Trump’s first appearance after election defeat: Says he will not replace Hegseth, and will destroy the Democratic Party if impeached.
According to reports from NBC News, ABC News and other outlets, U.S. President Donald Trump made his first public appearance since the Republican Party’s midterm election landslide defeat, bringing reporters to the construction site of the White House’s ballroom to review progress and sign the final steel beam. He spent significant time praising the venue as "one of the most beautiful in the world," stressing the White House "must be perfect," and rarely discussed the election results unprompted; his remarks on the loss came mostly in response to reporters’ questions. When asked about the defeat, Trump addressed Vice President J.D. Vance’s claim that "we lost because of this war," saying: "I largely think that’s true, because it pushed up oil prices in the short term." But he added that if he could redo the decision, "I’d still do it, because in the long run it’s the only answer—we can’t let Iran have nuclear weapons." He twice emphasized: "If I were on the ballot, we would have won." He also said support from his campaign rallies "didn’t translate to other candidates." On personnel matters, Trump said he would not interfere in the House Republican leadership race, nor had he asked the current speaker to step down. When asked about possibly replacing Defense Secretary Pete Hegseth, he flatly denied, stating: "No, I think he’s doing a fantastic job." ABC noted this stands in contrast to post-election rumors of personnel reshuffles, and a Pentagon spokesperson also confirmed Hegseth would serve out his current term. When discussing a potential impeachment push by Democrats, Trump said: "If they do that, it will destroy the Democratic Party," insisting there is no basis for impeachment. He also mentioned Democrats have reached out to him by phone hoping to communicate, saying "maybe we can get along," but warned of the consequences of impeachment.
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A whale that took a $148 million long position in crude oil has begun cutting losses, while still holding nearly $100 million in Brent crude long positions.
According to on-chain data analyst Yu Jin’s monitoring, a whale holding a $148 million long crude oil position started cutting losses after incurring an unrealized loss of $15.08 million. Over the past 10 minutes, this address closed out $44.04 million worth of long CL (WTI crude oil) positions via stop-loss, realizing a loss of $4.9 million. It is reported that this address initiated long crude oil positions half a month ago and gradually scaled up its position to $148 million. However, crude oil prices plunged 14% this week, pushing its unrealized loss to $15.08 million. Currently, the address still holds BRENTOIL positions worth $94.79 million, with an unrealized loss of $8.35 million.
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Tom Lee: AI trading remains very active, and the Democratic Party is advancing crypto legislation.
Tom Lee told CNBC in an interview: "If everyone starts using tokens, computing power will become scarce, prices will rise, and then we’ll have to discuss bottlenecks again. Of course, many states will welcome this investment. So I actually believe AI trading will remain very dynamic over time. I think the community does want capital inflows, but on their own terms. Turning now to cryptocurrencies: they are rising because Democrats are now pushing crypto legislation, which they opposed ahead of the midterm elections. Now they aim to actually pass crypto legislation."
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WTI crude oil closes down more than 8% as markets bet heavily on the de-escalation of Iran-related conflict.
According to Bitget market data, WTI crude oil futures for December delivery on the New York Mercantile Exchange closed down $7.97, or 8.29%, at $88.12 per barrel; London ICE Brent crude oil for January delivery fell $8.98, or 8.67%, to $94.62 per barrel, both hitting their lowest closing levels in over two months. Reports from CNBC, Xinhua News Agency and other sources noted that after the Democratic Party took control of Congress in the midterm elections, markets ramped up bets that the Trump administration would seek to end or de-escalate the Iran conflict. Vice President Vance later posted, "The reason we lost is this war," further strengthening expectations of de-escalation. During Asian morning trading, the WTI front-month contract fluctuated narrowly around $88.2.
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Pre-market futures pricing for A-shares and Hong Kong stocks pulled back, with Changxin and Minimax down around 2%.
According to Bitget market data, after surging intraday yesterday, A-share and Hong Kong-listed contract underlying assets collectively pulled back in after-hours trading (compared to yesterday's closing prices). Specifically: Changxin Technology fell 2%, the STAR 50 Index rose 2%, Ustar Technology dropped 0.67%, Minimax fell 1.92%, and Zhipu AI declined 1.24%.
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On the day the Democratic Party swept both chambers of the U.S. Congress, the Dow Jones Industrial Average rose more than 3%, while AI-related stocks fell across the board.
According to data from the BIT Stock Platform, U.S. stocks closed on Wednesday: the Dow Jones Industrial Average rose 3.10%, the S&P 500 gained 1.65%, the Nasdaq Composite increased 0.97%, and the CBOE Volatility Index (VIX) fell 20.26% to 16.61. SpaceX (SPCX) dropped 3.81%.
Optical communication stocks were broadly lower, with Ciena (CIEN) down 9.28%, Credo (CRDO) down 9.55%, Lumentum (LITE) down 7.85%, Applied Optoelectronics (AAOI) down 7.35%, and Coherent (COHR) down 5.98%.
Neocloud-linked stocks weakened, including Cipher Digital (CIFR) down 19.95%, IREN down 11.24%, CoreWeave (CRWV) down 9.90%, Nebius (NBIS) down 6.67%, Astera Labs (ALAB) down 4.43%, and AST SpaceMobile (ASTS) down 4.12%.
Storage stocks pulled back across the board: Seagate (STX) down 8.13%, SanDisk (SNDK) down 7.91%, Micron (MU) down 7.00%, Western Digital (WDC) down 6.77%, and SK Hynix U.S. ADR (SKHY) down 5.12%.
Most semiconductor stocks edged lower: Marvell (MRVL) down 7.08%, ARM down 5.28%, Intel (INTC) down 3.77%, ASML down 3.60%, NVIDIA (NVDA) down 3.17%, TSMC (TSM) down 2.24%, Broadcom (AVGO) down 2.00%, AMD rose 1.01%, and Super Micro (SMCI) down 5.70%.
Crypto-related stocks saw mixed performance: BitMine (BMNR) gained 5.85%, Strategy (MSTR) rose 5.09%, Coinbase (COIN) added 4.16%, Robinhood (HOOD) advanced 2.02%, while MARA fell 4.05%.
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