Sunday morning, markets shut, and the week that just ended gets counted properly for the first time. So today is a countdown — the three stories that actually moved money this week, in reverse order, three, two, one.
Number three: oil gave back its war premium in five days. Friday's settle was quiet — Brent at $98.32, up three cents, WTI at $90.83, up 31 cents — but the week was the steepest fall since the start of COVID: Brent down 13.3% from the prior Friday's $113.40 January-contract close, WTI down nearly 13% as well. The midterm results raised hopes that Washington can cut a deal with Iran, OPEC production is climbing back toward pre-war levels led by Saudi Arabia, and when three more tankers got hit in the Strait of Hormuz on Thursday, the market shrugged — the premium came out faster than attacks could put it back in. No deal exists yet. That is the whole tension: price says peace, headlines still say war.
Number two: the Bitcoin ETF door swung hard the other way. U.S. spot Bitcoin ETFs lost $1.2817 billion across the five sessions ending Friday — their worst week since June — and almost all of it was one fund: BlackRock's IBIT accounted for about $1.21 billion, 94% of the total, while Fidelity's FBTC was the only name in the black for the week, taking in $93.1 million. Ether ETFs lost another $365.3 million, a sixth straight negative week. Put the week on the year and it flips the sign: U.S. spot Bitcoin ETFs are now about $914 million in net outflow for 2026 as a whole. And yet the price held the line. Bitcoin is trading near $75,850 this morning, essentially flat on the day, Ethereum near $2,234, down about half a percent and down 17% over the last month, with the ETH-to-BTC ratio slipped to 0.0295 — Ethereum quietly getting cheaper against Bitcoin even on a calm weekend. The Crypto Fear & Greed Index ticked up to 28, Fear, from 25, Extreme Fear, yesterday. Fear eased three points. The money still left.
Number one: the AI trade had its worst week since June, and a hot jobs report took away the easy exit. Thursday was the damage — the Nasdaq down 5.52%, the S&P 500 down 4.36%, the Dow down 3.44%, the semiconductor index down 12.25% with all thirty names lower, roughly $2.5 trillion wiped off the Nasdaq, the indexes' worst day in 19 months. CNN's read on the accelerant: the Democratic sweep in the midterms is feeding fears of moratoriums and policy hurdles slowing data-center construction — the buildout the whole rally rests on. Friday's bounce — Nasdaq up 1.09% to 24,579.42, S&P 500 up 0.31% to 7,376.86, Dow down 0.46% to 51,285.73 — recovered a fraction of it and no more. The week's final score: S&P 500 down 2.7%, Nasdaq down 3.4%, Dow down 0.9%. Layered on top, Friday's October payrolls beat — 165,000 against about 65,000 expected — pushed the priced odds of a December Fed hike to roughly 78%, and Kalshi has a quarter-point hike at 77 cents. Which makes Tuesday's October CPI, consensus 3.9% year over year against 3.7% prior, the last word before the Fed votes.
What it did to the tape, in one breath: indexes ended the week bruised with only a chip-led bounce for comfort, oil ended it 13% lighter with its war premium gone, and crypto ended it holding $75,000 while its biggest buyers walked out — three different markets, one shared mood, and it is not greed.
The earnings desk
The one major print since the last brief landed Saturday morning: Berkshire Hathaway. Operating earnings fell 5.8% to $12.705 billion — right in line, at about $8,910 per Class A share against a FactSet consensus of $8,821 — on revenue up 11% to $105.65 billion. The drag was insurance: underwriting profit down 43% to $1.35 billion, insurance investment income down 14% to $2.734 billion, while the BNSF railroad earned 19% more at $1.7 billion. Net earnings fell 28% to $22.11 billion on smaller investment gains. The real headline was what Berkshire did with the cash: $9.6 billion of buybacks in the quarter, more than double the second quarter's $4.5 billion and probably its biggest buyback quarter ever, plus about $2 billion more in October — new CEO Greg Abel spending the hoard on Berkshire itself. The hoard is still enormous: $377.4 billion of cash and Treasury bills gross, $352 billion on Berkshire's own measure. Zoom out and the season behind it was strong: through Friday, 441 S&P 500 companies had reported, earnings up 24.8% year over year, 82.1% beating on EPS — good numbers, sold anyway. Nothing major reports today, because it is Sunday. Monday is the next test: before the open, Constellation Energy, expected at $3.89 a share on $9.47 billion of revenue and judged on data-center power deals, NRG Energy at $3.36 expected, and KKR. After the close, Take-Two, judged almost entirely on its forecast — Grand Theft Auto VI goes on sale November 19 and the quarter being reported contains none of it — Occidental Petroleum at about $1.43 to $1.48 a share, Rocket Lab, and crypto miner Marathon Digital, expected to lose about 23 cents a share.
