Afternoon Note
Most stocks are green as bulls aren’t getting tricked today and are enjoying a broad rally. Today’s move has helped to recover much of last week’s steep losses as investors return to AI-related stocks.

Even the Russell 2000 (RUT), which has exposure to small-cap equities, is having its best 2-day rally since early August.

All eleven sectors are trading higher led by the Industrials sector (XLI) where the AI-names are rebounding from last week’s selloff. Mega-cap stocks are providing solid leadership and contributing to gains in the Consumer Discretionary (XLY) and Communication Services (XLC) sectors. Alphabet (GOOG) is also outperforming after unveiling two new configurations of its eighth-generation tensor processing units, expanding them for enterprise AI workloads. Technology (XLK) is having a solid day, driven by a 6.6% advance in the PHLX Semiconductor Index (SOX), and is recovering a sizable portion of last week’s decline.

All eyes are on tomorrow’s CPI report. Goldman Sachs (GS) expects a 0.16% increase in core CPI for October.

We had Chicago Fed President Austan Goolsbee on tape this morning, where he reiterated that services inflation has accelerated over the last couple of months, complicating the argument that prices were influenced only by tariffs. He added that “employment and growth are actually pretty stable,” but inflation remains the big problem.

The market has not seen much reaction to today’s $58 billion 3-year auction that drew a high yield of 4.627%, down from 4.932% previously and above the when-issued level of 4.622%.

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| 11/9/2026 1:41 PM | Stocks Surge |
| 11/9/2026 9:47 AM | ANSWERS IN THE (NEO) CLOUDS? |
| 11/6/2026 1:40 PM | A Friday Rebound |
| 11/6/2026 9:25 AM | PANIC & CLASSIC CAPITULATION |
| 11/5/2026 12:48 PM | A Tech-Led Pullback |
| 11/5/2026 9:26 AM | CRUDE OIL SWOON SPARKS PANIC BUYING |
| 11/4/2026 1:32 PM | Post-Election Optimism |
| 11/4/2026 9:33 AM | Answering the (AI) Critics |
| 11/3/2026 1:23 PM | An Election Day Split |
| 11/3/2026 9:42 AM | TECH MELTDOWN CONTINUES (SELLING BEGETS SELLING) |
| 11/2/2026 1:57 PM | A Monday Pullback |
| 11/2/2026 9:44 AM | TURNING POINT? |
| 10/30/2026 1:17 PM | A Friday Pullback |
| 10/30/2026 9:33 AM | Tech Tumbles |
| 10/29/2026 1:08 PM | A Split Session |
| 10/29/2026 9:39 AM | WHIRLWIND OF EXCITEMENT |
| 10/28/2026 1:47 PM | Muted Action Ahead of FOMC Decision |
| 10/28/2026 9:30 AM | WARSH BACK AT BAT |
| 10/27/2026 1:46 PM | A Tech-Led Tuesday |
| 10/27/2026 9:45 AM | BRACING FOR MEGA-CAP EARNINGS |
| 10/26/2026 1:39 PM | AI Enthusiasm is Back |
| 10/26/2026 9:44 AM | OPENAl SAVED THE INTERNET |
| 10/23/2026 12:39 PM | Rolling Capitulation |
| 10/23/2026 9:51 AM | A Mixed Session |
| 10/22/2026 1:01 PM | Momentum Takes a Hit |
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