Technical Analysis

Liquidity in the market has been tightening in recent months as the Federal Reserve’s reserve balances have fallen sharply.

The S&P 500 rose by roughly 20 basis points on 11 November; however, the move was much more subdued than that on 10 November.

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Since reporting results, the AI names have been battered amid fears of out-of-control capital expenditure and the damage this is likely to inflict on free cash flow.

The NASDAQ's uptrend gets called into question as doubts about US monetary policy and artificial intelligence weighs on sentiment.

Stocks recovered on 5 November, with the S&P 500 rising by about 40 basis points.

It was a risk-off day for stocks, with the S&P 500 falling by around 1.2%. The damage was greater on the Nasdaq 100, where the index dropped by more than 2%.

The ADP jobs report on Wednesday, 5 November, at 8:15 a.m. Eastern Time is expected to show that hiring in October improved, rising by 25,000 jobs — a significant improvement from the September reading, which showed a decline of 32,000 jobs.

NVIDIA has become the first publicly traded company to exceed a $5 trillion market capitalization.

The S&P 500 finished the day unchanged, even though the Fed cut rates by 25 basis points.