S&P futures are up 0.1% in Monday pre-market trading following a week where the S&P 500 lost over 2% and the Nasdaq shed more than 3%, erasing post-election gains. European and Asian equities are mostly lower, with China leading declines. Treasuries are little changed to weaker, with the curve steepening. The Dollar index is flat, gold is up 1.1% after losing over 4% last week, Bitcoin futures are up 0.4%, and WTI crude is up 0.7% after last week’s nearly 5% drop.
The broader market narrative remains largely unchanged. Concerns include higher bond yields tied to macro momentum, inflationary Trump policies (tariffs and immigration), and fears about growing debt and deficits. Hawkish Fed commentary last week has raised expectations for a possible December rate pause. Other bearish drivers include elevated valuations, cracks in the AI growth story, geopolitical tensions, and antitrust concerns. However, bulls focus on FOMO, positive seasonality, resilient economic conditions, and expected benefits from Trump administration tax and deregulation policies.
The economic calendar is quiet today, with NAHB Builder Confidence data at 10:00 a.m. ET. Over the weekend, discussions centered on potential Treasury Secretary candidates, with new names reportedly under consideration, including former Fed Governor Kevin Warsh and Apollo CEO Marc Rowan. Highlights of the week include NVIDIA’s (NVDA-US) earnings on Wednesday, which have driven bullish positioning.
Company News by GICS Sector
Information Technology
- NVIDIA (NVDA-US): Reports indicate customer concerns about issues with Blackwell chip server racks, as highlighted by The Information. Earnings are scheduled for Wednesday, with retail investors and analysts maintaining optimism.
- Super Micro Computer (SMCI-US): Expected to submit plans to avoid Nasdaq delisting today.
Consumer Discretionary
- Tesla (TSLA-US): Shares higher following a Bloomberg report that the Trump administration may ease regulations for self-driving vehicles.
- Netflix (NFLX-US): Drew more than 60 million viewers for the Tyson/Paul fight, but faced significant streaming issues during its largest live event to date.
Industrials
- Spirit Airlines (SAVE-US): Filed for Chapter 11 bankruptcy and is expected to be delisted from the NYSE.
Health Care
- CVS Health (CVS-US): Announced the addition of four new board members as part of an agreement with Glenview Capital.
Communication Services
- Warner Bros. Discovery (WBD-US): Settled a broadcast rights lawsuit with the NBA and agreed to license Inside the NBA to ESPN and ABC starting next season
Eco Data Releases | Monday November 18th, 2024
S&P 500 Constituent Earnings Announcements | Monday November 18th, 2024
Data sourced from FactSet Research Systems Inc.
