Inside Markets — AI Skepticism
The latest bout of AI skepticism is mostly based on OpenAI’s extremely ambitious capex plans and the new use of hyperscaler debt issuance to fund incremental data center buildouts.
Inside Markets — NVDA Report
NVDA has been consolidating for the last three weeks and is back to levels following its strong August print.
Inside Markets — Support
The sentiment-driven pullback saw the SPX close below its 50-day moving average yesterday for the first time since early May.
Inside Markets — Liquidity Stress Relief
Repo market stress during the government shutdown could have contributed to the recent weakness in equity markets.
Inside Markets — Failsafe
Today’s rebound in the momentum factor follows yesterday’s low-volume ~6.4% selloff in the group.
Inside Markets — Momentum Factor Unwind
The momentum factor unwinds for a fourth time this calendar year with a seasonal preference to own YTD laggards likely in play.
Inside Markets — Mag 7 Underperformance
The recent underperformance in Mag 7 stocks is likely due to a few factors, including seasonal rotation into YTD laggards.
Inside Markets — SPX Reversal
The SPX looks like it’s completed the shallow consolidation phase we were expecting when leadership became unsustainably narrow at the end of October.
Inside Markets — Wall of Worry
Labor market weakness sits at the top of most people’s list of worries, followed by Fed policy, AI visibility, and tariff policy outcomes.
Inside Markets — Near-Term Risk Event
A Supreme Court decision to strike down IEEPA tariffs could cause a short squeeze for heavy importers and a potentially dangerous spike in bond market volatility.