Yesterday, the week kicked off with a strong recovery in stock markets, driven by falling oil prices and a more relaxed tone regarding the Iranian front. The VIX, the index measuring S&P 500 volatility, closed yesterday's session down 22%, falling back below the 20 level. Meanwhile, crypto remains stagnant, having not yet hitched a ride on the Nasdaq and Wall Street rally. Today, market attention turns to the US inflation data.
Wall Street bounces back, oil drops, and crypto stays flat
Wall Street closed Monday with gains exceeding 2% across all major indices. Nasdaq futures gained +3.43%, followed by S&P 500 futures at +2.33% and the Dow Jones at +2.17%. This morning, Dow Jones futures are trading up +0.31%, while Nasdaq and S&P 500 futures are moving more uncertainly around parity.
Asia was also positive today, with the Korean Kospi up +4% and Nikkei futures recording a +2.40% gain. Yesterday, European stock markets followed the rebound as well, with our FTSE MIB performing best among the indices at +2.78%. Euro Stoxx and Dax are continuing this movement today too.
Among Big Tech, only Nvidia struggles; CoreWeave reports earnings tonight
Among the Big Tech stocks, the only one to suffer during yesterday's session was Nvidia, which closed down -4.27%. Weighing on the stock is the internal investigation opened by the board of directors into CEO Jensen Huang, following news regarding his alleged ties to a Chinese intelligence operation. Meanwhile, Tesla rallied +5.54%, Meta +5.12%, and Amazon +2.94%, along with semiconductors like Micron at +6.25%.
On the earnings front, today is CoreWeave's turn, which will publish its results at 11:00 PM Italian time, after Wall Street closes. Consensus indicates revenues of approximately 3.54 billion, within the company's guided range of 3.45 to 3.60 billion. On Thursday, it will be Cisco's and Applied Materials' turn, while Nvidia's earnings are expected on Tuesday, November 17.
Crypto still under pressure
Cryptocurrencies are not yet joining the stock market rebound and remain under pressure. Yesterday BTC $74,643 ▲ +0.76% closed up +0.67% and Ethereum with a meager +0.37%. Today the picture still shows weakness, with November performance in the red for the entire Top 10 except for Tron, which records a +4.78%.
The daily chart shows the trend for Bitcoin and Ethereum, with both trading close to the lows recorded over the past few days. To signal a recovery, BTC faces initial resistance around 76,450 USDT, while for ETH, it sits around 2,210 USDT.
Oil declines on easing verbal tensions
Oil continues its decline following statements from Trump, who has postponed new attacks against Iran for the time being. However, the president confirmed the naval blockade on the Strait of Hormuz, signaling an easing of tensions that remains mostly verbal for now. Brent is trading at $91.41, down -1.23% for the day and -7.01% since Monday. Meanwhile, US WTI is quoted at $85.79, down -1.28% for the day and -5.60% since Monday.
Today's CPI, Fed leaning toward a rate hike
Today, attention shifts to the October CPI (Consumer Price Index), scheduled for release at 2:30 PM Italian time. Consensus forecasts a +0.3% increase on a monthly basis, with core CPI expected at +0.2%.
