Markets Overview (Morning Update)
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Stock Futures:
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Nasdaq 100 down 1.8% (biggest drop)
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S&P 500 down 1.1%, Dow slightly down, small caps down 0.6%
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10-Year Treasury Yield: Up slightly to 4.34%
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Gold: Up 2.6% to $3,325/oz
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Oil: Up 1.5% to $62.25/barrel
Key Stock Movers
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NVIDIA: Down 6.5%+ after a $5.5B charge tied to U.S. export restrictions to China. This affects its H20 AI chips and revenue outlook.
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ASML: Down 5% after earnings; cited tariffs and uncertainty through next year.
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SMH ETF: Down 4.5%, tracking chip sector weakness.
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Taiwan Semiconductor (TSMC): Down 4% ahead of earnings tomorrow.
Earnings Highlights
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United Airlines (UAL): Up 4% after earnings beat; strong premium and business class growth.
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Interactive Brokers (IBKR): Down 8% despite good metrics; earnings slightly missed expectations.
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Travelers: Up 2% after beating earnings and revenue expectations.
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Progressive (PGR): Also up 2% on earnings.
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Abbott Labs: Little movement; earnings beat, revenue in line; glucose monitor sales up 18%.
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Tesla: Down 2% due to concerns over component tariffs affecting Cybercab and Semi production timelines.
China Economic Data
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GDP: Grew 5.4% (above expectations)
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Retail Sales: Up 5.9%, Industrial Production: Up 7.7%
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Despite positive data, China stocks (FXI) are down nearly 2%
Upcoming Earnings to Watch
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Tomorrow: American Express, UnitedHealth Group, Taiwan Semiconductor
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Thursday After-Hours: Netflix
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