An uptick in inflation helped the bears hold back Bitcoin’s push above $90k, while semiconductors slumped on further fears that SMCI could be delisted from the Nasdaq if it doesn’t file its delayed annual report soon. And AMD cut 4% of its workforce, sparking some growth fears. Now, all eyes turn to tomorrow’s producer price index figures and Fed Chair Jerome Powell’s speech. 👀

Today's issue covers October’s inflation uptick, a kickoff of our Nvidia Day events, and other noteworthy pops and drops. 📰

Here’s the S&P 500 heatmap. 8 of 11 sectors closed green, with consumer discretionary (+0.85%) leading and technology (-0.35%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $PET, $ARBK, $SWKS, $PAGS, $BTCM 📉 $DNMR, $ZETA, $HTOO, $CYBR, $VSAT*

*If you’re a business and want to access this data via our API, email us.

The consumer price index (CPI) increased 0.2% MoM in October, bringing the 12-month inflation rate up to 2.6% and matching expectations. Core inflation, which excludes food and fuel, met estimates by rising 0.3% MoM and 3.3% YoY. 📊

While goods prices have been a major tailwind of the U.S. disinflation trend, services inflation remains a key concern among investors and economists.

Shelter prices rose another 0.4% MoM in October, doubling its September uptick and rising by 4.9% YoY. They’re a third of the broader index’s weighting and were responsible for more than half this month’s gain in the “all items” measure. 🏘

Economists had estimated that shelter prices staying elevated was simply a matter of timing, given the significant lag between how the BLS calculates them and the current rates people are paying in the markets. However, after a year of waiting for that thesis to pan out, some are beginning to worry about goods inflation picking back up.

Used vehicle costs were a major driver of goods inflation in the post-pandemic environment and are back on the rise, jumping 2.7% MoM. With energy and food prices finding their own floor, any material uptick in these numbers without a respective fall in shelter prices (or overall services inflation) would prevent the Fed from reaching its 2% target. 😬

The positive news is that we’re not seeing a major acceleration higher in any of these individual categories yet, but investors (and the Fed) are monitoring this risk into 2025.

Bonds had a bad day following an initial jump, suggesting that market participants still believe there’s enough inflation risk to keep interest rates elevated—even as the Federal Reserve continues its rate-cutting campaign.

The rise in rates gave bears cover to put a short-term lid on the rally in stocks and Bitcoin. We’ll see if tomorrow’s producer price index (PPI) data shows similar risks and can further embolden the bears. Or if the bulls parade past this latest worry. 🤷

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Super Micro Computer: Shares slumped 10% after the company again delayed filing its 10-Q and 10-K forms with the Securities and Exchanges Commission (SEC). It needs to submit a plan to regain compliance with the Nasdaq’s exchange requirements by November 16th, or it will face delisting. 🤦

Advanced Micro Devices: Shares fell 3% after announcing it would reduce its global workforce by 4% as it “right sizes” to focus on its core growth opportunities. While the cuts target underperforming divisions, the news still sparked some growth fears among investors. 😬

Zeta Global: Shares declined another 37% after Culper Research announced a short position, alleging the company has formed “two-way” contracts with third-party consent farms wherein it simultaneously acts as both a supplier and a buyer of consumer data. Investors are fleeing the marketing tech company as a result. 😨

SoundHound AI: Shares fell 17% despite the maker of conversational AI voice technology posting a beat-and-raise third-quarter report. Ladenburg Thalmann analyst Glenn Mattson downgraded the stock to neutral on the news, citing significantly higher losses than previous expectations. However, most on the street say this was a “sell the news” reaction to an otherwise great quarter. 🙃

Ibotta: Shares dove 15% after the company beat expectations but showed lackluster growth potential outside of its Walmart program expansion. The free app allows users to earn cash back on things they purchase in-store or online at over 300 retailers. This quarter saw direct-to-consumer redemptions and redeemers fall 17% and 10% YoY, sparking growth fears. 🛒

Beazer Homes: Shares jumped 12% after the homebuilder reported a jump in current-quarter orders, helping revenue and earnings top analyst expectations. Management expects further expansion of its community count to lead to revenue growth and double-digit returns on capital employed. 🏡

CNH Industrial: Shares rose 8% after Greenlight Capital’s David Einhorn said he had taken a medium-sized position in the agricultural play. The position was revealed at CNBC’s Deliver Alpha conference in New York City, with Einhorn calling it an under-the-radar value play as the industry nears the end of a bearish cycle. 🚜

ZoomInfo Technologies: Shares plunged 20% after beating third-quarter expectations but issued fourth-quarter and full-year guidance that was in line with estimates. Still, revenue falling 3% YoY and stable net revenue retention left investors longing for growth they are not currently seeing. 😐

The world’s largest company is set to report earnings one week from today, with bulls hoping Nvidia will deliver enough good news to keep the gravy train rolling.

In honor of the upcoming event and to prepare you with all the information you need to navigate the results, we’ll share Nvidia-focused insights and events all week…leading up to the live earnings call on Stocktwits. 🤩

August’s Nvidia Day broke records, with over 10,000 listeners joining the Stocktwits live earnings call on top of the millions of page views our Nvidia symbol page garnered that week. And we expect this one to be even bigger, so don’t miss out!

Follow @Stocktwits on the platform and our socials (X, Instagram, YouTube) to stay updated on all the action. 🚨

And to kick things off tonight, we’ve got a live poll asking what price Stocktwits users think Nvidia will be after earnings. Cast your vote; the results are surprising so far! 👀

Economic data: Producer Price Index PPI (8:30 am ET), Initial/Continuing Jobless Claims (8:30 am ET), Fed Barkin Speech (9:15 am ET), EIA Energy Inventories (11:00 am ET), Chair Powell "Global Perspectives” Speech (3:00 pm ET). 📊

Pre-Market Earnings: Disney ($DIS), Workhorse Group ($WKHS), JD.com ($JD), BlueBird Bio ($BLUE), Intuitive Machines ($LUNR). 🛏️

After-Hour Earnings: T2 Biosystems ($TTOO), Hylion Holdings ($HYLN), AST SpaceMobile ($ASTS), Applied Materials ($AMAT), WISA Technologies ($WISA). 🎧

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

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🧑‍⚖ Supreme Court seems likely to allow class action to proceed against tech company Nvidia

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