Credit traders doubt Nvidia’s story and Oracle CDS keeps rising. Commodities are getting slammed. Not a good sign. Happens only in recessionary fear

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What an absolute collapse by Circle CRCL 📉 Back to its IPO opening price of $69
byu/RobertBartus inEconomyCharts

Bessent says the Fed is flying blind and demands a third cut after the shutdown hit GDP.

Sundar Pichai, the head of Google’s parent company Alphabet, warned that “no company is going to be immune” if the AI bubble bursts after its current period of boom.

‘This is a structural goods recession’: U.S. freight market is starting to roll over as Chinese trade plummets

The impact of President Donald Trump’s tariffs continues to rip through the logistics and transportation sectors, with major ports experiencing a steep drop in imports after records were set earlier this year, and volumes throughout the supply chain rolling over.

For the first time in 2025, rates for van, flatbed, and refrigerated loads in October were all lower on both a month-over-month and year-over-year basis, according to the DAT Truckload Volume Index.

“Freight volumes in the third quarter and October reflect what we’re seeing in the broader goods economy, with shippers drawing on inventory built up earlier in the year to reduce their exposure to tariffs and weak consumer demand,” said Ken Adamo, DAT chief of Analytics. “As a result, the traditional peak holiday shipping season looks virtually non-existent this year,” Adamo said.

Van truckloads were down 3% compared to September, and 11% year over year. Refrigerated truckloads were down 2% month over month, and 7% year over year. Flatbed truckloads were down 4% month over month and 3% year over year. The reduced level of dry van and temp-controlled loads that are moving now through the supply chain are goods moving from distribution centers to retailers. The causes of the trade decline range from weakness in housing and manufacturing to energy costs, and shippers pulling forward imports earlier in the year and building inventories to reduce tariff impacts.

https://www.cnbc.com/2025/11/20/trump-tariffs-trade-china-import-decline-freight-recession.html