Futures are higher premarket. Yesterday's NQ1!25808.25 weakness tied to CRWV, reports of SoftBank selling NVDA196.25, Meta losing its chief AI scientist, and AMD252.56 failing to clear a high bar was offset by broader gains in other sectors, with SPX6846.61 outperforming NQ by 0.5%. The House is expected to vote later today on a funding bill that Trump supports, which would be another step toward reopening. Trump is also hosting Wall Street executives for dinner tonight.
Markets trimmed the probability of rate cuts after Powell's October press conference. Given yesterday's weak jobs report, bonds may quickly move back to pricing in those cuts. Following the shutdown, October and November reports could be released within a tight seven day window in early December, just ahead of the December FOMC.
ES followed our levels yesterday morning, trading between 6830 and 6850 before breaking out in the afternoon. SPX is set to open above the mid channel. NQ is showing a similar structure, and could chop around the mid channel ahead of NVDA earnings. 4.1k proved to be a pivot for GC, acting as support twice after GC broke through it.