MARKET RECAP — A Surprise Reversal

AI Euphoria Fades Fast

Markets opened strong after $NVIDIA(NVDA)$ upbeat earnings and CEO Jensen Huang’s dismissal of an “AI bubble.” But sentiment flipped quickly.

$Tesla Motors(TSLA)$

Stocks

Index Close Change Dow Jones 45,752.26 -0.84%

$S&P 500(.SPX)$ 6,538.76 -1.56%

$NASDAQ(.IXIC)$ 22,078.05 -2.15% Nvidia ↓ 3.2% (after being +5% early AM)

• Hot Stock Walmart +6.5%

• Biggest Loser Jacobs Solutions -11.0%

• Best Sector Consumer Staples +0.7%

• Worst Sector Technology -3.2%

Why the reversal?

credit-default swaps

• AI optimism met valuation concerns. Nvidia now represents ~8% of the S&P 500. Its moves drive the market as proxy

• The rapid shift reflects algorithmic trading + crowd behavior a faster reversals than in the past.

FED Watch: Job Data Complicates the Rate Picture

Job

The delayed September jobs report finally arrived, and it surprised to the upside: +119,000 jobs added (vs. 50,000 expected).

What it means:

• The labor market isn’t collapsing, so less urgency for a rate cut

• But demand still looks weak overall, so not strong enough to pressure hikes

With no October or November reports available before the Dec. 9–10 Fed meeting… We now have a “just-enough” labor market, perfect for indecision… A close call on rates leaning toward holding steady.

Consumer Check-in - Retail Tells the Real Story

Earnings from major retail players provided rare clarity in a data-light environment:

Company Earnings Result Guidance Consumer Trend.

• Walmart Beat Raised Value-driven spending

• TJX Beat Raised Strong essential purchases

• Home Depot Missed Cut Weak discretionary demand

• Target Missed Cut Price sensitivity rising

• Lowe’s Neutral Cautious Big purchases delayed

Most Common Themes Across Calls: Consumers still spending, but carefully…

Today’s data Returns

Earnings:

• BJ’s Wholesale Club

Economic Reports:

• S&P Global PMIs (Nov):

• Manufacturing: Expect 52

• Services: Expect 54.5 (vs. 52.5 / 54.8 last month)

These PMIs will be viewed as proxy signals for the missing October data.

The Big Picture

Market Force Likely Impact Nvidia volatility Drives overall market mood Job data (mixed) Fed likely to pause Consumer spending Cooling but not cracking Trading dynamics Fast reversals becoming normal…

This is a market without conviction. Narratives can change intraday. AI, the consumer, and the Fed remain the three pillars to watch… $Microsoft(MSFT)$ $Palantir Technologies Inc.(PLTR)$

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This summary is for informational purposes only and does not constitute financial advice. Investors should conduct their own research before making investment decisions.

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