NVIDIA was a big test for the market this week - it might have passed but raised more questions than answers
Romaine Bostick
Michelle Weaver
AI narrative still intact with strong NVIDIA numbers, but market sentiment has been about the Fed and whether we get a December cut
Michelle Weaver
Morgan Stanley economists think we'll get a dovish pause in December and three cuts next year
Fed rate cuts could be upside catalyst but also indicate worse economic conditions
Romaine Bostick
Michelle Weaver
Market and economy are distant cousins, not siblings - once we see Fed action, market will trade in more early-cycle way
Small cap outperformance thesis depends on rates - how much at risk if Fed doesn't deliver expected cuts
Katie Greifeld
Michelle Weaver
Small cap strength driven by earnings revisions, not just rates - small cap earnings revisions breadth has turned around significantly
Michelle Weaver
This is small caps catching up, not large caps catching down - small caps have room to close performance gap
Michelle Weaver
Consumers planning to increase holiday budgets less versus prior years, pulling back on luxury goods and big-ticket purchases
Michelle Weaver
AI is three-chapter story: underlying technology, chipmakers/enablers, and adoption - 15% of S&P 500 citing quantifiable benefits from AI adoption