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The S&P 500 Index is up by +0.41% today, with the Dow Jones Industrials Index increasing by +0.02% and the Nasdaq 100 Index rising by +0.60%. December E-mini S&P futures are up +0.44%, and December E-mini Nasdaq futures are up +0.63%. The market is showing signs of recovery from sharp losses earlier in the week, largely due to short covering and anticipation of Nvidia’s earnings results after today’s close.
In economic data, US MBA mortgage applications fell -5.2% for the week ended November 14, with the average 30-year fixed-rate mortgage rising to 6.37%. The August trade deficit narrowed to -$59.6 billion, better than expectations of -$60.4 billion. For Q3 earnings, 82% of reporting S&P 500 companies exceeded forecasts, with a growth of +14.6% year-over-year, significantly above the +7.2% expectation.
In stock movements, Alphabet is up over +5% after unveiling its AI model, Gemini. Dycom Industries surged by +15% following an acquisition agreement, while energy stocks are declining with WTI crude oil prices dropping by more than 2%. Eversource Energy is down more than -7% after a regulatory rejection regarding its subsidiary sale.
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