- Futures on U.S. indices are traded in mixed sentiment; Nvidia shares lost 2.5% in after-hours trading on Wall Street, but did not cause a bump on any of the benchmarks. Currently, the US500, US100 and US30 are losing slightly in the 0.1 – 0.3% range. Bernstein increased recommendation for Nvidia after quarterly report to $175 from $155 and J.P. Morgan raised it from $150 to $170 per share
- Nvidia delivered a great Q3 report, but investors noted that the forecast for the current quarter is for 7% QoQ revenue growth; this would represent their most modest quarterly growth rate since January 2023. Nvidia reported $35.1 billion in revenue vs. $32.8 billion forecast and $0.78 in earnings per share, compared to forecasts of $0.74.
- The company signalled that Blackwell AI production will rise toward next year; starting since current quarter. Nvidia still sees demand exceeding current supply and expects that this situation will won’t change at least for a few quarters. CEO Jensen Huang commented that Nvidia no longer sees overheating problem with Blackwell GPU
- The dollar is trading flat today, with 10-year bond yields at 4.4%. Collins of the Fed conveyed that further normalization of monetary policy from the Fed is the baseline scenario, but is not a foregone conclusion; he stressed that the target range of cuts remains unclear, and that slower policy easing could bring problems to the labor market
- European index contract quotes suggest a marginally lower opening in Europe. The mood during the Asian session was mixed and currently almost all Asian index contracts are losing. Financial Times reports suggest that Chinese fund managers have reduced flows into U.S. stocks in anticipation of a new administration in the White House
- The Bank of Japan’s Ueda did not comment on Japan’s monetary policy today; instead, he conveyed that the BoJ will learn quite a bit of relevant data before its December decision, and the outcome of their analysis is still difficult to predict. USDJPY loses 0.2% today
- Oil is trading slightly higher, with the latest EIA data showing a third consecutive week of increases in US inventories. NATGAS gains another 3% thanks to updated weather forecasts suggesting a cooling climate in the US and an onslaught of winter weather in many states. Agricultural commodities are trading flat; cotton and wheat gain slightly
- Bitcoin gains more than 3% today and rises to a new all-time high of $97500. Other cryptocurrencies are trading slightly higher today; as investors attention is focused today on BTC
- The U.S. government and the Department of Justice (DoJ) have officially called for the spin-off of Google’s Chrome browser in a lawsuit. The DoJ is also expected to seek to prohibit the company from investing in or acquiring other companies in the search engine sector, as well as query-based AI products and new ad technologies
- The Justice Department is also seeking an end to Google’s multibillion-dollar payments to Apple, which provide Apple with the status of maintaining the default search engine supported by Google on devices.
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