☀️ Morning Market Brief 11-13
Overnight highlights:
① Nvidia leadership change finalized: Jensen Huang resigned as president, CEO, and director, ending 33 years at the helm; CFO Colette Kress has taken over on an interim basis, and Jones has become the company's first-ever chair; the stock plunged sharply at one point during the session, but pared most of its losses by the close, keeping its market cap above the $4 trillion mark; the Q3 earnings report on November 17 is the next test.
② U.S. stocks gave back Wednesday's gains on Thursday, while the 10-year Treasury yield continued to rise. Gold also fell, while crude oil strengthened; initial jobless claims came in at 200,000, slightly above expectations, with the labor market still holding steady.
③ Crypto continued to weaken: Bitcoin fell below $72,000 overnight and remains below its 200-day moving average; Ether is stuck at the $2,000 level; Bitcoin ETFs saw another roughly $300 million in outflows on Wednesday, marking a fifth consecutive day of net outflows.
④ Cisco and Applied Materials both beat expectations after the close: Cisco raised its full-year revenue guidance, while Applied Materials posted record quarterly revenue; demand for AI infrastructure remains strong, in contrast with the turbulence surrounding Nvidia's leadership change.
Today's watchlist:
① U.S. October PPI at 9:30 p.m. tonight: monthly headline inflation is expected to rise 0.4%, with core inflation up 0.3%. The probability of a December rate hike has climbed to nearly 100%, making this tonight's biggest potential market mover.
② Around 33,000 Bitcoin options expire on Deribit at 4 p.m.
③ AZTEC tokens unlock today, representing about 30% of the circulating supply.
④ Bitcoin mining difficulty is expected to fall by about 7.7% tomorrow morning.
Nvidia has a new leader at the helm, while the crypto market is still waiting for its own turnaround. First up tonight: will PPI add more fuel to the fire?
$NVDA
$BTC
$CSCO
Overnight highlights:
① Nvidia leadership change finalized: Jensen Huang resigned as president, CEO, and director, ending 33 years at the helm; CFO Colette Kress has taken over on an interim basis, and Jones has become the company's first-ever chair; the stock plunged sharply at one point during the session, but pared most of its losses by the close, keeping its market cap above the $4 trillion mark; the Q3 earnings report on November 17 is the next test.
② U.S. stocks gave back Wednesday's gains on Thursday, while the 10-year Treasury yield continued to rise. Gold also fell, while crude oil strengthened; initial jobless claims came in at 200,000, slightly above expectations, with the labor market still holding steady.
③ Crypto continued to weaken: Bitcoin fell below $72,000 overnight and remains below its 200-day moving average; Ether is stuck at the $2,000 level; Bitcoin ETFs saw another roughly $300 million in outflows on Wednesday, marking a fifth consecutive day of net outflows.
④ Cisco and Applied Materials both beat expectations after the close: Cisco raised its full-year revenue guidance, while Applied Materials posted record quarterly revenue; demand for AI infrastructure remains strong, in contrast with the turbulence surrounding Nvidia's leadership change.
Today's watchlist:
① U.S. October PPI at 9:30 p.m. tonight: monthly headline inflation is expected to rise 0.4%, with core inflation up 0.3%. The probability of a December rate hike has climbed to nearly 100%, making this tonight's biggest potential market mover.
② Around 33,000 Bitcoin options expire on Deribit at 4 p.m.
③ AZTEC tokens unlock today, representing about 30% of the circulating supply.
④ Bitcoin mining difficulty is expected to fall by about 7.7% tomorrow morning.
Nvidia has a new leader at the helm, while the crypto market is still waiting for its own turnaround. First up tonight: will PPI add more fuel to the fire?
$NVDA
$BTC
$CSCO