Here is the market-moving news that broke after U.S. stock markets closed on Friday, Nov. 13, with the most important first.
Iran’s navy and Revolutionary Guards said three oil tankers hit mines in the Strait of Hormuz on Saturday and caught fire, and that two more tankers turned back after warnings. Iran said the ships had switched off their tracking systems and used a prohibited route. Reuters said it could not immediately verify the claims, and no ship names or casualties were given. Early Sunday, the Revolutionary Guards said they sent drones at a U.S. air defense radar in Bahrain, their second such claim in three days. Bahrain’s military said its air defenses stopped several Iranian aerial attacks, and the U.S. military had not commented on Sunday’s claim. Separately, the UK military’s maritime agency, UKMTO, said Sunday that a tanker was attacked in the Persian Gulf as it headed toward the strait; the crew was safe and the attacker was not identified. Iran’s chief negotiator, parliament speaker Mohammad Bagher Ghalibaf, has said Iran sent seven conditions for a deal to the United States through a Qatari mediator and is still waiting for a formal reply.
In Yemen, southern forces fighting for the Saudi-backed government said Sunday they are withdrawing from Dhubab Airport and the area beside the Bab el-Mandeb strait, the southern entrance to the Red Sea, and moving toward Aden. Reuters said the move, together with Iran’s disruption of Hormuz, adds up to a “dual squeeze” on Gulf oil producers. The Saudi-led coalition said it destroyed two ballistic missiles it said the Houthis fired at Riyadh on Sunday.
China’s Commerce Ministry said Saturday that U.S. and Chinese officials, at the first meeting of a new trade council, discussed tariffs, farm trade and a proposed “$30 billion-for-$30 billion” plan of reciprocal tariff cuts, part of a $60 billion package first proposed in September. No agreement was announced. The White House says President Trump meets Chinese President Xi Jinping on Thursday at the APEC summit in Shenzhen.
At Nvidia, investors Brad Gerstner of Altimeter Capital and Gavin Baker of Atreides Management published a letter late Friday asking the board to “pursue a slow, measured, and deliberate process regarding the future leadership of Nvidia,” including “the potential return of Jensen Huang,” who resigned as chief executive on Nov. 11. The board has not responded publicly. Nvidia reports earnings on Tuesday.
Transportation Secretary Sean Duffy and FAA Administrator Bryan Bedford said Friday’s nationwide ground stop began when a router at a remote FAA site, where contractor L3Harris was switching lines from copper to fiber, flooded the air traffic control system. Duffy said the exact fault has not yet been determined, and officials found no sign of a cyberattack. Bedford said about 12,000 flights could not recover on Friday, and airlines expect full schedules by Sunday night. L3Harris said it is supporting the FAA in its investigation.
Cedar found no new U.S. tariff actions or Treasury announcements over the weekend.
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