From Nvidia To Housing: A Day Of Caution Across Asset Classes

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

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The markets got a cold splash of reality today. Nvidia’s stock dropped more than 5% after Jensen Huang stepped down and the company named CFO Colette Kress interim CEO.

Losing the guy who basically built the AI boom is about as close to a worst-case scenario as it gets—visionary leadership doesn’t just transfer with the org chart.

Some money rotated into AMD and Broadcom, but the broader AI trade still felt the pressure.

Oil popped higher after Trump’s blunt Truth Social note that the U.S. doesn’t need a deal with Iran.

Meanwhile bond yields kept climbing, the 10-year back above 5%, the dollar punched out of its long range, and both gold and bitcoin took it on the chin.

Existing-home sales hit their weakest level in over 16 years as mortgage rates refused to cooperate.

All of it left the major indexes in a modest retreat and traders looking for something—anything—that feels like a clear positive.

Anyone else starting to wonder how long this “uncertainty premium” sticks around?

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A Quiet Day From Bonds, A Loud Day For Bulls

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

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With the bond market closed and no Fed officials grabbing the microphone, stocks enjoyed a rare day of relative peace and quiet.

The Nasdaq surged 1.8%, fueled by a sharp rebound in Nvidia and a blockbuster 25% jump in CoreWeave after better-than-expected results and higher guidance.

The broader tone was unmistakably risk-on. Strong demand surrounding the AI ecosystem, including enthusiasm around Anthropic’s IPO, helped lift sentiment and suggested traders may still be unwinding last week’s overly pessimistic selloff.

Interestingly, while the Mega Caps participated, the “Magnificent 7” continued to trail the other 493 stocks in the S&P 500, a healthy sign for market breadth.

Elsewhere, the dollar remained on a tear, delivering its strongest two-day run since June and knocking gold below the $4,000 level.

Bitcoin, meanwhile, finally got the memo from tech stocks and climbed back above $74,000.

For one day at least, the market traded as if inflation, rate hikes, and bond yields had taken a vacation. The real question is: will that optimistic mood survive when the bond market clocks back in tomorrow?

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Hot CPI, Hawkish Fed, And A Market Hangover

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

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After yesterday’s euphoric rally, the market got a sharp reminder that gravity still exists.

A hotter-than-expected CPI report and some decidedly hawkish comments from the Fed reignited rate fears, sending stocks, bonds, gold, and crypto lower in one swift move.

The CPI came in above expectations, while Fed Governor Christopher Waller signaled that another December rate hike is likely and even left the door open for a larger half-point move.

Bond yields responded in a hurry, with the 10-year Treasury vaulting back above 5%, its biggest one-day jump in months.

Adding to the pressure, Nvidia took another beating, helping drag down the Magnificent 7. Interestingly, the other 493 stocks in the S&P 500 held up much better, finishing roughly flat.

The dollar was the day’s clear winner, climbing to multi-month highs and knocking both gold and bitcoin firmly onto the defensive.

In the end, yesterday’s celebration turned into today’s hangover.

The real question now is whether this was just a one-day reality check or the start of a more meaningful repricing of rate expectations?

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Gold Shines, Chips Recover, And Inflation Takes Center Stage

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

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Stocks found their footing today, helped by a sharp drop in oil prices and a rebound in beaten-down chip names.

After last week’s AI-induced turbulence, buyers stepped back in, but the mood was more cautious optimism than all-clear celebration.

The biggest story wasn’t the bounce itself, but the questions hanging over AI. Between political concerns about future regulations and the surprise investigation involving NvidiaCEO Jensen Huang, investors suddenly have more to think about than just the next earnings beat.

Nvidia took a hit, yet the broader tech sector managed to stabilize as traders appeared to conclude that last week’s selling may have gone a bit too far.

Elsewhere, gold blasted back above $4,100, silver and copper joined the move, bond yields ticked higher, and the dollar eased.

Bitcoin, meanwhile, seemed determined to spend the weekend doing absolutely nothing, making it the financial equivalent of a teenager asked to clean the garage.

Now all eyes turn to tomorrow’s CPI report and CoreWeave’s earnings. With inflation data and AI sentiment both in play, will the market get the confirmation it wants, or another reason to keep volatility on speed dial?

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ETFs On The Cutline – Updated Through 11/06/2026

Ulli ETFs on the Cutline Contact

Do you want to know which ETFs are hot and which ones are not? Then you need my High-Volume ETF Cutline report. It tells you how close or far each of the 311 ETFs I follow is from its long-term trend line (39-week SMA). These are the ETFs that trade more than $5 million a day, so they are not some obscure funds that nobody cares about.

The report is split into two parts: The winners that are above their trend line (%M/A), and the losers that are below it. The yellow line is the line of shame that separates them. You can see how many ETFs are in each group and how they have changed since the last report (147 vs. 128 current).

Take a peek:

The HV ETF Master Cutline Report

If you are confused by some of the terms we use, don’t panic. I have a helpful Glossary of Terms for you.

If you want to learn more about the Cutline method and how it can make you rich (or at least less poor), read my original post here.

ETF Tracker Newsletter For November 6, 2026

Ulli ETF Tracker Contact

ETF Tracker StatSheet          

You can view the latest version here.

DEAD-CAT BOUNCE OR FRESH START? THE MARKET AWAITS ITS NEXT CLUE

[Chart courtesy of MarketWatch.com]

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Friday brought a little relief after Thursday’s market tantrum.

The Nasdaq bounced back as traders stepped in to scoop up beaten-down chip and AI stocks, helping the tech-heavy index recover some of the ground lost during its sharp slide into correction territory.

The S&P 500 joined the rebound, while the Dow once again played the role of the reluctant participant.

The real story of the week was concentration risk. When a handful of technology giants and semiconductor names carry so much weight, weakness in those stocks can quickly drag the broader indexes lower.

We saw that in dramatic fashion on Thursday, when the Magnificent Seven collectively shed roughly $1 trillion in market value and helped trigger the worst one-day decline since April 2025.

Today’s better-than-expected jobs report added another wrinkle to the outlook. Payrolls grew by 165,000 in October versus expectations for just 59,000, while unemployment slipped to 4.1%.

That’s good news for the economy, but it also revives concerns that the Fed may not be done tightening, which helps explain why bond yields and the dollar moved higher.

Elsewhere, gold and silver gave back some gains today but still finished the week in positive territory. Bitcoin followed the Nasdaq’s lead and climbed back above $76,000.

History suggests Nasdaq corrections often create attractive opportunities over the following three to six months, but the path is rarely smooth. After a week that felt more like a roller coaster than a market, today’s rebound was welcome.

The big question is whether it was simply the dead-cat bounce everyone expected, or the first sign that sellers are finally running out of ammunition.

With next week’s CPI report and another round of earnings on deck, are the markets trying to tell us something?

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