CLOSING BELL
Market Falls Below The 50 Day
The market fell Monday to start a new week, all eyes looking toward big box retail earnings and Nvidia’s Wednesday report. Palantir co-founder Peter Thiel’s fund sold its $100M stake in Nvidia, sending chip stocks lower.
All major indexes closed below their 50-day moving averages on Monday, a red sign before this week’s government data drops after the shutdown halted bean counting.
According to SentimenTrader data compiled by Bloomberg, the S&P 500 falls to an average maximum loss of 1.3% about two weeks after a break below the 50-day, dating back to the 1920s. But one month later, the index tends to rebound with a 1.9% rise.
Payroll data is due Thursday. FOMC minutes, which may reveal decision-making at the Fed from last month, drop Wednesday. Otherwise, it is a holdout week until Nvidia, and the AI boom it represents, impresses or misses high expectations.
Bitcoin and crypto were falling, the king of crypto nearly making its way back below $90k. Today’s RIP: Not all tech is made the same, Fed still split on rate cut, Nvidia’s report is coming, and more.
One sector closed green. Utilities $XLU ( ▲ 0.9% ) lead and financials $XLF ( ▼ 1.91% )lagged.
STOCKS
Not All Tech Is The Same
(Photo by Nikolas Kokovlis/NurPhoto via Getty Images)
Both Alphabet stocks $GOOGL ( ▲ 3.12% )were climbing Monday after Berkshire Hathaway's 13F filing showed Buffet bought 17M shares of the Google owner in September, now worth nearly $5B.
It was a Buffet bump if we have ever seen one, sending the stocks to a 50% gain for the year overall, the best on the whole Mag 7. Eyes turned toward what investors want to see next from the search giant: a new AI Gemini 3.0 model.
Chief Sundar Pichai teased the release, posting a Polymarket bet over when the new model would drop on twitter. Pichai had said the model should be out before the end of the year, and employees are making similar leak posts on twitter. Google needs an AI win, fast, after losing out the brand name recognition for the new era of search to ChatGPT in a big way. Business Insider reported the Gemini app has about 650M monthly active users, compared to 800M people talking to ChatGPT every week.
Back to Buffett also trimmed his $AAPL ( ▼ 1.82% ) stake slightly, one of his last moves before retirement this year.
$DELL ( ▼ 8.43% ) and other computer builders like $HPE ( ▼ 7.01% ) were falling Monday after personal computing names got downgraded by Morgan Stanley analysts, expecting damaged margins from surging memory prices.
Hardware valuations are reaching all-time highs due to AI hyperscaling data center builds, analysts wrote, leaving slim (and expensive) pickings for individual sale in personal computers. They expect memory fulfillment to fall up to 40% in the next six months.
MACRO NEW
Fed Inflation Still Split
Fed Governor Chris Waller sees tariffs as a one‑off bump, speaking Monday in support of cutting rates in December over fears the job market is going to keep tanking.
"The data leads me, at this moment, to support a cut in the FOMC's policy rate at our next meeting on December 9 and 10 as a matter of risk management," Waller said in a speech titled "The Case for Continuing Rate Cuts.
Meanwhile, the Fed Vice Chair Jefferson called the current 3% PCE level a ‘stall’ in inflating prices, a temporary thing, but said that the central bank should still move slowly at its Dec. 9-10 meeting.
"The current policy stance is still somewhat restrictive, but we have moved it closer to its neutral level that neither restricts nor stimulates the economy," Jefferson said in Kansas City on Monday.
MACRO NEWS
Nvidia Report Is On The Way
$NVDA ( ▼ 1.88% ) is reporting Wednesday, the make-or-break AI bubble leader to show Q3 2026 Revenue $55B, and EPS $1.25 according to analysts.
Chief Jensen Huang claimed last month the chip giant had $500B bookings in 2025 and 2026, and now investors are waiting to see if that report rings true. The chip maker has beaten earnings estimates for nine consecutive quarters, will they do it again?
POPS & DROPS
Top Stocks News Stories
Tom Lee predicted Ethereum likely to hit bottom this week.
Elon Musk linked to Trump-era USAID cuts in Walter Isaacson story.
Michael Burry to join Michael Lewis podcast amid AI bubble warnings.
Beyond Meat fell 4% as short interest hit 4-year low.
Steph Curry returned to Nike after Under Armour split.
Novo Nordisk set Wegovy, Ozempic price at $199/month.
Ondas Holdings fell 12% despite $8.2M deal with European airports.
Hims & Hers announced $250M share repurchase program.
WHAT’S ON DECK
Tomorrow’s Top Things
Economic data: Industrial Production (9:15 AM), TIC Net Long-Term Transactions (4:00 PM), API Weekly Crude Oil Stock (4:30 PM.
Pre-Market Earnings: Castor Maritime Inc ($CTRM), Baidu Inc ($BIDU), Home Depot, Inc. ($HD), Gorilla Technology Group Inc ($GRRR), PDD Holdings Inc ($PDD), and Medtronic Plc ($MDT).
After-Market Earnings: Richtech Robotics Inc. ($RR).
Previews:
$BIDU ( ▼ 1.63% ) is expected to post EPS of $0.91 on revenue near $4.33B, with analysts watching AI and cloud momentum. Guidance on ERNIE 5.0 and autonomous driving traction will be key to sentiment.
$HD ( ▼ 1.2% ) consensus calls for EPS around $3.83 on $41B revenue, with comps growth near 1.3%. Housing weakness and mortgage rates remain headwinds, watch for Pro segment expansion and margin commentary.
$PDD ( ▼ 1.46% ) is projected to deliver EPS of $2.21 on revenue of about $15.1B, supported by strong e‑commerce growth. Analysts highlight Temu’s global expansion and tariff impacts as critical drivers for forward guidance.