Major indices initially opened in the green, but have moved off session highs, as investors rotate out of Technology (XLK).

Five sectors are in the green, with Health Care (XLV) in the lead, followed by Materials (XLB), as investors rotate into these sectors to look for deals. Meanwhile, Energy (XLE) is the laggard, followed by Communication Services (XLC).

We see numerous bottom fishing efforts among the top ten movers as a sign that investors are slowly repositioning.

Building In America

Anthropic announced its plans to invest $50 billion into building domestic data centers, with the first ones to be located in Texas and New York.

Adding fuel to this, Microsoft (MSFT) also announced its first AI “superfactory”.

Furthermore, Toyota Motor (TM) started production at its $13.9B battery factory in North Carolina, making it the first of the company’s battery plants outside Japan. Additionally, they have announced plans to invest $10B in the US over the next 5 years.

Secretary Bessent indicated there would be substantial news on tariffs in the next few days. The administration looks to provide relief on coffee and some fruits.

Today’s 10-year auction signaled weak demand that forced the Treasury to pay a premium. Bid-to-cover dropped to 2.43, its softest level since August.  

Comments

Interesting there is even more investment in Data Centers. There is a groundswell of pushback from communities who are realizing the nuisance of these, the effect on the environment and increasing rate hikes in water and power costs. Unfortunately there is one going in a half mile from me. Even though we vehemently objected, the politicians rammed it thru. For what? 80-100 jobs. William Frohberg on 11/12/2025 2:07:22 PM

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