U.S. markets looked set for a lower open with the S&P 500 poised for a fourth straight down day as tech-related selling pressured stocks tied to AI and crypto—Nvidia slipped ahead of Q3 results and bitcoin briefly fell below $90,000, erasing 2025 gains—while JPMorgan COO Daniel Pinto and Google CEO Sundar Pichai warned that AI valuations may be due for a reassessment that could reverberate across the market. Company-specific catalysts included Home Depot missing estimates and cutting its full-year profit outlook, Rothschild downgrading Microsoft (PT cut to $500) and Amazon to holds, Bank of America sharply downgrading Honeywell (PT cut to $205) even as it upgraded Illinois Tool Works (PT to $255), activist Elliott building a stake in Barrick, Akzo Nobel agreeing to buy Axalta for about $25 billion, and renewed scrutiny of private-credit provider Blue Owl after reports of large losses tied to data-center loans—collectively signaling elevated event risk and potential re-rating across cyclicals, hyperscalers and credit-sensitive names.
U.S. markets were set for a lower open on Nov. 18 with the S&P 500 poised for a fourth consecutive day of losses, the index's longest losing streak since August, as tech-related selling led declines. Nvidia was cited as a notable laggard (down ~1% ahead of its Q3 results), while bitcoin briefly dipped below $90,000—erasing 2025 gains after sliding from an early-October peak above $126,000—highlighting cross-asset downside risk for crypto-linked equities. Senior executives and banks flagged valuation risk in AI and hyperscalers: JPMorgan COO Daniel Pinto and Google CEO Sundar Pichai warned of a potential reassessment of AI valuations that could reverberate across markets, and Rothschild downgraded Microsoft to hold (PT cut to $500 from $560) and Amazon to hold (PT $250). Company-specific news elevated event risk: Home Depot reported its third straight quarterly miss and cut full-year profit guidance (stock down ~4% premarket), Akzo Nobel agreed to acquire Axalta for ~$25 billion, Elliott disclosed a large stake in Barrick, and reports of losses in private-credit exposures dragged Blue Owl into renewed scrutiny. These developments create near-term dispersion between quality cyclical names and AI/crypto-linked assets, increase M&A-related idiosyncratic moves, and elevate credit and liquidity uncertainty in private-market vehicles, suggesting higher volatility around upcoming earnings and deal-related updates.
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Overall Sentiment
moderately negative
Sentiment Score
-0.45
Ticker Sentiment
