Indices: Worst Day in Over a Month as AI Trade Gets Hit Again- US equity index futures are in slight retreat after a session of notable losses for the S&P 500 (-1.7% to 6,737), Dow 30 (-1.7% to 47,457), but more so the tech-heavy Nasdaq 100 (-2.1% to 24,993) as reopening relief faded in favor of fears over upcoming data releases and the AI trade again, and for the latter a negative factor Treasury yields climbing (disappointing 30-year auction denting the further end) with market pricing (CME’s FedWatch) shifting to a coin toss on a rate cut in December vs holding following recent FOMC member speak (see FX/Central Banks below)- Asia this morning sees Japan’s Nikkei 225 (-1.7%) fall back tracking Wall Street lower with losses for key Chinese equity indices as data there disappoints (see Data below)Stocks: Try Not to Look at Tech for Too Long- Shares of Nvidia (NASDAQ:NVDA) suffer significant retreat down 3.6% by the close in what was a red session for semiconductors and tech in general with larger losses for rival AMD (NASDAQ:AMD) (-4.2%) and more so Intel (-5.2%); Oracle (NYSE:ORCL) (-4.2%) and Palantir (NASDAQ:PLTR) (-6.5%) also suffer significant losses but largest for Tesla (NASDAQ:TSLA) plunging 6.6% as it struggles with Powerwall 2 recall, recent positive news for rival Waymo’s robotaxi, and ongoing ARK unwind- Shares of Alibaba (NYSE:BABA) up 2.1% following a Bloomberg report its planning to revamp its AI mobile app- Nike (NYSE:NKE) shares up 2.9% by the close enjoying an upgrade to overweight out of Wells Fargo, while rival Under Armour closes 3.1% lower as it will end its 13-year partnership with Steph Curry- Shares of BioNTech plummet 7% on a Bloomberg report Pfizer (-0.3%) will sell its remaining stake in the firm- Warner Bros Discovery (NASDAQ:WBD) shares up 3.5% in extended trading as three bidders attempt to acquire it; WSJ report that it’s Paramount, Comcast, and Netflix- Meme stock movers: Beyond Meat (-9.4%), Kohl’s (-3.1%), GoPro (-7.3%), Krispy Kreme (-2.7%), Opendoor (-8.6%), BlackBerry (-3.1%), GameStop (-1.9%)- Tough day for crypto stocks as the underlying falls back notably: Coinbase (-6.9%), MicroStrategy (-7.2%), Mara Holdings (-11.3%), Gemini Space Station (-9.8%), Bullish (-9.9%)- Earnings:o Disney (NYSE:DIS): beats on earnings while misses on revenue, Disney+ subscribers up by 3.8m, plans to raise its dividend and share buyback plan in next fiscal year, but dispute with YouTube TV could take a while; shares drop 7.8% by the closeo Firefly Aerospace (NASDAQ:FLY): narrower loss than anticipated and beats on revenue, and also raises revenue guidance; shares jump 17%Commodities:- Gold prices brush off yesterday’s losses to get back above $4.2K as economic worries mount and lofty valuations in the equity markets keep investors on edge, with silver back in the $53s this morning taking the gold/silver ratio back into the 78s- Oil prices (WTI) partially recover off Tuesday’s lows to the $59s as strikes on energy facility offset weakening economic data; EIA’s weekly energy inventory estimates show a sizable surplus for oil (+6.4m barrels) while drawdowns for gasoline (-1m) and distillate (-0.6m)FX/Central Banks/Crypto:- Bitcoin’s bear channel remains intact with its price suffering a drop below $100K reaching six-month lows with larger percentage losses for altcoins like Ether nearing a short-term support level as risk appetite and Fed rate cut likelihoods drop- US Dollar Index slides into the 98s for the first time since October as worries over the upcoming data dump due to government reopening keep the greenback in retreat; ongoing positive tariff news for Switzerland sees the franc outperform again and taking USD/CHF into the lower 0.79s- Federal Reserve’s Kashkari that inflation is too high and is lacking a strong inclination on the December cut noting weakness in the labor market but also corporate optimism regarding 2026, Musalem that business investment tepid outside of data centers, Hammack on the remarkably resilient economy but hearing from contacts that inflation is too high and moving in the wrong direction, and Daly on not raising the inflation target from the current 2%- European Central Bank’s Nagel that he has the credentials to succeed LagardeCapital.com Client Sentiment: Long Sentiment in Indices Sees a Big Increase- Indices: Pullback in price throughout sees sentiment push further into extreme buy territory in the S&P (82% from 78% yesterday) and ASX (89% from 84%), reach it in the Russell (82% from 75%) and Hang Seng (79% from 77%), while not far off it in the Nasdaq (76% from 70%)- Commodities: Back in extreme buy territory in gold (79% from 71%) and so too silver (80% from 76% yesterday), while hold in WTI (at 89%)- FX: Not far off shifting from slight buy territory in EUR/USD (53%) and GBP/JPY (51%) while shifting in USD/JPY to the middle (from a slight sell 52%)Data: Mostly Disappoints…Again- UK Q3 preliminary GDP a miss up only 0.1%, m/m for September suffers 0.1% contraction; production for the same month also in retreat, services a miss, though trade deficit smaller than anticipated- EZ industrial production in September 0.2% m/m well beneath forecasts- Swiss PPI in October suffers 0.3% contraction below expectations- Chinese retail sales in October drops to 2.9% y/y though above 2.7% expectations, industrial production for the same month a miss falling to 4.9% from 6.5%, fixed asset investment ytd contracts for the first time since the pandemic, unemployment rate falls a notch to 5.1%, and m/m new home price contraction worsensToday:- US FOMC members speaking, weekly rig count data out of Baker Hughes (10pm Dubai time)- EZ preliminary GDP, employment change and trade (2pm)