The Nasdaq Composite dropped 0.84% Monday stateside as technology stocks were under pressure, with Apple, Meta and Oracle retreating more than 1% each.Artificial intelligence lynchpin Nvidia performed worse, losing almost 2%. CEO Jensen Huang in October said the chipmaker had "half a trillion dollars" of business on the books for 2025 and 2026. When Nvidia reports its third-quarter earnings Wednesday stateside, investors will be combing through Huang's comments for signs of strong 2026 growth, as suggested ...

Market Outlook - The year-end target for the US equity market is set at 6,600, with a recent adjustment to 6,700, indicating a positive outlook for a 5% upside run into the end of the year [1][2] - Anticipation of solid Q3 results, but uncertainty exists regarding sufficient upside in estimates to support short-term market action [2][4] Earnings Expectations - EPS growth expectations for the index are around 8%, which may be challenging to achieve compared to Q2 results [3][4] - The market has been supported by a "beat and raise" narrative, but this may be difficult to sustain in the short term [4][5] Sector Analysis - Communication services have been downgraded to market weight after being overweight for two and a half years, indicating a cautious approach due to high pricing in the sector [5] - Technology and semiconductors remain overweight, with banks also in good shape, suggesting resilience in these sectors [6] Market Risks - Concerns exist regarding the AI-affected portion of the market, which constitutes roughly half of the S&P 500 market cap, due to heightened expectations [7][8] - Short-term volatility risks are acknowledged, particularly in the context of quarterly reporting [9] Consumer Sentiment - Labor conditions and valuation are key discussion points, with a focus on cyclical sectors like banks and certain retailers as the market leans into Q4 [10][11] - Despite potential issues in consumer sentiment and spending patterns, the upper half of the income distribution is expected to drive retail performance during the holiday season [12] Alternative Investments - Continued positive outlook for Bitcoin and Ether, with expectations for follow-through in these asset classes [13] - Gold and crypto are viewed as hedges in a momentum-driven equity market, indicating a strategic approach to navigating market conditions [14] Government Shutdown Impact - The government shutdown is considered a temporary issue, but prolonged uncertainty could have a more significant impact on the market [15]

Market Overview - The market is experiencing fluctuations, with a notable bounce from session lows as the trading day comes to a close [1][2] - Investors are concerned about a potential government shutdown, which could impact upcoming economic data releases, including a jobs report [2][3] Seasonal Trends - Historically, this month was expected to be muted, yet the market has reached multiple record highs this year, raising questions about the sustainability of this trend [4][5] - Goldman Sachs analysts suggest a year-end rally is possible, supported by favorable market positioning and expectations for the upcoming earnings season [5][6] Market Performance - Major indices are showing positive movement, with the Dow Jones up approximately 0.1%, S&P 500 up about 0.25%, and NASDAQ composite up around 0.5% [6][7] - The S&P 500 saw 308 stocks gain ground, indicating a healthy breadth despite contained moves at the benchmark level [8] Sector Performance - Consumer discretionary and technology sectors are leading gains, while communication services and energy sectors showed minor declines [9] Notable Stock Movements - Applovin, a mobile app marketing company, saw a significant increase of about 11%, with analysts raising price targets substantially [10][11] - Cannabis stocks, particularly Tilray Brands, experienced a surge of approximately 61% following positive media coverage regarding CBD benefits [13] - Carnival Corporation reported record revenue and raised its earnings forecast, yet shares fell by 4% due to market reactions [17][18] - Beyond Meat shares plummeted by 36% after announcing a debt restructuring plan, marking a record low for the company [22] Earnings Reports - Vail Resorts reported a fourth-quarter loss that exceeded analyst expectations, contributing to a decline in stock value [26][28] - The company is facing challenges with decreased skier visits and a rough year overall, leading to a 20% year-to-date decline in stock price [28][30]