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Choking Capital: Delhi’s Toxic Smog Crisis Grounds Flights and Strains Health Systems

                              People walk in a smog-covered morning in New Delhi, India, Monday, Dec. 15, 2025. Dense toxic smog has engulfed New Delhi, reducing visibility, halting travel, and plunging the city’s Air Quality Index (AQI) to an alarming 471 , far above the hazardous threshold of 300. The blanket of pollution has led to over 40 flight cancellations and dozens of delays , while more than 50 trains were held up for hours , leaving thousands of commuters stranded. Authorities have imposed emergency pollution-control measures , including a ban on older diesel vehicles, suspension of construction activities, and hybrid schooling for children. Courts have even advised virtual hearings to minimize exposure. Hospitals across the capital are reporting a surge in patients suffering from breathing difficulties, eye irritation, and aggravated asthma conditions . Physicians...

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Tech Stocks Decline Amid “Triple Witching” and Nvidia’s Rebalance


The stock market experienced a pullback as tech stocks faced pressure, and a significant options expiration loomed. Here are the key points:

  1. Tech Under Pressure:

    • Tech stocks, including megacap companies, declined.
    • Nvidia Corp. led the losses in this segment.
  2. Triple Witching:

    • Wall Street faced a quarterly event known as “triple witching.”
    • Derivatives contracts tied to stocks, index options, and futures were set to mature.
    • About $5.5 trillion in contracts were expiring, compelling traders to adjust positions.
  3. Volatility and Vulnerability:

    • Short interest in major equity ETFs hit record lows.
    • Lack of bearish investors signaled vulnerability to negative news.
    • Implied volatility on S&P 500 options remained low.
  4. Nvidia’s Rebalance:

    • Nvidia’s sharp rally prompted the Technology Select Sector SPDR Fund (XLK) to rebalance.
    • Over $10 billion of Nvidia shares were acquired, while Apple’s weight was significantly reduced.
  5. AI Frenzy and Inflows:

    • Nvidia’s AI-related surge made it briefly the world’s most valuable company.
    • Record inflows flowed into tech funds, driven by the ongoing artificial intelligence frenzy.

In summary, tech stocks faced headwinds, and market participants closely watched Nvidia’s earnings and rebalancing dynamics. The landscape remains dynamic, with implications for investors and traders alike.


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