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Market Headlines 👀 

• US PPI (Price Producer Index) comes in at 1.3%; est: 1.9%.

• US retail sales come in at -0.1% MoM; est: -0.3%. First decline since March.

• US President Biden and China leader Xi meet for the first time today in over a year.

• NY Fed manufacturing index comes in at +9.1 MoM; est: -2.8.

• Microsoft (MSFT) announces its first ever custom AI chip to compete with Nvidia.

• US Energy department looks to boost US battery development providing $3.5b in additional funding.

• Berkshire Hathaway (BRK.B) provides an update on their latest holdings and portfolio.

• Citigroup (C) layoffs begin as part of Jane Fraser’s restructuring plan, employees will be informed starting Wednesday.

Earnings 💸

• Target (TGT)

  • EPS: $2.10 beats (exp. $1.48)

  • Revenue: $25.4b beats (exp. $25.2b)

• PaoloAlto Networks (PANW)

  • EPS: $1.38 beats (exp. $1.16)

  • Revenue: $1.9b beats (exp. $1.84b)

• Global -E Online (GLBE)

  • EPS: $-0.20 beats (exp. $-0.24)

  • Revenue: $133.6m beats (exp. $140.83m)

• Jd.com (JD)

  • EPS: 6.7b yuan beats (exp. 5.87 yuan)

  • Revenue: 247.7b yuan beats (exp. 246.59b yuan)

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S&P 500 Heatmap

Recap Around the Street 🧠

First rate cut now anticipated at May FOMC with 4 rate cuts priced in 2024. Prior to Oct CPI and FOMC, expectation was for first rate cut in June and a total of 3 rate cuts in 2024. The debate now is to what extent does unemployment need to rise for the Fed to move from ‘pause’ to aggressive rate cut mode?(Contributed by Benjamin Lavine, CIO at Freedom Investment Management (3D)).

Inflation map around the country. Less in-climate weather may be playing a role in New England experiencing much lower inflation than rest of country.(Contributed by Benjamin Lavine, CIO at Freedom Investment Management (3D)).

Market Preview 🎞️

• Thursday, November 16th: Weekly jobless claims

• Thursday earnings: Alibaba Group (BABA), Walmart (WMT), Applied Materials (AMAT) and Macys (M)

• Friday, November 17th: Monthly options expiration (OPEX); Housing starts; Building permits

• —> Podcast spotlight: Pounding the Table 👊 : listen now; where you will find in-depth analysis around these highlights, read company deep dives, and interviews with public CEO's!

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That’s all for today, folks! We’ll be back around the same time tomorrow with a curated list of important news, economic data and market highlights. 

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