Afternoon Note
The S&P 500 trades at its best level of the day with the help from gains in seven sectors, led by Technology (XLK).

This strength in Technology (XLK) defies financial media who sounded the alarm yesterday about mounting economic worries.

On Wall Street, Advanced Micro Devices, Inc. (AMD) didn’t create a sell-off panic and instead it ushered in a massive shuffle among flat-footed analysts.
There has been a wave of upgrades, including two this morning.

The problem with trying to predict the end of the AI boom is that the halo is growing larger.
J.P. Morgan (JPM) says there are 41 AI-related stocks in the S&P 500, but it doesn’t include a name like Caterpillar (CAT), which will benefit in several ways.

For those seeking diversification, it's not easy – the top eight stocks for the S&P 500 and the NASDAQ 100 make up large amounts of the overall indices.

Shutdown Update
The government shutdown is expected now to last nearly 24 days, which would make it the second longest in history.

All eyes on the latest Federal Reserve minutes at 2:00pm ET, as the market looks for hints on future policy amid a shutdown-driven scarcity of data.
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| 11/18/2025 9:35 AM | ANXIETY THICK ENOUGH TO CUT |
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