The invention spotlight
Johnson & Johnson just got the first new drug approval in ten years for a group of head-and-neck cancer patients who had run out of standard options. The FDA granted accelerated approval on November 5 to Rybrevant Faspro — amivantamab with hyaluronidase — for adults with recurrent or metastatic head and neck squamous cell carcinoma whose cancer progressed after platinum chemotherapy and a PD-(L)1 immunotherapy, excluding HPV-associated throat cancers. It is the first and only dual-targeted therapy in this setting, hitting the EGFR and MET pathways at once, and instead of an hours-long IV infusion it goes in as a roughly five-minute injection under the skin, using Halozyme's ENHANZE delivery technology. In the OrigAMI-4 trial, 42% of patients responded and 15% had complete responses — their tumors gone on scans. The honest catch is in the words "accelerated approval": it was granted on response rate, and staying approved depends on the confirmatory Phase 3 OrigAMI-5 trial proving patients actually live longer or better. For patients a decade without a new option, though, a five-minute shot that shrinks tumors in four out of ten is not a press release. It is a door opening.
The oversold corner
The screen re-ran this morning on 127 assets — large caps, midcaps, microcaps, and the top cryptos, from Yahoo Finance and CoinGecko daily closes — and 28 still meet all three tests, RSI at or below 35, MACD bearish, price under the 90-day average. Sunday honesty: stocks have not traded since Friday, so the stock list is Friday's list, unchanged — what changed is that a weekend did nothing to heal it. Fortinet leads at $118.84, RSI 23.1, 27.5% below its 90-day average — the profitable cybersecurity heavyweight that kept falling Friday while chips bounced, because the selling rotated into software and security. Intel is second at $56.28, RSI 25.7, 42.8% below — Friday's chip bounce lifted it and it is still in a hole dug by its earnings collapse. Marvell is third at $141.20, RSI 26.2, 37.6% below, an AI-chip name more than a third under its own average after the rout. Opendoor is fourth at $1.40, RSI 26.8, the deepest hole here at 54.9% below — a thin housing microcap with mortgage rates above 7% and a possible December hike coming at it. ServiceNow rounds out the five at $101.97, RSI 27.7, 19.5% below — enterprise software sold with Fortinet. Oversold is a description, not a buy idea.
The BogusAPY angle
Two hooks, same question, opposite directions. First: Berkshire's operating earnings fell, and its answer was to spend $9.6 billion buying itself. No yield was promised, no APY advertised — the return, if it comes, comes from owning a bigger slice of the same cash flows, and you can audit every dollar of it in the filing. Hold that next to any yield pitch this week and ask the two questions: where does the yield come from, and how is it distributed to the holders? Second hook: Bitcoin ETFs just posted a $1.28 billion week and flipped negative for the year — $914 million out in 2026 — while staking and earn products keep advertising a few percent like it is a cushion. A few percent a year does not cushion an exit door that swings a billion dollars in five days. The yield is the small number. The door is the story.
