In the U.S., September nonfarm payrolls added only 29,000 jobs, far below market expectations, and market bets on a Fed rate hike in October cooled accordingly. That day, U.S. stocks rose across the board; the Nasdaq briefly touched a record high, up more than 1%, and Nvidia also hit a new intraday high.
Meanwhile, storage stocks told a different story. Toshiba announced it would invest 60 billion yen to expand mechanical hard drive production capacity by double, meaning supply is about to increase. On the same day, Seagate and Western Digital—both major hard drive leaders—fell by more than 10% each, and the two big bearish candles left many people stunned. This AI boom has pushed storage-chip stocks up and even led to stock shortages; when hard drive manufacturers expand production, the market’s first fear isn’t shortage anymore—it’s oversupply.
Next Wednesday, it will be the Fed’s turn with the release of the minutes from its September meeting, and the earnings season will also begin to heat up. The worse the data, the more the stock market rises—how long this rally can last depends on whether the minutes’ tone on inflation is relaxed or not.
Meanwhile, storage stocks told a different story. Toshiba announced it would invest 60 billion yen to expand mechanical hard drive production capacity by double, meaning supply is about to increase. On the same day, Seagate and Western Digital—both major hard drive leaders—fell by more than 10% each, and the two big bearish candles left many people stunned. This AI boom has pushed storage-chip stocks up and even led to stock shortages; when hard drive manufacturers expand production, the market’s first fear isn’t shortage anymore—it’s oversupply.
Next Wednesday, it will be the Fed’s turn with the release of the minutes from its September meeting, and the earnings season will also begin to heat up. The worse the data, the more the stock market rises—how long this rally can last depends on whether the minutes’ tone on inflation is relaxed or not.