STRAIGHT FROM THE TRADING FLOOR
by Eric Criscuolo - Market Strategist
Published on 11/11/26 (a/o 9:00 am)
Good morning,
Thank you to all the Veterans for your service. It’s an honor to say that to many colleagues here today at the NYSE, and on a very personal note, to my Dad.
Yesterday markets digested a hot CPI print and Fed officials talking up prospects of a 50bp hike in December. The S&P 500 fell 0.4% and Russell 0.7% but the equal-weight was basically flat despite 2y yields surging over 10bp. Financials, Consumer Discretionary and Energy led while Tech and Materials were the main decliners. NVDA fell 6%, following a 5% drop on Monday as fallout around The Affair continued. However the NYSE Semis index was only slightly lower. Oil, gold and bitcoin fell and the Dollar rallied.
Bond markets are closed today (though futures are trading) and equity trading desks are probably a little light, as is the data calendar. Before members of our Armed Forces ring the Opening Bell, S&P futures are trading up around 1%. Tech is seeing a strong bounce in the pre-market on the back of CRWV earnings last night. The stock is up ~15%, raising revenue (and capex guidance) and assuaging concerns about funding, at least in the near term, with a lot of commentary on that topic during the call. Other neoclouds and related stocks are seeing sharp gains as well (NBIS +10%, GLXY +7%). Additional tech news is adding to the positivity, including reports the Anthropic IPO price may be moved higher and OpenAI reporting Q3 sales grew 50% q/q to $10B (up from $17% sequential growth in Q2).
European equities are trading modestly higher with Germany leading. Energy, Tech, Manufacturers and Basic Resources are leading while consumer and health stocks are lagging. Siemens Energy is up 9% on strong guidance. Final CPIs were generally inline with preliminary readings while Italian Industrial Production was better than expected. In Asia the Nikkei rose over 1% and KOSPI over 2% with tech names leading the way (Kioxia, Advantest, SK Hynix, Samsung +4-6&). Softbank ended modestly lower after gaining over 10% yesterday. A lot of attention has been on the company’s over-ordering of natural gas turbines, leading to cancellations of a large chunk of those orders and related write-downs in the earnings report. Chinese indices are mixed with Hang Seng down 1% and Shanghai up 0.5%.
Crude is bouncing a little after tagging its 100d ma yesterday, with January Brent up ~1%. Natural gas in the US and Europe is higher as well. Metals are higher across the complex after yesterday’s losses, though gold is lagging with only modest gains. Bitcoin and Ether are around unchanged, with Bitcoin trading just above its 200d ma ~$73k. Ag is mixed.
Earnings:
Economic Data:
US:
Thank you to all the Veterans for your service. It’s an honor to say that to many colleagues here today at the NYSE, and on a very personal note, to my Dad.
Yesterday markets digested a hot CPI print and Fed officials talking up prospects of a 50bp hike in December. The S&P 500 fell 0.4% and Russell 0.7% but the equal-weight was basically flat despite 2y yields surging over 10bp. Financials, Consumer Discretionary and Energy led while Tech and Materials were the main decliners. NVDA fell 6%, following a 5% drop on Monday as fallout around The Affair continued. However the NYSE Semis index was only slightly lower. Oil, gold and bitcoin fell and the Dollar rallied.
Bond markets are closed today (though futures are trading) and equity trading desks are probably a little light, as is the data calendar. Before members of our Armed Forces ring the Opening Bell, S&P futures are trading up around 1%. Tech is seeing a strong bounce in the pre-market on the back of CRWV earnings last night. The stock is up ~15%, raising revenue (and capex guidance) and assuaging concerns about funding, at least in the near term, with a lot of commentary on that topic during the call. Other neoclouds and related stocks are seeing sharp gains as well (NBIS +10%, GLXY +7%). Additional tech news is adding to the positivity, including reports the Anthropic IPO price may be moved higher and OpenAI reporting Q3 sales grew 50% q/q to $10B (up from $17% sequential growth in Q2).
European equities are trading modestly higher with Germany leading. Energy, Tech, Manufacturers and Basic Resources are leading while consumer and health stocks are lagging. Siemens Energy is up 9% on strong guidance. Final CPIs were generally inline with preliminary readings while Italian Industrial Production was better than expected. In Asia the Nikkei rose over 1% and KOSPI over 2% with tech names leading the way (Kioxia, Advantest, SK Hynix, Samsung +4-6&). Softbank ended modestly lower after gaining over 10% yesterday. A lot of attention has been on the company’s over-ordering of natural gas turbines, leading to cancellations of a large chunk of those orders and related write-downs in the earnings report. Chinese indices are mixed with Hang Seng down 1% and Shanghai up 0.5%.
Crude is bouncing a little after tagging its 100d ma yesterday, with January Brent up ~1%. Natural gas in the US and Europe is higher as well. Metals are higher across the complex after yesterday’s losses, though gold is lagging with only modest gains. Bitcoin and Ether are around unchanged, with Bitcoin trading just above its 200d ma ~$73k. Ag is mixed.
Earnings:
- After-Market (Tues): ALC, AZTA, BGS, BV, CRWV, ENS, FOSL, GO, MRCY, PBR, PETS, REZI, RGTI, SONO, STUB
- Pre-Market: BYD, FLNG
- After-Market: CTVA, DGII, TTEK, VYLR
Economic Data:
US:
- API crude inventories: 9.0M vs -1.0M cons, prior -5.267M
- MBA mortgage apps: 7.5% vs -2.0% prior
- Refis: 4.5% vs 0.1% prior
- 30y rate: 7.21% vs 7.30% prior
- Australia home loans q.q: -5.3% vs prior -2.0%
- Italy Industrial Production m.m: 1.2% vs 0.7% cons, prior -1.2%
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