Tech and finance lead selloff as traders brace themselves for Nvidia earnings and the September jobs report |
The S&P 500, Nasdaq 100, and Russell 2000 all fell sharply on Monday as a selloff in tech, finance, and energy drove stocks lower, but the losses were broad, with every sector ETF in the red except for utilities. Speculative assets and parts of the stock market linked to riskier pockets of the economy tumbled. Bitcoin dipped below $93,000 as this month is shaping up to be "Painvember" and the Bitcoin Fear and Greed Index dropped to 14, indicating "extreme fear." Traders are bracing themselves for Wednesday's Nvidia earnings, which will offer key insights into the viability of the AI trade, and the September jobs report, which will be released on Thursday. Stocks that moved higher: |
- Alphabet popped thanks to a double dose of news after the close on Friday: The firm announced plans to bolster its data center footprint and got a long overdue seal of approval from Warren Buffett's Berkshire Hathaway.
- Quantum Computing rose after the company jumped back into profitability in its third-quarter earnings. Perhaps most important, however, was the CEO's announcement of the plans to use the $1.5 billion raised this year to transition from prototype and small-batch production towards volume production "by the end of this decade."
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- Lucid fell to a fresh all-time low following a price target cut by Stifel to $17, from $21.
- Dell dove after a double-downgrade from Morgan Stanley analysts, who axed the shares from "overweight" to "underweight," bypassing "neutral."
- Peter Thiel's hedge fund joined SoftBank in dumping its entire position in Nvidia. (The filing also showed that Thiel Macro cut its stake in Tesla by 76%.)
- Late Friday, the Financial Times reported that Apple CEO Tim Cook, a 65-year-old who's led the company for nearly 15 years, could be stepping down as early as next year.
- CarMax and Hertz fell on news that Ford is partnering with Amazon to sell its used vehicles online.
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"The average stock has not moved on earnings this season, which is on the weaker side of the historical distribution," writes Bespoke Investment Group. Read more. |
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If fresh data on the state of the US economy starts to confirm slowdown fears, buckle up. Read more. |
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Per Bloomberg, Amazon is launching a six-part bond sale, its first new issue since November 2022. The firm is aiming to raise $12 billion with a series of maturities ranging from three to 40 years. Per Bloomberg sources familiar with the matter, the offering is for "general corporate purposes," but in today's day and age, that's basically tantamount to financing ambitious AI investments. Read more. |
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- The cruise industry is booming thanks to younger consumers looking to "seacation"
Operators are still managing to lure Gen Z and millennials with shorter, cheaper, and more action-packed trips. - US CEO departures are at their highest level in decades
Walmart's Doug McMillon is the latest to step down, as CEO turnover rises across Corporate America. - Elon Musk runs an AI startup — now, so does Jeff Bezos, as he launches Project Prometheus
Not content to have his own giant AI company, Bezos now also has an AI startup.
- America's marriage rate has been dropping for years — don't expect Gen Z to change that trend
As marriage rates continue to fall, analysis from Pew Research Center indicates even fewer I do's in the next generation. - Novo drops price for introductory GLP-1 doses, undercutting its competitors
The move comes as Novo has lost ground in the GLP-1 market to Eli Lilly and compounders.
- Musk wants Tesla's Optimus to get in and out of the Cybercab to deliver packages
Watch out, Amazon and your delivery robot ambitions.
- Ethereum ETFs in US on track for highest monthly outflow, while nascent solana ETFs only have inflows
Despite the outflows for ethereum and inflows for solana, both cryptocurrencies are down in November.
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