Market Summary
Markets tread cautiously ahead of the Fed meeting: S&P 500 futures are marginally higher, Nasdaq volatile as AI names lead rotation, and the Dow shows mixed sector leadership. Volatility rose after delayed JOLTS data and bond yields spiked; traders are digesting Nvidia export news, European antitrust probes and corporate guidance ahead of Powell’s remarks.
Washington has cleared limited exports of Nvidia’s H200 AI accelerators to approved Chinese customers while Beijing signals it may restrict domestic access. The move reshapes tech geopolitics and prompts fast follow-on trade and security responses.
Figure of the Day
7.7M – U.S. job openings in October, underscoring a still-tight labor market.
U.S. law enforcement uncovered sophisticated smuggling networks routing restricted Nvidia GPUs to China and detained suspects. The probes underline the risks of black-market channels as export rules evolve.
Paramount Skydance launched an aggressive, all-cash hostile bid for Warner Bros. Discovery, escalating a blockbuster bidding war. The effort is backed by heavyweight financiers, raising political and regulatory stakes.
Bullish
CVS raises full-year 2025 guidance — profit outlook strengthens
CVS Health boosted its full-year guidance after stronger-than-expected results, signalling firmer consumer healthcare demand and a clearer path to 2026 profit growth.
More on wsj.com
Markets reacted nervously to competing bids for Warner Bros., sending Netflix shares lower and spotlighting debt concerns. Investors are testing the financing math behind megadeals in entertainment.
The Federal Reserve is widely expected to cut rates, but internal divisions suggest a less dovish path ahead. Policymakers may lower borrowing costs while signaling caution on follow-up moves.
Bearish
Twenty One Capital tumbles 25% in NYSE debut — investor doubts surface
Bitcoin-focused Twenty One Capital plunged about 25% in its NYSE debut, trading near PIPE pricing as investors question the business model and near-term revenue prospects.
More on coindesk.com
Delayed JOLTS data show job openings steady near 7.7 million, giving markets mixed signals on labour. Bond markets reacted sharply to the surprise data, lifting yields ahead of major auctions and the Fed meeting.
Ukrainian leadership rejected pressure to cede territory while advancing diplomatic paperwork to allies. The standoff keeps peace negotiations fragile and European support central to the outcome.
Regulatory Impact
White House approved limited Nvidia H200 exports to China with a proposed 25% U.S. cut; Brussels opened new antitrust probes into Google’s AI tools; the Fed signals an imminent rate cut while flagging uncertainty on follow-up easing.
Brussels launched fresh antitrust probes into Google’s use of online content and AI tools, raising risks of major penalties. The investigations mark a new front in EU scrutiny of Big Tech’s AI playbook.
Microsoft is accelerating large-scale AI investments across key markets, committing billions to India and Canada. The spending spree underscores hyperscalers’ race to lock infrastructure and cloud dominance.
Quote
We don’t want to cede anything.
— Volodymyr Zelenskyy
Major AI labs and firms are forming an open-source standards body for agentic AI under the Linux Foundation. The coalition aims to set interoperability rules as commercial deployments accelerate.
European leaders publicly pushed back on a new US security document, straining transatlantic ties. President Trump’s rhetoric toward allies further deepened diplomatic friction.
IBM confirmed a transformational deal to buy Confluent, expanding its real-time data capabilities for AI. Street analysts are revising coverage as IBM’s enterprise data strategy accelerates.
Exxon updated its 2030 cash-flow outlook and trimmed some low-carbon spending, drawing investor attention. Leadership changes at the top add an extra layer of governance and strategy scrutiny.
U.S. regulators cleared another crypto ETP while banks and institutions dial back bullish Bitcoin targets. The industry is navigating regulatory acceptance even as analyst price calls are trimmed.
Boeing’s deliveries slipped while the company closed a major acquisition to secure the 737 Max supply chain. The moves reflect production pressures amid an intense competitive landscape with Airbus.
Private equity activity is accelerating as firms and sovereign investors pour capital into AI infrastructure and deals. Large-scale joint ventures signal a new phase of infrastructure financing.
Environmental and advocacy groups are calling for a pause on new data-centre construction amid climate and local-impact concerns. The pressure is mounting on policymakers and hyperscalers to justify new builds.
Markets tread cautiously ahead of the Fed decision with Nvidia and AI spending in focus. Mixed premarket moves reflect uncertainty on the outlook for rates, tech valuations and corporate guidance.
