Markets face renewed rate pressure as the dollar approaches a 19-month high and Britain's economy posts its strongest growth in years. Meanwhile, Alphabet's Asian bond debut attracts massive demand, Pfizer secures $1.5 billion for obesity drug development, and regulators threaten a $65 billion food industry merger.
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Futures at a Glance📈
U.S. stock futures are mixed Thursday, with tech stocks under pressure as Nvidia leadership concerns rattle AI sentiment. The Nasdaq is leading declines while Dow futures remain steadier, as investors await weekly jobless claims and another round of major tech earnings.
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What to Watch
Earnings (Premarket):
· Brookfield Corporation [BN]
· Nebius Group N.V. [NBIS]
· Ascendis Pharma A/S [ASND]
· Hudbay Minerals Inc. [HBM]
Earnings (Aftermarket):
· Cisco Systems, Inc. [CSCO]
· Applied Materials, Inc. [AMAT]
· Nu Holdings Ltd. [NU]
· Cerebras Systems Inc. [CBRS]
Economic Events:
· 8:30 AM ET: Weekly Jobless Claims
· 10:00 AM ET: October Existing Home Sales
· 2:00 PM ET: October Monthly Treasury Balance
· Throughout the Day: Fed Officials Beth Hammack, Michael Barr, Mary Daly, and John Williams Speak
Market Pulse
Britain's economy grew 0.7% in the third quarter, its fastest pace in two-and-a-half years, with AI-related businesses helping drive growth despite elevated energy costs and borrowing rates.
The U.S. dollar approached a 19-month high as the yen neared 160, with Japan warning currency traders against speculation amid expectations of further Fed tightening.
AI & Semiconductors
Alphabet's debut Hong Kong and Singapore bond offerings attracted more than $7 billion in orders, exceeding its $3 billion fundraising target as the company finances its expanding AI infrastructure.
British AI chip startup Fractile raised $720 million at a $7 billion valuation, with Google and BlackRock among its backers as it develops faster, more energy-efficient inference processors.
Capital & Partnerships
Pfizer secured up to $1.5 billion from Blackstone to develop an experimental obesity drug, with funding tied to regulatory milestones while retaining full control of its monthly treatment.
Singapore's Temasek agreed to invest $267 million in India's Godrej Capital, valuing the financial services business at up to $3 billion while leaving its parent with approximately 80% ownership.
Beyond Official Numbers (Sponsored)
Trump has issued his orders to the Fed: America should have the "lowest interest rates anywhere in the world." Lower rates have historically been good news for gold.
Meanwhile, China keeps loading up by the tonne, officially adding 20 tonnes in July, its 21st straight month of buying. Goldman Sachs estimates the real number was 35 tonnes.
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Deals & Regulation
Santander raised its offer for the remaining 10% of its Brazilian banking unit to €1.9 billion, improving its proposed share-swap terms ahead of a December shareholder vote.
UK regulators warned Unilever and McCormick that their $65 billion food deal could weaken competition, demanding remedies by November 18 to avoid a deeper investigation.
Energy & Infrastructure
E.ON is exploring converting former German nuclear power plant sites into data centers, repurposing facilities left behind after Germany ended its nuclear energy program in 2023.
SoftBank's $3.7 billion charge from revised data-center equipment orders is raising questions about AI infrastructure demand, with cancelled turbine reservations exposing potential overinvestment even as existing projects continue.
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Movers and Shakers
AEVEX (AVEX) +15%
Defense drones are becoming big business for AEVEX. Shares surged after the company raised its full-year growth outlook, supported by accelerating demand for autonomous military systems. Its recent acquisition of BlackSea Technologies also expands operations into maritime drones, positioning AEVEX to capture more defense spending across multiple domains.
Tetra Tech (TTEK) +9%
America's aging infrastructure is creating a growing opportunity for Tetra Tech. Shares rallied as the engineering specialist reported a record project backlog of $4.67 billion, up 13%. Major contracts covering water infrastructure, NASA logistics, and defense modernization are giving investors confidence in sustained demand heading into 2027.
Digi International (DGII) -16%
Digi International's connected-device business is growing, but supply chain headaches are returning. Shares plunged after management issued a disappointing near-term outlook, with memory component shortages threatening to constrain growth. Despite record recurring revenue, investors are questioning whether rising costs and supply disruptions could undermine its expansion plans.
What The Drone Found (Sponsored)
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Everything Else
💡 The groundwork for a move gets laid long before the headlines, and a free guide breaks down three names showing those early signals today.
💊 Merck KGaA raised its annual profit forecast again, targeting up to €6.4 billion in adjusted earnings as semiconductor materials and pharmaceutical demand strengthened.
✈️ easyJet secured shareholder approval for its takeover, clearing another hurdle for Apollo's £5.7 billion acquisition that would take the airline private.
🚗 Nissan faced mounting pressure to restructure after operating profit plunged 96% and Chinese vehicle sales dropped 32%, complicating its turnaround.
🌱 Adani Green Energy secured inclusion in a major global index, joining MSCI's Global Standard Index alongside Coforge, LIC, and Meesho, effective November 30.
🏦 Allianz raised its 2026 profit outlook as the German insurance giant increased the upper end of its annual earnings guidance, supported by its insurance operations.
That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.
Best Regards,
— Adam Garcia
Elite Trade Club
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