Morning Wrap: ASX 200 to slide following Wall Street slump, Nvidia's Q3 earnings to highlight week ahead

ASX 200 futures are trading 26 points or 0.3% lower to 8,296, as of 8:15am AEDT.

A combination of hotter-than-expected retail sales and some hawkish Fed speak saw Wall Street slide in the Friday session. The tech-heavy Nasdaq fell by more than 2% while the small-cap dominated Russell 2000 fell 1.4%. This week will be dominated by the RBA's minutes on Tuesday while on the corporate front, Nvidia reports its quarterly earnings on Thursday morning (AEDT).

Let's dive in.

S&P 500 SESSION CHART

Down, down, the S&P 500 was down. (Source: TradingView)

MARKETS

• US equities finished lower on Friday. Stocks ended near worst levels of the session.

• Treasuries mostly firmer with curve steepening, though still weaker across the curve for the week.

• The US Dollar index climbed 0.1%, finishing up around 1.7% for the week.

• Gold ended down 0.1%, though off nearly 5% for the week, Bitcoin futures up 4.3%.

• WTI crude settled down 2.5%, also off nearly 5% for the week.

• Animal spirits/FOMO/melt-up trade underpinned by second-largest weekly inflow to US equities since 2008 (WSJ)

• Earnings revision momentum has deteriorated into negative territory and hovering near second-worst reading in past year, threatening equity rally (Bloomberg)

• Stoxx Europe 600 is trailing S&P 500 by widest margin on record this year (FT)

STOCKS

• Nvidia's new Blackwell AI chips have encountered issues with accompanying servers that overheat, raising concerns among customers about data center delays (The Information)

  • AI secular growth them in focus this week with Nvidia earnings on Thursday (Reuters)

• Netflix says record 60 million households around the world tuned in for Jake Paul vs Mike Tyson fight; users faced buffering issues, streaming glitches, low-resolution video (CNBC)

• TikTok parent ByteDance is valuing itself at around $300 billion, despite lingering threat from US to ban TikTok app (WSJ)

• A bank levy affecting Macquarie, Westpac, and CBA among others could potentially be put in place to promote regional services (AFR)

TRUMP TRANSITION

• Bessent, Lutnick in increasingly contentious push to become Trump's Treasury Secretary; Musk and RFK endorse Lutnick; infighting could lead Trump to tap alternative (Bloomberg, Washington Post, WSJ)

• More than half of Senate Republicans don't see path for Matt Gaetz to be confirmed as attorney general (NBC News)

• Trump taps Liberty Energy CEO Chris Wright for Energy Secretary position (Bloomberg)

• Industry groups preparing legal challenges and pushing Congress to pass legislation to dampen president's power over tariffs (NBC News)

GLOBAL POLITICS

• Russia hits Ukraine with more than 200 missiles and drones in largest combined attack in months; damages energy infrastructure (Washington Post)

• Ukraine's European allies warming up to Trump's push for peace negotiations between Russia and Ukraine (WSJ)

• Xi says China ready to work with Trump administration to maintain communication, expand cooperation and manage differences (Reuters)

BROKER MOVES

• Insurance Australia Group reinstated at buy, Suncorp Group reinstated at med buy, QBE Insurance Group reinstated underperform - all at Bank of America

• Auckland International Airport initiated neutral at E&P

• Pro Medicus upgraded to overweight from market-weight at Wilsons

• Autosports Group downgraded to neutral from buy at UBS

• Healius downgraded to underweight from neutral at Jarden

Stocks trading ex-dividend: 

• Mon 18 Nov: Rand Mining (RND) – 4.76%, Tamawood (TWD) – 3.06%, Tribune Resources (TBR) – 4.10%, Wam Leaders (WLE) – 3.38%

• Tue 19 Nov: None

• Wed 20 Nov: Amcor (AMC) – 1.22%, Wam Global (WGB) – 2.61%

• Thu 21 Nov: Terracom (TER) - 4.35%

• Fri 22 Nov: WAM Strategic Value (WAR) - 0.86%

Economic calendar (AEDT):

• 12pm: BOJ Governor Ueda speaks

• 5:30pm: RBA Assistant Governor (Financial Markets) Christopher Kent speaks

Kerry Sun is back tomorrow.