November 9th Pre-Market Brief

Good Morning.

Last week gave us a post-election rally and the Nasdaq’s worst day in 18 months Overnight, Taiwan had its best day since July, and U.S. stocks opening higher. Green start yes, but tomorrow’s inflation report decides whether this bounce has legs. Nvda also reports this week.

Let's dig in...

Today's Big Picture

1. Nvidia’s Scandal Turns Into a China Question
   
   Nvidia’s board is investigating Jensen Huang’s affair with a former Megaspeed executive U.S. intelligence suspects of spying for China. Megaspeed buys Nvidia chips and was already under U.S. investigation for allegedly slipping them into China. Huang says he’s staying, and Trump called him “an honorable guy” last night. China and Hong Kong brought Nvidia $7.9 billion last quarter, and that’s the business tighter export rules would hit.
   

2. Oil Is Falling Even as Iran Talks Stall
   U.S. crude fell below $90 a barrel after Trump said new strikes on Iran are “highly unlikely” while talks continue. That’s lifting stock futures, with the Dow out front. Rubio struck a different tone last night, calling Iran’s latest demands “outrageous and ridiculous.” Trump meets today with the prime minister of Qatar, the lead mediator, so an Iran headline could land during trading.
   

3. Everyday Investors Haven’t “Come Back”
   Thursday was the heaviest day of selling by everyday investors since Covid, according to Vanda Research. Schwab’s Liz Ann Sonders says they haven’t stepped back in to buy the drop like they used to. The cloud companies that rent out Nvidia chips are already giving back Friday’s bounce before the bell. Sonders says the next thing to watch is whether companies cut their AI spending plans.

Market Overview

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Stock Spotlight (pre-market)

Advanced Micro Devices $AMD ( ▲ 4.76% )  
Nvidia’s main rival in AI chips, is leading the Nasdaq-100 premarket after Oppenheimer upgraded it to outperform. The firm set a $600 price target, citing repeat AI chip wins with big customers.

Broadcom $AVGO ( ▲ 0.74% )  
designs custom AI chips and networking gear for data centers, is also higher before the bell. Rival chipmakers are gaining this morning as Nvidia falls.

KKR $KKR ( ▼ 1.85% )  
private equity firm, is higher after its adjusted profit hit a record and beat estimates. Fee-based earnings, the steady money it makes managing $804 billion, also hit a record at $1.3 billion.

Barrick Mining $B ( ▲ 0.55% )  
biggest gold and copper miners, is higher after quarterly profit beat estimates. It sold gold at $4,243 an ounce, up from $3,457 a year ago.

Eli Lilly $LLY ( ▼ 0.79% )  
drugmaker behind Zepbound, is higher after Canada’s drug agency recommended covering Kisunla, its early Alzheimer’s treatment. Canada’s public drug plans lean on those recommendations when deciding what to pay for.

Coinbase $COIN ( ▼ 1.51% )  
the biggest U.S. crypto exchange, is lower after Bitcoin fell below $74,000 over the weekend, its lowest level since August. Ether and XRP fell too.

What to Watch

Trump Meets Qatar’s Prime Minister (Noon ET)

Qatar carries messages between Washington and Tehran, and Iran wants sanctions lifted before talks resume. Any sign Iran will talk first backs Trump’s read and keeps oil falling. No movement brings Friday’s strike risk back into the price.

Inflation Report (Tuesday, 8:30 AM ET), Then CoreWeave

Economists expect consumer prices up 3.9 percent from a year ago, versus 3.7 percent in September. A number above that firms up a December hike the same day CoreWeave reports. CoreWeave’s stock is down about half in a month, so watch whether it explains how it will pay for growth.

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