Major indices have seen relatively subdued action despite this morning’s results. The better than expected CPI data didn’t alter the market’s expectations for the Fed easing in 2026.

However, President Trump called on Fed Powell to cut interest rates following this morning’s CPI data.

The magnificent seven are mixed, with Alphabet (GOOG/L) leading the pack after Bank of America lifted its price target. Meanwhile, Meta Platforms (META) is lagging after announcing plans to cut approximately 10% of Reality Labs staff.

Six sectors are moving higher this afternoon. Energy (XLE) is leading the way, as oil prices move higher on Trump’s plan to impose tariffs on nations doing business with Iran, as well as potential further escalation in the region. On the other hand, Financials (XLF) are lagging, with banks mostly moving lower after they kicked off earnings season with JP Morgan (JPM) earnings this morning. In addition, credit card names are continuing to move lower following Trump’s proposed interest rate cap.

The market saw some immediate reaction to a $22 billion 30-year bond auction, which saw strong demand. The sales drew a high yield of 4.825%, just below 0.8 basis points from the when-issued yield. The bid-to-cover ratio at 2.42 exceeded the prior 12-auction average of 2.37.

According to the Information, Chinese government told some tech companies it would only approve their purchase of Nvidia’s (NVDA) H200 AI chips under special circumstances.

The Trump administration is reportedly set to take meaningful action tied to Greenland in the next weeks or months, with talks at the White House led by JD Vance expected to happen tomorrow.

Economic Data

New Homes sales in October edged 0.1% lower M/M to a seasonally adjusted annualized rate of 737K units, above forecasts of 715K units.