Welcome to Markets Desk, here's what's moving the needle this hour.
In the crypto space, BlackRock's IBIT is carrying the entire Bitcoin ETF market on its back. During the November second through sixth week, the broader fund category posted net outflows, and without IBIT in the equation, every major fund except Fidelity finished in the red. That's a concentration of capital that should give investors pause.
Turning to equities, Nvidia is sitting roughly twenty-two percent below its all-time high despite posting fiscal second-quarter revenue growth of one hundred six percent, with data center revenue alone climbing one hundred seventeen percent to eighty-nine billion dollars. Analysts are increasingly framing that gap between fundamentals and price as a buying opportunity, though macro headwinds remain a real consideration.
And in emerging markets, South Africa's African National Congress suffered its worst electoral result on record in local elections, capturing just thirty-one percent of votes cast. That's a significant blow to the party that dismantled apartheid, and it signals deepening political fragmentation in one of the continent's largest economies, with real implications for governance and investor confidence going forward.
That's the tape. Markets Desk, signing off the floor.
