Markets
Yiwen Lu

US stocks dip, oil rises on Middle East escalation

The S&P 500 fell 0.2% on Thursday on a continued escalation of tensions in the Middle East. The Nasdaq 100 was down 0.1%, and the Russell 2000 lost 0.7%. 

President Biden on Thursday said that the US was discussing the potential for Israel to attack Iranian oil facilities with Israeli officials. Oil benchmarks spiked on the comments. Futures of both US crude oil and Brent crude rose more than 5% at settlement.

As a result, energy was the best performer among major S&P 500 sectors. The sector ETF added 1.8%, with companies like Valerogaining 6.2% and Marathon Petroleum, up 5.7%. 

Consumer discretionary lost the most, off 1.2%. It was dragged down by Tesla, which fell 3.4%. Shares of the EV maker were down 3.5% on Wednesday after it posted deliveries for the third quarter which was short of expectations.

The dollar gained for the fourth straight day, and the Treasury yields advanced for the second session. Weekly jobless claims released on Thursday were modestly up from a week earlier and slightly higher than analysts’ expectations. 

More Markets

See all Markets
Walt Disney World

Disney dips on weaker-than-expected Q4 revenue amid its longest-ever TV blackout

... and you’re watching Disney Channel.

Max Knoblauch2h
markets
Hyunsoo Rim

Michael Burry de-registers his hedge fund, Scion Asset Management, as he warns of market bubbles and hints at “better things” ahead

“The Big Short” investor Michael Burry has de-registered his hedge fund, Scion Asset Management, according to SEC adviser records.

The agency’s database lists Scion’s registration status as “terminated” effective November 10, 2025. Investment advisers with more than $100 million in regulatory assets must stay registered with the SEC, and Scion reported $154.93 million as of March, per its latest filing.

A viral — though unverified — online post circulating today appears to show Burry’s letter to investors dated October 27, in which he wrote, “My estimation of value in securities is not now, and has not been for some time, in sync with the markets.”

Michael Burry is shutting down Scion Asset Management
byu/Independent-Cress382 inwallstreetbets

The investor, famed for predicting the 2008 housing crash and immortalized in “The Big Short,” recently drew attention for placing a large options bet against Nvidia and Palantir and warning of market “bubbles” on X. The notional value of his positions in the filing was some ~$1.1 billion — $912 million for Palantir and $187 million for Nvidia — though Burry later clarified on X that his actual exposure on the Palantir leg was only around one-hundredth of that amount ($9.2 million). Each put option contract gives the ability to sell 100 shares, but the 13F filing requires the notional value of the underlying shares to disclosed.

Burry traded barbs with Palantir’s CEO, Alex Karp, over the bet’s disclosure, with the Scion investor saying on X that it “doesn’t surprise me one bit that Alex Karp and his ‘ontology’ @PalantirTech cannot crack a simple 13F.” Earlier this week, he also criticized major tech firms for understating depreciation on their computing hardware, saying it “artificially boosts earnings.”

While not addressing the shutdown directly, Burry teased in an X post yesterday that he’ll be “on to much better things” on November 25.

Burry previously shut down his earlier hedge fund, Scion Capital, in 2008 before launching Scion Asset Management in 2013.

markets
Claire Yubin Oh

BABA rises as the company prepares major update of its flagship AI app, aimed at taking on ChatGPT

Alibaba is up nearly 5% in Hong Kong on Thursday morning, paring losses earlier in the week, after Bloomberg reported that the e-commerce giant is set to overhaul its mobile AI app to become a fully functioning AI agent, in a model that more closely resembles OpenAI’s ChatGPT.

Per the report, Alibaba will first update and rename the existing “Tongyi” mobile app to “Qwen,” after the company’s better-known AI model, then gradually add agentic AI features that could support shopping from its main Taobao business “in coming months.”

“The idea is to streamline the look and feel for consumers under the Qwen banner and make it the go-to app,” people familiar with the matter told Bloomberg. That would take advantage of its strong e-commerce business to draw new users into its AI app — in a bid to catch up with ByteDance’s Doubao and Tencent’s Yuanbao, which are more popular in China. The revamped Qwen app will remain free to users “for now.”

The latest news builds on Alibaba’s pledged $50 billion-plus AI budget.

With access to AI hardware at the forefront of Sino-American tensions, Chinese tech firms have been investing heavily into all parts of the AI supply chain. Just this morning, Baidu and Tencent are also in the green on a flurry of AI-related headlines, with the former unveiling two new AI semiconductors and the latter posting strong AI-fueled earnings.

Alibaba Preps Big Revamp of Flagship AI App to Resemble ChatGPT

Alibaba Preps Big Revamp of Flagship AI App to Resemble ChatGPT

Per the report, Alibaba will first update and rename the existing “Tongyi” mobile app to “Qwen,” after the company’s better-known AI model, then gradually add agentic AI features that could support shopping from its main Taobao business “in coming months.”

“The idea is to streamline the look and feel for consumers under the Qwen banner and make it the go-to app,” people familiar with the matter told Bloomberg. That would take advantage of its strong e-commerce business to draw new users into its AI app — in a bid to catch up with ByteDance’s Doubao and Tencent’s Yuanbao, which are more popular in China. The revamped Qwen app will remain free to users “for now.”

The latest news builds on Alibaba’s pledged $50 billion-plus AI budget.

With access to AI hardware at the forefront of Sino-American tensions, Chinese tech firms have been investing heavily into all parts of the AI supply chain. Just this morning, Baidu and Tencent are also in the green on a flurry of AI-related headlines, with the former unveiling two new AI semiconductors and the latter posting strong AI-fueled earnings.

Hemp...

Lawmakers slip hemp THC ban in funding bill

A bill to fund the government low-key banned weed seltzers.

J. Edward Moreno13h
Cisco reports quarterly results networking equipment

Cisco’s AI orders from hyperscalers accelerate

The networking equipment maker has underperformed rivals amid an explosion in AI-related data center investment.

Matt Phillips17h

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.
©2025 Sherwood Media, LLC