Nvidia CEO Jensen Huang expressed confidence that global collaboration in science and technology will persist, even amid potential tighter export controls from the incoming Trump administration. Huang on Global Cooperation Despite the Trump administration’s previous restrictions on exporting US technology to China, Huang believes international collaboration remains essential. “Open science and global cooperation across math and science have been the foundation of societal and scientific advancements for a very long time,” Huang stated during a media session in Hong Kong. He emphasized Nvidia's commitment to balancing compliance with laws and policies while continuing to advance technology and serve customers globally. The Age of AI During a speech at the Hong Kong University of Science and Technology (HKUST) , Huang declared, “The age of AI has started — a new computing era that will impact every industry and every field of science.” Highlighting Nvidia’s innovations, he describe
Markets at a Glance
- S&P 500 Index (.SPX.US): +0.35% to 5,969.34
- Dow Jones Industrial Average (.DJI.US): +0.97% to 44,296.51
- Nasdaq Composite Index (.IXIC.US): +0.16% to 19,003.65
The market gained on Friday, driven by positive sentiment following Nvidia earnings and Bitcoin’s approach to an all-time high.
Macroeconomic Highlights
- US PMI Data:
- Composite PMI: Rose to 55.3, a two-year high.
- Services PMI: Climbed to 57, the highest since March 2022.
- Manufacturing PMI: Declined slightly to 48.8, indicating contraction.
- Michigan Consumer Sentiment: Lower than last month, with one-year inflation expectations holding steady at 2.6%.
Sector Performance
- Department Stores: Macy’s (M.US) surged 6%, amid speculation of M&A activity under a more lenient Trump administration. Earnings are due next week on Nov. 26.
- Energy:
- Crude Oil Futures (CLmain.US): Climbed above $70, fueled by escalating tensions in the Russia-Ukraine conflict and a slight increase in US oil rigs.
- Baker Hughes reported 583 active oil and gas rigs, down from 622 a year ago.
Top Movers
Biggest Gainers
- Super Micro Computer (SMCI.US):
- +22% after announcing plans to file its delayed 10-K with a new auditor, BDO USA, and requesting an extension on the Nasdaq exchange.
- Replimune (REPL.US):
- +44% intraday after submitting a melanoma treatment for FDA Accelerated Approval Pathway.
- SoundHound AI (SOUN.US):
- +20% following the deployment of its AI agent, Amelia, managing over 100,000 customer calls for an insurance client.
- Copart (CPRT.US):
- +8% after Q1 earnings revealed 12% revenue growth and a profit of $362.1M.
- Moderna (MRNA.US):
- +7% on optimistic comments regarding its pipeline and financial stability during a healthcare conference.
Biggest Losers
- Reddit (RDDT.US):
- -7.6% after reports that Advance Magazine Publishers plans to establish a credit facility using its stake in the company.
Commodities and Crypto
- Bitcoin (BTC.CC): Reached an all-time high of $99,800 before retreating.
- Oil Prices:
- Brent Crude: +1.3% to $75.17/barrel.
- WTI Crude: +1.6% to $71.24/barrel.
- Gold and Silver: Gold breached $2,700/oz, marking its biggest weekly gain in over a year.
Market Sentiment and Outlook
Markets are reacting positively to macroeconomic data and company-specific catalysts, but risks remain, including geopolitical tensions, inflation concerns, and upcoming earnings reports. Traders are also closely monitoring how Trump’s administration may shape fiscal and regulatory policies.
With Bitcoin near record highs and optimism surrounding AI and energy sectors, investors are balancing opportunities with caution amid a dynamic market landscape.
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