Stock Market Live November 18: S&P 500 (SPY) Still Getting Clobbered

The pullback is getting worse for markets.

The S&P 500 is now below the 50-day moving average that has been support since early August. And unfortunately, its 39-point decline in premarket may set it up for a test of 6,550. Meanwhile, the SPDR S&P 500 ETF (SPY) is down about three points.

Meanwhile, Dow futures are down 411 points, with Nasdaq futures down 217.

Not only are markets reacting to fears of a potential AI bubble, but also on fears the Federal Reserve may not cut rates again this year, with lower odds of a cut. Plus, if you want to see just how overvalued markets have become, check out the Shiller P/E ratio, which is starting to reverse from its second-highest peak in market history.

Nvidia Earnings on Deck for Tomorrow

Even with all of the chaos, analysts are still bullish on Nvidia (NASDAQ: NVDA) ahead of earnings. Just this morning, Stifel reiterated its buy rating on the tech giant with a price target of $250 from $212 a share.

“CEO Jensen Huang’s recent keynote at GTC Washington D.C. outlined the company’s ongoing positioning as the backbone of AI infrastructure underpinned by more than $500bn in cumulative order book for Blackwell and Rubin infrastructure spanning 2025-2026,” said the firm, as quoted by CNBC. “With consensus (and our) expectations incorporating Mr. Huang’s commentary, expectations remain elevated.”

Bank of America just reiterated a buy rating on NVDA. Analysts at Rothschild & Co. also reiterated a buy rating on NVDA, raising its target price to $245 from $211 a share.

Oppenheimer reiterated an outperform rating with a price target of $265 a share. Citi reiterated a buy rating on the stock, with a price target of $220 from $210.  The firm expects NVDA to post sales of $56.8 billion, as compared to analyst expectations for $54.6 billion.

Bitcoin Briefly Fell Below $90,000 

After rallying to stellar highs, Bitcoin briefly fell below $90,000 today.

Now back to $91,448, it still looks weak.

Not helping, Bitcoin ETF withdrawals jumped to $870 million.

Plus, there’s a good deal of market uncertainty, as investors question whether the Federal Reserve will cut interest rates in December. If the central bank holds off on cutting interest rates, Bitcoin could come under even more pressure. After all, when borrowing costs are higher, risk-on assets are less appealing.

If you’re looking for short opportunities with the Bitcoin pullback, look at Strategy Inc. (NASDAQ: MSTR), Riot Platforms (NASDAQ: RIOT), and MARA Holdings (NASDAQ: MARA).  All should continue to drop along with Bitcoin prices.