Pre-Market Movements 1. On Monday, November 17, U.S. stock futures for the three major indices rose. As of writing, Dow futures were up 0.12%, S&P 500 futures gained 0.33%, and Nasdaq futures climbed 0.58%. 2. European markets showed mixed performance: Germany’s DAX fell 0.49%, the UK’s FTSE 100 was flat, France’s CAC 40 declined 0.28%, and the Euro Stoxx 50 dropped 0.57%. 3. Oil prices edged lower, with WTI crude down 0.07% at $59.91/barrel and Brent crude slipping 0.12% to $64.31/barrel.

Market Highlights **Earnings and Data to Gauge Bull Market Sentiment**: NVIDIA (NVDA.US) and retail sector earnings will serve as key tests for market confidence this week. Investors await NVIDIA’s Wednesday post-market results and Walmart’s Thursday report for insights into AI momentum and U.S. consumer health. Additionally, the delayed September jobs report, now set for Thursday, will provide the first official labor market update since September.

**Morgan Stanley’s Bullish Outlook**: Strategist Michael Wilson forecasts a 16% rally in the S&P 500 to 7,800 by end-2026, citing robust corporate earnings. He highlights pricing power, AI-driven efficiency gains, and stable policies as tailwinds, projecting 17% and 12% EPS growth for S&P 500 companies over the next two years.

**AI Volatility Overblown?** Despite recent tech sell-offs, analysts argue the AI narrative remains intact. Mariner Wealth Advisors’ Jeff Krumpelman views the pullback as profit-taking rather than a fundamental shift, emphasizing AI’s long-term potential.

**Bond Market Awaits Data Deluge**: Traders brace for economic releases that could reshape Fed rate-cut expectations. JPMorgan’s Priya Misra notes potential market volatility if the 10-year Treasury yield rises above 4.25%, which she sees as a buying opportunity.

**OPEC+ Unlikely to Cut Output in 2026**: A survey shows two-thirds of analysts expect no production cuts next year despite projected oversupply, suggesting OPEC+ may maintain current output levels.

**Stock-Specific Updates** - **NVIDIA (NVDA.US)**: Peter Thiel’s Thiel Macro Fund liquidated its position, joining SoftBank and Bridgewater in trimming stakes. Thiel had previously warned of overvaluation, drawing parallels to the dot-com bubble. - **Apple (AAPL.US)**: Plans to split iPhone releases into biannual cycles from 2026, with flagship models in September and budget models in spring, easing operational strain. - **Sohu (SOHU.US)**: Q3 revenue rose 19% YoY to $180M, with non-GAAP net income at $9M. The company has repurchased $97M worth of ADS under its $150M buyback plan. - **XPeng (XPEV.US)**: Q3 gross margin surpassed 20% for the first time, with net losses narrowing 78.9% YoY to RMB 380M. Deliveries surged 149.3% to 116,007 vehicles. - **Clearwater Analytics (CWAN.US)**: Warburg Pincus and Permira are in talks to acquire the software firm, sending shares up 12% pre-market.

**Upcoming Economic Data & Events** - 21:30 Beijing Time: U.S. November NY Fed Manufacturing Index - 02:00 Next Day: Minneapolis Fed President Kashkari’s Fireside Chat

**Earnings Watch** Tuesday Pre-Market: Pinduoduo (PDD.US), Baidu (BIDU.US), iQiyi (IQ.US), Futu (FUTU.US), Weibo (WB.US), Canaan (CAN.US), Home Depot (HD.US).