Of course, as goes NVDA, so goes the market, and after last night’s beat (but disappointing revenue forecast), the giantest of giant tech companies swung around like a penny stock, adding and subtracting $100s of billions in market cap in an instant…
Bear in mind that the vol market had pegged an 8% swing – Jensen’s comments helped rescue the stock: “I believe that there will be no digestion until we modernize a trillion dollars with the data centers.”
Interestingly, while NVDA managed to hold on to gains, the Mega-Cap tech basket was hit hard and could not bounce back to green…
Source: Bloomberg
… as GOOGL was clubbed like a baby seal…
Source: Bloomberg
All the major indices ended the day green (though Nasdaq lagged), as Small Caps ripped…
…thanks to a huge short squeeze (again)…
Source: Bloomberg
On the macro side, it was ‘bad news’: Philly Fed fell hard in November (from +10.3 to -5.5 vs +8.0 exp), Continuing Jobless claims topped 1.9mm Americans for the first time in three years (initial claims dropped), and the Leading Index dropped 0.4% (more than expected). Initial claims and existing home sales were positive to offset some of the negative but overall, the US Macro Surprise index actually rolled over…
Source: Bloomberg
Treasury yields were marginally higher on the day with the short-end lagging (2Y +3bps, 30Y +1bps). That pulled the short-end higher on the week, while the belly is outperforming on the week…
Source: Bloomberg
Rate-cut expectations continued to slide with less than three full 25bp cuts now priced-in by the end of 2025…
Source: Bloomberg
As bond yields rose, so did oil prices with WTI holding back above $70…
Source: Bloomberg
The dollar rallied back up near post-election highs…
Source: Bloomberg
But, the big news of the day was in ‘alternate’ currencies with bitcoin continuing to charge higher (topping $99k) as Gensler announced his retirement and Trump’s crypto council takes shape…
Source: Bloomberg
…and Gold also soared back above its 50DMA…
Source: Bloomberg
…up for the 4th straight day after 6 straight down following the election…
Source: Bloomberg
And finally, Bitcoin finally took out its record high relative to gold…
Source: Bloomberg
Do you feel lucky?
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