Equities are modestly higher in the early going, while gold, silver, and Treasuries are trading around the flatline. The dollar is higher.
Meanwhile, crude oil is slumping more than 4%. The catalyst? News that an OPEC+ meeting set for the weekend was pushed to Nov. 30. Saudi Arabia is reportedly unhappy with output levels at its fellow members, something that could prevent even-deeper supply cuts from the group.
In the “earnings report heard ‘round the world,” Nvidia (NVDA) reported adjusted earnings per share of $4.02 in the most recent three-month period. That beat the average estimate of $3.37. Revenue also topped forecasts, coming in at $18.1 billion versus an expectation of $16.2 billion.
The chipmaker and Artificial Intelligence (AI) play also forecast better-than-expected sales in the current quarter. Still, the stock sold off a bit following the report. Part of that was because Nvidia warned of weaker sales in China due to export restrictions. Part of it was simply because that the stock had surged dramatically off its October low already.
Round and round Sam Altman goes, apparently. The co-founder of OpenAI, who was fired by the company on Friday and “hired” by Microsoft (MSFT) on Sunday, has now been...hired by OpenAI as CEO again! There will be some changes to the board of directors, and the firm is reportedly going “to figure out the details” about everything else next.
Finally, on the economic front, initial jobless claims dropped in the most recent week. Durable goods orders for October slumped a greater-than-expected 5.4%. And a key data point on business spending came in a bit weak. None of the data was shocking enough to have a significant market impact.
