Stock Market Today: Nvidia Pressures Indexes to Maintain Rebound
Quick Read
-
NVIDIA’s board opened an investigation into CEO Jensen Huang, keeping tech under pressure after the Nasdaq-100 proxy fell 13% in a month.
-
Falling oil prices are easing inflation fears and lifting small caps, with the Russell 2000 proxy leading the premarket rebound at about 1%.
-
CoreWeave, Cisco and Applied Materials report this week, and their capex plans will show whether the AI selloff has further to go.
-
Building a portfolio and living off one are two completely different skills, and almost nobody teaches the second. This problem is what The Definitive Guide to Retirement Income helps, and it is free today. Read more here. (Sponsor)
Oil prices are falling, putting the Dow on track to lead a Monday rebound. In delayed premarket trading around 7:31 a.m. ET, the ETF that tracks the Dow was up 1%. Cheaper energy is giving investors some relief after last week’s AI-driven selloff. Tech is still under pressure after the board of NVIDIA (NASDAQ:NVDA) said over the weekend that it had opened an investigation into CEO according to CNBC.
Small Caps and the Dow Lead Monday’s Premarket Rebound
A premarket reading for the Nasdaq Composite wasn’t available, so the table uses the Nasdaq-100 instead.
Falling Oil Is Driving the Bounce
CNBC reported that West Texas Intermediate and Brent futures both fell sharply overnight. The latest WTI spot reading was $99.64 on November 3, already below the $110 peak from October 19.
Lower oil eases inflation fears, and bond yields have been falling too. The 10-year Treasury yield was 4.84%, down from 5.21% in mid-October.
Small caps benefit most from that mix because many of them carry floating-rate debt. That helps explain why the Russell 2000 proxy is leading every other index this morning.
——
Now Available: The Definitive Guide to Retirement Income
Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years.
That is exactly what The Definitive Guide to Retirement Income helps answer. It covers what your retirement could actually cost, which income sources are worth using, and the withdrawal math that decides whether the money lasts. It is free today from Fisher Investments. Read More Here ›
——
NVIDIA’s Board Probe Keeps Tech Under Pressure
Last week’s tech selloff started with worries that the strong Democratic showing in the midterms could lead to tighter rules on data center construction. Over the past month, the Nasdaq-100 proxy has fallen 13%. Now NVIDIA is also dealing with a board investigation into CEO Jensen Huang.
Schwab’s Liz Ann Sonders said Friday that retail selling had been heavy: “Retail has not proven to be the dip buyers that they have been in the past.”
Why This Rally Could Fade Quickly
Today’s gains depend on oil, and oil depends on Iran. Secretary of State Marco Rubio said Sunday that peace talks appear stalled. The market is in high-fear territory with the VIX near 28. Options traders are still paying for protection against large swings. With the Dow and small caps leading and tech lagging, this morning looks like a rotation out of tech.
Inflation Data and AI Earnings This Week
September wholesale inventories come out at 10 a.m. ET, and Occidental Petroleum (NYSE:OXY) reports today. Its results will show how producers are handling the drop in oil. The consumer price index arrives Tuesday and the producer price index on Friday.
AI earnings will show whether the tech selloff has further to go. CoreWeave (NASDAQ:CRWV), Cisco (NASDAQ:CSCO) and Applied Materials (NASDAQ:AMAT) all report this week. Pay close attention to any changes to their capex plans, since every dollar of that spend goes to the power, cooling, and networking suppliers we profiled in a free report on seven AI infrastructure names that aren’t chipmakers.
Released: The Definitive Guide to Retirement Income
(Sponsor) Most people spend their entire working lives focusing on one thing: growing a pile of money. Then they retire and discover the skill they actually need is close to the opposite. Turning that pile into steady income, year after year, through good markets and bad, without ever running out.
It may be the least discussed and most consequential transition in personal finance, and plenty of otherwise careful investors walk into it with no real plan. That is exactly what The Definitive Guide to Retirement Income helps answer. It is a free guide from Fisher Investments covering what your retirement will really cost, where the cash flow should come from, and how much you can safely withdraw each year. Learn more here. Learn More Here ›
Contact editorial@247wallst.com for any questions or corrections.