Pre-Bell Playbook: Small Business Optimism Falls, Softbank Exits NVDA Position

Economic Indicators - The NFIB small business optimism index slightly declined from 98.8% to 98.2%, still above the 52-year average of 98 [2][3] - The uncertainty index fell by 12 points to 88, marking the lowest level of the year [2] - 32% of business owners reported job openings they could not fill, indicating ongoing labor shortages [3] Labor Market Insights - Small business optimism decreased due to lower sales and reduced profits, with many firms struggling to find qualified workers [3][5] - ADP's new metric, the NER pulse, reported a job decrease of 11,250, indicating private employers lost an average of 11,250 jobs per week up to October 25 [6][7] Market Sentiment - The market is experiencing a slightly lower opening after a significant rally, with concerns about potential market frothiness [2][8] - Skepticism is growing regarding the sustainability of current market levels, particularly in the tech sector, as evidenced by SoftBank reducing its position in Nvidia [11] Company-Specific Developments - Nvidia is set to report earnings soon, with expectations of significant insights from CEO Jensen Wong regarding chip production increases [10][12] - United Airlines projected its best quarter ever, despite recent chaos and cancellations affecting travel [13]