Pre-market: S&P futures are up 1.0%, but AI's power infrastructure is getting sold; Quanta −7.2%, GE Vernova −6.5%.
→ Vertiv −6.3%, Constellation −5.1%, Nvidia −1.3%
→ Miners lead with Newmont +5.5% and Agnico Eagle +6.0%
→ Russell 2000 futures +1.7%, 4x Nasdaq's
My take: post-election money is rotating out of the most crowded theme into small caps and miners. Worst case: if the selling spreads to Nvidia after the open, the +1% in futures melts fast. My eye is on Nvidia.
#Stocks #AI $GEV $PWR
What nobody's watching: per Bloomberg data, the US has 7.5 million job openings, the same as 2019 levels, but the hiring rate is at 3.4%, a 2013 level.
→ In 2019, with a similar number of openings, the hiring rate was ~3.9%
→ Openings are 38% below the March 2022 peak (12.2M)
→ Layoffs rose from 1.9% to 2.1% in a single month
My take: companies are posting jobs but not opening the door. Worst case: if openings drop below 7 million, the "not hiring, but not firing" phase turns into layoffs. Tha...