Articles

• Fed’s Schmid: Dissented against rate cut because of continued momentum in economy
• Fed’s Bostic:Eventually got behind the cut this week.Fed’s Hammack says would not have cut
• Fed’s Logan (voter in 2026) says she would have preferred to hold rates
• Canada August GDP -0.3% vs 0.0% expected
• Trump told Xi: Chip sales are “between you and Nvidia”
• Warren Buffett will release a letter to shareholders on November 10
• Why the Fed’s Schmid is right to cite financial conditions as a reason to pause rate cuts
• Trump set to authorize strikes inside Venezuela on military targets
• November market seasonals: Simply the best

Markets:

• Gold down $27 to $3995
• US 10-year yields flat at 4.09%
• WTI crude oil up 32-cents to $60.89
• S&P 500 up 0.3%
• JPY leads, CHF lags

The stock market had a few tricks on Halloween as strong early gains were snuffed out and stocks fell into negative territory in the US afternoon. But the dip buyers stepped in with bids and that led to a decent finish. Amazon led the way with a nearly 10% gain.

In FX, the US dollar was generally stronger and the euro slid. ECB policymakers continued to highlight a shift to the sidelines so it was mostly just he ebb and flow but it was a decent move down to 1.1530 from 1.1570 in late trading.

Cable also fell to touch the lowest since April at 1.3098 but it firmed from there to 1.3040, which was narrowly above the May and July lows. It’s an interesting chart to watch as UK budget angst continues to rise. There was more talk of curbing tax breaks late on Friday.

Gold was slammed midway through the session as a good gain to $4045 reversed in a fall to a low of $3974. Dip buyers were there tough and we’re wrapping up the week very close to $4000.

Bitcoin fared better as it tacked on 2% to $109,631.

On net, there wasn’t much in the way of market moving news. Oil rose on the Venezuela talk but Trump personally denied it. That’s going to be an angle to watch but Venezuela is no longer a major crude producer.

This article was written by Adam Button at investinglive.com.

It was a lively day in terms of price action as US stocks started very strongly, then sold off and eventually fell into negative territory in the mid-afternoon. Bids arrived late though and US stocks marched all the way back close (but not above) the intraday highs. In the last 10 minutes of trading, there was more selling.

• S&P 500 +0.3%
• Nasdaq Comp +0.7%
• DJIA +0.1%
• Russell 2000 +0.7%
• Toronto TSX Comp +0.3%

On the week:

• S&P 500 +0.7%
• Nasdaq Comp +2.2%
• DJIA +0.7%
• Russell 2000 -1.2%
• Toronto TSX Comp -0.3%

On the month:

• S&P 500 +2.3%
• Nasdaq Comp +4.7%
• DJIA +2.5%

The six-month winning streak in the S&P 500 is the longest since 2021.

I continue to think the Russell 2000 remains the most-compelling chart but I fear it’s being driven by a couple dozen meme stocks that are now the largest components.

This article was written by Adam Button at investinglive.com.

Here is a look at the week ahead from Earnings Whispers.

I can’t believe D-Wave Quantum is getting top billing there above ConocoPhillips. The first is a company that reported $3.1 million in revenues last quarter and the second had $14 billion. That goes to show that we’re alot closer to the top than the bottom.

To be honest, I see way too many memes on this list and not enough real companies. I wouldn’t want to own many of these.

This article was written by Adam Button at investinglive.com.

CNBC’s Kristina Partsinevelos reports:

Trump told Xi chip sales are “between you and Nvidia.” Huang must clear antitrust, backdoor H20 risks, and energy failures. By then, a source says B30A launching mid-2026 is 50% performance and a generation behind Rubin. Beijing stalling lets developers migrate to Huawei.

I think there is some worry in US circles that if Nvidia doesn’t provide chips to China, then they could develop their own and export to the rest of the world at much lower costs; and then it would be China that has the leverage elsewhere instead of the US.

Then again, I don’t think that genie is going back in the bottle anyway. Like rare earths, once you threaten supply, it’s incumbent that new supply chains are developed.

This article was written by Adam Button at investinglive.com.

95-year-old Warren Buffett already announced that he will be stepping down from Berkshire Hathaway at year end. In February, successor Greg Abel will pen a annual shareholder letter but the WSJ reports today that Buffett will publish two letters on November 10 — one to Berkshire Hathaway shareholders and one to his three children, presumably about his wealth.

Buffett will step down as CEO but will remain chairman.

Buffett is known for a willingness to pay up for quality but here is a chart showing that his big bets were at levels far below what major companies are trading at now. That helps to explain why Berkshire is holding so much cash.

We will have to see if Greg Abel operates differently.

This article was written by Adam Button at investinglive.com.