**This Week’s Financial Update:**
Ten-year Treasury yields rose by 30 basis points, primarily influenced by the Federal Reserve’s interest rate trajectory. Following the October CPI data, which showed a 0.4% increase in headline CPI and a 0.3% rise in core CPI—both exceeding expectations—concerns emerged regarding broadening inflation. Additionally, statements from President Trump regarding the Iran conflict led to a nearly 15 basis point spike in yields, suggesting prolonged elevated oil prices, although U.S. oil prices have fallen about $15 this month to $90 per barrel.
Markets are now anticipating nearly 90 basis points in Fed hikes by late 2027, double the predictions from just a week prior. Fed officials signaled a possibility of a 50 basis point hike next month, further indicating a need for a faster pace of rate increases. Despite these trends, the Nasdaq-100® saw a 4% gain this week, buoyed in part by strong earnings reports from compute providers CRWV and NBIS, which projects a potential 51% annual earnings growth for the index in Q3. Notably, NVDA’s CEO Jensen Huang resigned recently.
**Next Week’s Key Events:**
– **Tuesday:** Retail Sales (October), Industrial Production (October), NVDA earnings (Q3)
– **Wednesday:** Fed Minutes (October)
– **Thursday:** Jobless Claims (week ending Nov. 13), WMT earnings (Q3)
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