Good morning investors! Fear continues to rule the market as investors appear scared.
Today we cover:
What to expect this week
Cathie Wood sees another bull run?
Banks tighten lending requirements
Just in: CEO Jensen Huang told Nvidia staff in an email that he had an affair and that the company’s board has opened an independent investigation into allegations that the woman is a Chinese spy.
📊 Economy and News
What to Expect This Week
Here’s what to keep an eye on this week:
Monday: Earnings heavy
Constellation Energy (CEG): Reports before market open. Investors will watch electricity demand and the impact of AI data centres on future power requirements.
Rocket Lab (RKLB): Reports after market close. Focus will be on launch activity, contracts and its growth outlook.
Others: AST SpaceMobile (ASTS); Take-Two Interactive (TTWO); Zeta Global (ZETA); and The Trade Desk (TTD).
Tuesday: Big AI report
US CPI (October): Released at 8:30 a.m. ET.
Core CPI: Economists are expecting a 0.2% monthly increase, potentially pushing annual core inflation to 2.7%, up from 2.6%.
Key earnings:
CoreWeave (CRWV): Reports after market close. One of the week's most important earnings releases for the AI infrastructure sector.
Rigetti Computing (RGTI): Reports after market close, putting quantum computing stocks in focus.
D-Wave Quantum (QBTS) and several other technology companies are also reporting.
Fed commentary: Christopher Waller and Michelle Bowman are among the scheduled speakers.
Wednesday: Slow day
Veterans Day in the United States, but stocks remain open.
No major US inflation releases are scheduled.
A relatively lighter day for major earnings announcements.
Thursday: Major earnings
Nebius Group (NBIS): Before market open. Analysts expect approximately $907 million in revenue and a loss of around $0.72 per share.
Cisco Systems (CSCO): After market close. Investors will focus on networking demand, AI infrastructure orders and forward guidance.
Cerebras Systems (CBRS): After market close. A key test of demand for specialised AI chips and computing systems.
Applied Materials (AMAT): After market close, with results offering insight into semiconductor equipment demand.
Ondas (ONDS) and Intuitive Machines (LUNR) also report.
Fed commentary: Federal Reserve Governor Michael Barr is scheduled to speak.
Friday: PPI report
Key economic data: US Producer Price Index (PPI): October figures released at 8:30 a.m. ET.
Fed commentary: Michelle Bowman and Vice Chair Philip Jefferson are scheduled to speak.
Global hits:
EU, UK near post-Brexit carbon market linkage deal.
Emerging market central banks turn hawkish as inflation pressures mount.
EU charges TikTok over harmful algorithmic ’rabbit hole’ effects.
Reminder: Trump offers UFC chief Dana White press secretary job.
China extends gold buying streak to 24 months as prices slump below $4,000.
Saudi Aramco Riyadh office hit as Houthi missiles target kingdom as Trump says return to war with Iran ‘highly unlikely’.
Democrats are preparing to challenge President Donald Trump’s signature tariff policy as soon as they take power in the next Congress.
Something from China: China energy investment to hit $940 billion in 2026 as grid spending rises. Also, China flags weak domestic demand as policymakers prepare 2027 growth measures.
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📈 Stocks
S&P 500 7,376.86 (+0.32%)
DJIA 51,285.73 (-0.46%)
NASDAQ 24,579.42 (+1.09%)
BRENT CRUDE 98.31 (-0.01%)
* Prices as of Nov 9th, 12:20 AM UTC
Cathie Wood Sees Market Volatility as a Sign the Bull Market Has Further to Run
ARK Invest CEO Cathie Wood believes recent stock market volatility is a positive sign for the long-term bull market. Speaking to CNBC, she said investor concerns about AI spending, rising debt, cash flow and data-centre investments suggest the market is not yet experiencing the excessive optimism often seen near market peaks.
U.S. stocks fell sharply on Thursday, with technology and AI-related shares leading the decline, before recovering slightly on Friday. Wood believes the market remains in the middle of a major technology revolution driven by artificial intelligence, robotaxis and AI agents.
She identified rising interest rates and bond yields as key risks, particularly because AI companies require significant capital investment. However, she believes companies that can use borrowing to accelerate growth may remain resilient despite higher financing costs.
Wood advised investors to take profits during market rallies and use sell-offs as opportunities to strengthen their highest-conviction investments. ARK has recently increased its focus on selected companies, including SpaceX.
Looking ahead, Wood expects the stock market rally to continue into 2027, describing the current volatility as a temporary setback rather than the end of the bull market.
Interesting: Poppi founders are going after PepsiCo’s Gatorade with new beverage startup Jetty.
Amazon has formed a new home robot team and is hiring for a “new-to-world robot product”.
Surprising: Berkshire Hathaway repurchased about $9.6 billion of its stock in the third quarter, more than double the second-quarter amount. Third-quarter operating earnings fell 5.8% to $12.705 billion as insurance underwriting and investment income declined.
💵 Personal Finance
U.S. Banks Tighten Lending as Economic Uncertainty Grows
U.S. banks are becoming more cautious about lending, raising concerns about mounting pressure on businesses, households and the broader economy, as per this survey.
The survey, based on responses from 61 domestic banks and 18 U.S. branches of foreign banks, found that lenders tightened credit standards for small businesses and several commercial real estate loan categories during the third quarter.
Banks cited a less favorable economic outlook, greater uncertainty and worsening industry-specific conditions as key reasons for restricting credit. While lending standards for large and middle-market companies remained largely unchanged, smaller businesses faced tighter requirements and higher costs for riskier loans.
Commercial real estate also showed signs of strain. Banks tightened lending standards for construction, commercial properties and multifamily housing, while demand weakened across all major property categories. Lending to nonbank financial institutions, including private equity and business credit intermediaries, also became more restrictive.
Household borrowing conditions were mixed. Mortgage standards remained broadly stable, although banks eased requirements for some jumbo loans while tightening credit for subprime borrowers. Banks were also more willing to approve credit card applications from prime and super-prime customers than from borrowers with weaker credit profiles.
Higher borrowing costs are adding to the pressure. The 10-year Treasury yield climbed to 5.349% on October 5, its highest level since 2002, increasing financing costs across the economy.
The findings suggest that tighter credit, rising interest rates and growing financial uncertainty could weigh on business investment, housing activity and consumer spending in the months ahead.
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