Tanker freight rose 6.29 percent to 618.68 dollars, the largest move in the tables. Today’s commodities reporting covers the tightening physical backdrop: Britain sanctioned Slavneft and eleven more Russian energy ships on November 12 (see today’s UK sanctions story), and the United Nations told the Security Council on Friday that 134 confirmed incidents around the Strait of Hormuz since February have killed 25 seafarers, with October the worst month yet (see the Hormuz tanker story, updated today). No single confirmed cargo event in today’s reporting accounts for the full jump, and the note says so rather than inventing one.
Broadcom fell 4.76 percent to 347.01 dollars. Today’s chip rotation story explains the move: the trade that followed Nvidia’s leadership change unwound into a sector-wide selloff on Friday, and Broadcom also faced a downgrade to neutral from Rothschild and Co Redburn (see today’s chip rotation story).
The semiconductor index fell 3.67 percent to 149.30 dollars. The same chip rotation story carries the sector leg: AMD fell 8.8 percent and the Philadelphia Semiconductor Index fell 3.4 percent as investors sold Nvidia’s rivals harder than Nvidia itself.
Natural gas fell 3.29 percent to 3.23 dollars per mmBtu. Today’s EIA storage story supplies the fundamental leg: US gas storage built 61 billion cubic feet to 3,862 billion cubic feet, 75 billion cubic feet above the five-year average, a comfortable cushion heading into winter, though futures still gained 7.74 percent on the week (see today’s EIA gas storage story).
Meta rose 2.90 percent to 641.69 dollars, against the wider technology fall. No story in today’s reporting explains the rise; Italy’s 805 million euro fine against Meta was announced on Saturday, after Friday’s close, so it cannot account for a Friday move.
Copper miners fell 2.51 percent to 69.23 dollars and copper fell 1.67 percent to 6.08 dollars a pound. Today’s copper miners story covers the second straight down session for mining equities, with the miner fall tracking the metal lower a day after Goldman Sachs flagged downside risks to its 2027 copper price forecast (see today’s copper miners story).
Dry bulk freight fell 2.12 percent to 12.93 dollars, moving opposite to tanker freight. No story in today’s reporting explains the dry bulk leg; the split itself, tankers bid and bulkers offered, is the signal.
Nvidia fell 2.01 percent to 162.85 dollars, a sixth straight weekly fall, down 12.75 percent on the week, and the technology sector index fell the same 2.01 percent. Today’s chip rotation story explains both: HSBC cut Nvidia to hold ahead of its November 17 results, the first print under interim chief executive Colette Kress (see today’s chip rotation story).
The cross-market read at midday Saturday is the one Friday’s close left behind, with no trading since: defensive in growth and miners, firm in physical shipping and rates. The Nasdaq 100 fell 1.22 percent and the Hang Seng fell 1.55 percent, while Treasury yields ended the week at 4.98 percent on the 5-year, 5.15 percent on the 10-year, up 29.5 basis points on the week, and 5.48 percent on the 30-year, levels today’s rates reporting ties to Federal Reserve officials holding a hawkish line on Friday and the Bank of England’s Huw Pill signalling further rises in 2027 (see today’s Fed officials, BoE Pill and Treasury selloff stories). Money is still leaving chip exposure and duration, not energy logistics.