JJ Kinahan is Senior Vice President, Head of Retail Expansion and Alternative Investment Products at Cboe Global Markets, Inc. (Cboe).
Key Takeaways:
- Bond yields edge up again
- JOLTS and unemployment reports come out this week
- Nvidia record buyback program juices shares
The three major indices are in negative territory in early trading after attempting to recover at least some of Monday’s pullback that was prompted by rising crude oil prices and Treasury yields.
The Nasdaq Composite is down by 0.09% after getting hit hardest yesterday, with big drops in artificial intelligence (AI) stocks. The Dow Jones Industrial Average and the S&P 500 Index lost their bids to stay higher, falling slightly. WTI Crude Oil is down by 1.75% to the low-$91 range. We’ll be keeping an eye on WTI crude to see if it can break $90 on the downside.
Bond yields reversed course to the upside after falling in pre-market trading with the 10-year yield nudging up to 5.26%. We’ll keep watch on yields across the board as some Wall Street analysts believe the bond rout might be overdone.
Thursday marks the start of the fourth quarter and we typically see buying into the end of a quarter, which may or may not happen in the next two days. Today top AI executives who mostly want guardrails around AI development are lunching with President Trump – who doesn’t –and the outcome may prove to be an impetus to trading this week, so stay tuned.
Also worth watching this week are reports tied to the labor market. Later this morning, the monthly Job Openings and Labor Turnover Survey, commonly referred to as JOLTS, will offer a measure on labor demand, worker confidence and overall economic health. Friday’s unemployment report will be more telling, with economists predicting job growth will pull back slightly from last month’s strong report.
Citing uncertainty in the broader market, Oura officially shelved its initial public offering (IPO) following a trend of other IPO delays. In a statement, the chief executive noted that Oura has “the luxury of choosing our moment” to launch an IPO, which was oversubscribed.
Advanced Micro Devices (AMD) shares are moving slightly higher tied to the semiconductor giant’s report late Monday that it is purchasing World Labs in an all-stock deal valued at $8.2 billion. World Labs is an artificial intelligence (AI) company that develops deep-learning technology models to better understand the physical world. AMD will keep the model labs business separate from its semiconductor business until the deal closes.
Shares of MongoDB also changed course from rising higher in pre-market trading to fall another 2.7% in early trading after Monday’s 18.5% rout prompted by the chief executive’s decision to step down to join Meta as the chief enterprise platform officer.
Carnival shares are climbing nearly 12% after the cruise line operator handily outpaced Wall Street’s expectations and noted that customer deposits hit a third-quarter record of $7.6 billion.
Carmax shares also rose nearly 9% after the used-car dealer beat expectations during a turnaround period.
Nvidia stock added 1.7% Monday and is 0.74% higher in early trading after the chip maker upped its buyback program by another $150 billion to a jaw-dropping $235 billion, said to be the largest ever.
This week, I’m attending Robinhood’s HOOD Summit and looking forward to connecting with industry colleagues and individual investors about what’s next for retail trading. Be on the lookout for takeaways from Cboe.
Happy Trading!
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