3.54% for QQQ on Nov.
3.54% for QQQ on Nov. 9, and I think the market paid up before seeing the one number that decides December. With a Fed governor openly weighing a 50 basis point hike, that rally looks fragile to me.
- SPY closed Nov. 9 up 2.37% at $752.69 and $QQQ closed up 3.54% at $679.35. Coverage credited buyers returning to beaten-down chip and AI-infrastructure names. Industrials led sectors at +3.82%, tech at +3.73%.
- Brent briefly dipped below $90 on Nov. 10 after President Trump said further U.S. strikes on Iran did not seem necessary for now. That helps the inflation picture at the margin, but it came after the rally.
- October CPI is due at 8:30 a.m. ET on Nov. 10. Forecasts are about +0.3% headline and +0.2% core month over month, with most annual comparisons skipped. September ran 3.7% year over year.
- Waller leans toward a 25 basis point December hike, but said core around 0.3% or higher would warrant considering 50. The 10-year still sits at 4.88%.
Premarket on Nov. 10, QQQ was already down about 0.44% while SPY was flat, so traders seem to be hedging too. I could be wrong, but with yields this high and policy still pushing prices up, I would wait for the core number before chasing growth. A hot core print could take back Nov. 9's gains quickly.
Sources:
Dow Jones/Morningstar: https://www.morningstar.com/news/dow-jones/202611102847/dow-jones-top-markets-headlines-at-5-am-et-global-stocks-strengthen-as-oil-dips-below-90-a-barrel-chinas
Yahoo Finance: https://finance.yahoo.com/markets/stocks/articles/us-stock-futures-mixed-ahead-100856193.html
Not financial advice. For informational and educational purposes only.
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