Major indices are continuing lower as investors assess the latest army of earnings releases and the longest government shutdown on record.

All of the Magnificent Seven names are moving lower and contributing to the Nasdaq’s underperformance. Tesla (TSLA) is the laggard after investors approved Elon Musk’s $1 trillion pay plan. Nvidia (NVDA) is also lagging and moving lower after their CEO, Jensen Huang, indicated there was no active discussions about selling Blackwell chips to China.

Five sectors are holding in the green, with the defensive sector of Consumer Staples (XLP) leading the way up. The sector is being led higher by Monster Beverage Corporation (MNST) after they reported a double beat on earnings.

Meanwhile, Technology (XLK) is the laggard and being led lower by adverse earnings reactions to Microchip Technologies (MCHP) and AppLovin (APP).

As the shutdown reaches a record length at 38 days, betting markets are now expecting the shutdown to last 48 days.

Economic Data

The Michigan Consumer Sentiment Index fell to 50.3 in November from 53.6 in October and missed expectations of 53.2.

Notable Points:

• 5-year inflation expectations fell to 3.6% from 3.9%
• Year ahead inflation expectations rose to 4.7% from 4.6%
• Current Conditions fell to 52.3 from 58.6
• Expectations fell to 49 from 50.3

The New York Fed survey was unchanged for 3- and 5-year inflation expectations, which remained at 3%. However, inflation expectations for the year ahead fell to 3.2% in October from 3.4%.

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