SOTS 2nd Hour: Volatility Picks, Navigating Big Tech, & The Bitcoin Breakdown 11/21/25

SPEAKER_1 (0:00)

Introducing Fidelity Trader Plus, the next generation of advanced trading from Fidelity. Customize your tools and charts and access them seamlessly across desktop, web, and mobile. For faster trades anywhere you go. Try the all new Fidelity Trader Plus. Learn more about our most powerful trading platform yet at fidelity.com/traderplus. Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC. Member NYSE, SIPC.

SPEAKER_2 (0:30)

Think of your commute, your train, your car, maybe your walk. Even if you don't realize it, crypto and blockchain innovations are all around you on your way into the office. So why not learn about them on the way? From institutional custody solutions to 24-7 cross-border payments with nearly real-time settlements, crypto and blockchain are shaping flexibility and innovation for institutions all over the globe and your city. Join Ripple and host David Schwartz for crypto and blockchain conversations on Blockstars, the podcast. It's happening with Ripple.

Carl Quintanilla (1:06)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Leslie Picker and David Faber here at Post 9 of the New York Stock Exchange. Sara Eisen has the morning off. Markets trying to take the edge off of what's basically a 3% loss for the week, 6% or so off the all-time highs. S&P up a touch here on some dovish Fed speak, which actually has the 10-year a little bit lower, down to 407 Today, Bitcoin's under pressure again, now pacing for the worst week since 22, down more than 30% since the record high in October.

We'll talk about what's dragging on the space and the spillover for the broader market. Tech's having a rough week, as you know, but Alphabet is the outlier, hitting record highs and up again today as Google unveils Gemini 3 We'll talk about the move with Oakmark's Bill Nygren, who for a long time has counted Alphabet among his top holdings.

David Faber (1:51)

But first, breaking economic data just crossing, Rick Santelli has that for us today. Hey, Rick.

Rick Santelli (1:57)

Yes, and not necessarily good news here. These are University of Michigan November Final Reads and 50.3 on the headline was our mid-month read. That was pretty much one of the close to the all-time low, which was 50 and this comes in at 51.0. So it moves up, but it's still quite weak in the grand scheme of history. Now if we look at current, that moved down from 52.3 to 51.1, and that is a new low. If we look at the expectations, what may lie ahead, it actually improved a bit from 49 up to 51 51 would be the best read, well, just since September when we were at 51.7. So mixed bag, but at least all three, just like we had S&P Global, are above 50 Now if we look at the inflation side, 4.5 replaces 4.7, 4.5 equals July. To find the lower one, you're going to February of this year at 4.3. And finally, if we look at 5-10 year inflation rates, it moves from 3.6 to 3.4. 3.4 would be the second lowest to the year outside of 3.2, which was January. So not bad. We see that yields aren't responding much. It's mixed on actually the numbers themselves. On inflation, that is an improvement. Very quickly, inventories, wholesale, August final read moves from minus two-tenths up to zero. And on sales, that's a fresh August number, kind of old. Final last month was 1.3. This is only up one-tenth of a percent. That would be the weakest on the sales side since it was down four-tenths in May. Very quickly, we're hovering at 350 in a two-year. Two-year closed yesterday at 353, last week at 361 And on that 10-year, you referenced 406 for the session is down three. 415 last week is where we settled. And percentages, we're hovering in the high 60% for a deuce cut. David, back to you.

David Faber (4:01)

Rick, thank you. Let's get to Bitcoin now. The crypto sell-off continuing, touching the lowest levels that we've seen, at least since early April. Mackenzie Sagala says more on what exactly is behind this move. Mack.

Mackenzie Sigalos (4:14)

Hey, David. So before bouncing off session lows this morning, Bitcoin was pacing for its worst month since the crypto collapse of 2022 More than $2 billion in leveraged crypto bets were wiped out in the past 24 hours, and the big institutional buyers, at least so far, have not been stepping in. US spot Bitcoin ETF saw their second worst day of outflows since launching nearly two years ago. And this isn't just a knock on effect from macro headwinds and concerns that we won't get a Fed rate cut next month.