Happy Halloween.
Unless you’re long stocks, particularly tech stocks that reported yesterday. Shares of Meta are down 1.5% and Microsoft nearly 4% after reporting late yesterday.
The market is also rattled by Super Micro, which is down another 5% yesterday after its auditor quit yesterday. It’s a big customer for Nvidia, which is down 1.2% pre-market and fading back from the marginal record highs.
I expect there is also some election angst in the market and today’s economic data highlighted a Federal Reserve path that includes fewer cuts. Pricing is now at 3.66% for next December, about 75 bps above where it was at the lows.