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The S&P 500 Index is down by -0.35% today, while the Dow Jones is up by +0.26%, and the Nasdaq 100 is down by -1.04%. December E-mini S&P futures are down -0.40%, and E-mini Nasdaq futures are down -1.09%. Nvidia shares are leading losses in chip stocks, down more than -5%, following reports that Meta Platforms is considering a major investment in Google’s AI chips, which could challenge Nvidia’s market position.
Today’s US economic data revealed that retail sales in September increased by only +0.2% month-over-month, missing expectations of +0.4%. The core Producer Price Index rose +2.7% year-over-year, slightly above expectations. This dovish economic outlook has led to a decreased 10-year T-note yield, falling to a 3.5-week low of 4.00% and increasing the likelihood of a 25 basis point rate cut at the next FOMC meeting on December 9-10 to 80%.
Current forecasts for upcoming economic indicators show the Conference Board’s consumer confidence index is expected to drop by -1.3 points to 93.3, while initial unemployment claims are projected to increase by 6,000 to 226,000. Among corporate earnings, 83% of S&P 500 companies exceeded forecasts this quarter, with earnings rising +14.6%, surpassing the +7.2% expected growth.
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