Yellow Day: Mixed signals as Nvidia drags tech, Dow edges up

Yellow day: mixed signals. Nvidia is dragging tech lower, but the selling is concentrated rather than broad.

Data and setup

• Initial jobless claims came in at 200K vs. 195K expected (prior 189K), the soft end of inline. Continuing claims were 1.70M, slightly better than expected.
• After Tuesday's hot October CPI, markets are focused on how much the Fed hikes in December. Fed speakers are out today, and PPI comes Friday.
• Futures: S&P about -0.4%, Nasdaq about -0.7%, Dow slightly higher. The 10-year yield is near 5.0%, and the dollar is at a 19-month high. Oil is roughly flat, with WTI near $86 and Brent near $92.

Tech and AI

• Nvidia is down about 7-8% premarket on reports about its leadership; the company hasn't announced anything.
• AMD and Broadcom are higher as money rotates to rivals, while other AI infrastructure names are lower.

Crypto

• BTC is near $72.5K, down about 2% and near three-month lows, with ETFs on five straight days of outflows. ETH is near $2,010, and altcoins are down 2-4%.

Personal market commentary, not financial advice. Investing involves risk. Do your own research.