1. Bulls take a break as pre-holiday profit-taking weighed on markets.

Nvidia and Microsoft compounded a series of tech declines in the wake of disappointing earnings.

Leading decliners Dell and HP both sank double digits after their results highlighted a troubled PC market.

Microsoft extended declines in late afternoon trading on news the FTC opened an antitrust investigation, looking into everything from cloud computing and software licensing to cybersecurity and AI products.

Interest-rate sensitive real estate and homebuilder stocks outperformed as yields on 10-year Treasuries fell.

2. Positioning on the S&P 500 now looks highly extended, going into the thanksgiving holiday.

3. Macro data points for the US continue to trend remarkably sideways, including US industrial production, manufacturing orders & retail sales.

4. “While the list of reasons to be negative on Europe is long, given the negative sentiment and net short positioning, with the right catalysts there is potential for upside surprise.”

According to UBS prime brokerage, very few investors are positioned for Europe outperforming despite the attractive valuations. Granted, the economy is not in good shape, but when sentiment is depressed, any surprise could be good enough to lift the mood and trigger sharp moves.

Also, if the global environment remains broadly supportive, there is no reason Europe shouldn’t benefit.

5. JPMorgan’s forecasts for 2025.

6. Hedge funds (“smart money”) decreased their exposure to Information Technology during the quarter, while increasing investment in Financials.

7. Arabica beans have risen nearly 70% this year.

Concerns about Brazil’s 2025-26 season output and potential shipping or logistical issues caused by tariffs are fueling the rally lately, pushing prices to their highest since 1977.

The world’s biggest coffee maker, Nestle SA, said it will raise prices and make packs smaller to offset the impact of bean prices.

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