Romania.
In the energy sector, the latest Baker Hughes Rig Count for November 7 showed the total US rig count rising to 548, up from 546 previously. This increase was primarily driven by rotary gas rigs, which climbed to 128 from 125. However, the number of rotary oil rigs remained flat at 414.
The broader market experienced a downturn, with technology stocks leading the sell-off. Nvidia (NVDA) shares dropped 3.5%, and Tesla (TSLA) saw a decline of 4.25%. This contributed to a tough week for major indices, with the Nasdaq Composite (IXIC) down 1.78%, the S&P 500 (GSPC) falling 1.07%, and the Dow Jones Industrial Average (DJI) losing 0.69%.
In other significant developments, the Federal Aviation Administration (FAA) issued a directive requiring air carriers to reduce flights by 10% by 6 AM ET on November 14. This mandate could impact travel and airline operations in the coming week.
On the trade front, there were positive signals regarding the resumption of Nexperia chip exports from China. German Chancellor Merz and Dutch Prime Minister Schoof both indicated that deliveries could restart in the next few hours, suggesting a potential easing of supply chain concerns for the semiconductor industry. Additionally, a "huge tariff bet" on copper is reportedly making a comeback as traders increase bids for US supplies.
In legislative news, Senate Majority Leader Thune stated that the Senate is expected to be in session this weekend and that there is a "good possibility" of a vote today on a bill to pay some federal workers. Philanthropist Bill Gates also announced a $1.4 billion donation aimed at helping farmers adapt to climate change.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.