MMR

Fed Fatigue Wears on Stocks to Start November

Investors are wary of tighter Fed policy for the foreseeable future

Managing Editor
Nov 1, 2022 at 4:30 PM
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Stocks stalled to start November, as prospects of a continually hawkish Fed weighed on Wall Street ahead of the central bank's interest rate decision tomorrow. The Dow shed 79 points, while both the S&P 500 and Nasdaq also settled modestly in the red, as all three major indexes shrugged off a cooling 10-year Treasury yield. Last seen at 4.06%, bond yields took a breather after today's jobs and manufacturing data. 

Continue reading for more on today's market, including:

The Dow Jones Average (DJI - 32,653.20) dropped 79.8 points, or 0.2% for the day. JPMorgan Chase (JPM) led the gainers, adding 1.8%, while Apple (AAPL) paced the laggards with an 1.8% loss.

The S&P 500 Index (SPX - 3,856.10) shed 15.9 points, or 0.4% for the day. The Nasdaq Composite (IXIC - 10,890.85) fell 97.3 points, or 0.9% for the session.

Lastly, the Cboe Volatility Index (VIX - 25.81) lost 0.07 point, or 0.3% for the session, and lost 18.2% for the month.

Closing Summary 1101

NYSE Nasdaq 1101

5 Things to Know Today 

  1. A Federal Communications Commission official said the U.S. should ban TikTok. Though the FFC has no authority to take action, rival social media stocks Meta (META) and Snap (SNAP) surged. (CNBC)
  2. Former Brazilian president Jair Bolsonaro will concede and address the nation later today, after Luiz Inácio Lula da Silva defeated him in the polls on Sunday. (Reuters)
  3. Toast stock trendline could favor bulls.
  4. How options bulls played Pfizer stock after earnings.
  5. Our latest podcast unveils the sector to avoid this month.

Earnings 1101

UVOL 1101

Oil Prices Pop as Tension Rises Overseas

Oil prices popped for the first time in three sessions. Gains were capped though, by geopolitical tensions with Iran, Iraq, and Saudi Arabia. December-dated crude shed $1.84, or 2.1%, to finish at $88.37 per barrel.

Gold prices climbed today, as a retreating U.S. dollar and cooling bond yields gave the safe-haven asset some reprieve. December-dated gold added $9, or 0.6%, to settle at $1,649.70 an ounce.

 

AI has exploded ever since ChatGPT set the world on fire near the end of 2022.

Numerous companies with connections to artificial intelligence have seen their stocks soar.

That includes Nvidia, the poster boy of AI.

Its stock has skyrocketed 716% since ChatGPT’s debut. But here’s the thing …

While everyone’s still counting their money from this first AI boom … Nvidia and countless others have moved on to the next stage.

That includes Big Tech, which is currently making a series of peculiar investments in a few strange companies. This has nothing to do with tech. At least on the surface …

Yet, these strange investments could be the early ripples of a massive wave …Without them, ChatGPT could stop operating … Amazon, Google, Microsoft and more could see profits drop drastically.

In fact, Elon Musk says these investments are critical when it comes to solving the number one problem facing AI.

Now, Silicon Valley legend Michael Robinson has identified two companies that could play a significant role in the solution.

Their stocks just may be the key to AI 2.0.

Find out more about these two companies today.
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