AI Trade Pauses as Value Stocks Surge
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Sizing Up the Market
- S&P 500 breaks falling trendline, stays above rising 8-, 21-day EMAs
- Breadth improves
- 37 index members made new 52-week highs on Wednesday, the most since 10/29
- A/D line climbs steadily since 11/6
- Health care, materials, energy, financials lead in last week
- Consumer discretionary, technology, communications lag in last week
- Dow Jones breaks out to new highs; S&P, Nasdaq-100 below October peaks
- U.S. Dollar Index shows signs of peaking
- 10-year Treasury yield stays near 4%
S&P 500, daily chart with select patterns and indicators.
News & Views:
- Bloomberg: Fed, White House to ease bank capital requirements
- S&P Global: Short interest in tech stocks climbed in recent market pullback
- Goldman Sachs: AI is starting to reduce employment
- ADP: Private employers cutting jobs by 11,250/week in October
- U.S. Treasury reports strong demand for 3-year notes
- OPEC now sees oil surplus in 2026
- November estimated 20,000 bpd surplus
- October estimated deficit of 50,000 bpd
- September estimated deficit of 700,000 bpd
- France budget crisis eases as pension reform dropped
- Italian firms see rising profits as costs ease: S&P Global
- German inflation eases as energy costs fall
- Sweden sees improving economy
Upcoming Events
- Earnings tonight: AMAT NU SPCE
- Tue 11/18: ADP weekly employment change, NAHB housing index
- Premarket earnings: HD MDT BIDU
- Earnings: TGT | *NVDA* PANW
- Premarket earnings: WMT BBWI