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Sources: Associated Press and Yahoo Finance market closes, November 6, 2026 (Nasdaq Composite 24,579.42 +1.09%, S&P 500 7,376.86 +0.31%, Dow Jones Industrial Average 51,285.73 −0.46%; week: S&P 500 −2.7%, Nasdaq −3.4%, Dow −0.9%, worst week since June); weekly recap via Reuters, CNN and Seeking Alpha (Thursday: Nasdaq −5.52%, S&P 500 −4.36%, Dow −3.44%, Philadelphia Semiconductor Index −12.25%, roughly $2.5 trillion Nasdaq wipeout, worst index day in 19 months; data-center moratorium concerns after the Democratic midterm sweep per CNN); Bureau of Labor Statistics via Reuters, November 6 (October payrolls +165,000 vs ~65,000 consensus, unemployment 4.1%, December hike odds ~78% per CME FedWatch, ~77 cents on Kalshi); CNBC settlements via Benzinga/TradingView and FinanceFeeds (Brent settled $98.32 +$0.03 Friday, −13.3% on the week from the October 30 January-contract close of $113.40, steepest weekly fall since the start of COVID; WTI settled $90.83 +$0.31, down nearly 13% on the week; OPEC production rising toward pre-war levels per Bloomberg survey via Rigzone; three tanker attacks in the Strait of Hormuz Thursday); Farside Investors daily flow table via Cointribune and BitcoinVersus.Tech (U.S. spot Bitcoin ETFs −$1,281.7 million November 2–6, worst week since June; IBIT −$1,209.5 million for the week, FBTC +$93.1 million the only net inflow; spot Ether ETFs −$365.3 million, sixth straight negative week; 2026 year-to-date Bitcoin ETF net flow −$914.1 million per The Block/SoSoValue); CoinGecko, Coinbase and Kraken snapshots, November 8, 04:42 UTC (BTC ~$75,800–$75,866, essentially flat on the day; ETH $2,234.61, down 17.0% over 30 days; ETH/BTC 0.0295; total crypto market cap ~$2.54–2.56 trillion, Bitcoin dominance ~60%); alternative.me Crypto Fear & Greed Index, November 8 (28, Fear, up from 25, Extreme Fear, November 7); Berkshire Hathaway Q3 2026 release and 10-Q, November 7, via Reuters and Barron's (operating earnings $12.705 billion, −5.8% year over year, ~$8,910 per Class A share vs $8,821 FactSet consensus; revenue $105.65 billion, +11%; insurance underwriting $1.352 billion, −43%; insurance investment income $2.734 billion, −14%; BNSF earnings $1.7 billion, +19%; net earnings $22.112 billion, −28%; Q3 buybacks $9.6 billion vs $4.5 billion in Q2, plus ~$2 billion in October; cash and Treasury bills $377.435 billion gross, $352 billion on Berkshire's own measure); Zacks via TradingView, November 7 (441 S&P 500 members reported through November 6, earnings +24.8% year over year, 82.1% EPS beats); earnings calendars via Finnhub, CNBC and company investor pages (Monday, November 9: Constellation Energy before the open, EPS consensus $3.89, revenue $9.47 billion; NRG Energy $3.36; KKR before the open; Take-Two, Occidental Petroleum $1.43–$1.48, Rocket Lab and Marathon Digital −$0.23 after the close; Grand Theft Auto VI on sale November 19 per Regards of Wall Street); week-ahead calendar via WorldMoneyRoadmap (October CPI Tuesday, November 10, consensus 3.9% year over year vs 3.7% prior); Johnson & Johnson press release, November 5, 2026, via PR Newswire (FDA accelerated approval of Rybrevant Faspro, amivantamab and hyaluronidase-lpuj, for recurrent or metastatic head and neck squamous cell carcinoma after platinum chemotherapy and an anti-PD-(L)1 antibody, excluding HPV-associated oropharyngeal cancer; first and only dual-targeted EGFR/MET therapy in this setting; OrigAMI-4 confirmed overall response rate 42%, complete responses 15%; subcutaneous administration in about five minutes with Halozyme ENHANZE technology; confirmatory Phase 3 OrigAMI-5 ongoing; first new approval in ten years for this post-platinum setting per OncoDaily); Yahoo Finance and CoinGecko (oversold screener, 127 assets, computed November 8, 2026; 28 flagged, top five listed in the post). Not financial advice.
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