• A reversal from post-election momentum. The major U.S. stock indexes pulled back from record highs, dropping roughly 1% to 3% for the week. The results marked a shift from the previous week, when the indexes surged around 5% to 6% in the immediate aftermath of the November 5 election. The grim trading week was supported by investors facing the reality of a potentially higher-for-longer rate policy.
• Inflation continues. The monthly Consumer Price Index reading came in slightly above the previous month’s figure, with October’s annual rate of 2.6% topping September’s 2.4% result. The latest reading was in line with economists’ expectations but was a further indication of recently uneven progress in bringing inflation closer to the U.S. Federal Reserve’s 2.0% long-term target. The Fed may forego a cut at its mid-December meeting. On Thursday, Powell said, “The economy is not sending any signals that we need to be in a hurry to lower rates.”
• Yields went higher. Yields of U.S. government bonds extended their recent climb, with the yield of the 10-year Treasury closing around 4.44% on Friday after briefly eclipsing the 4.50% level for the first time in more than five months. As recently as mid-September, the yield had been as low as 3.62%.
• Retail is booming. A Friday report showed that U.S. retail sales topped expectations by rising 0.4% in October relative to the previous month; in addition, September’s initial reading was revised sharply upward with the availability of further data. 
• Unemployment benefits fell. A Thursday report found that new claims for unemployment benefits fell to the lowest level in six months.
• Super Micro Computer shares soared. Super Micro Computer shares skyrocketed in extended trading Friday following reports the company is expected to file a plan for its delayed annual report by Monday that could help it avoid a NASDAQ delisting.
• Netflix saw a big viewership for Tyson/Paul fight. Netflix said on Saturday that 60 million households worldwide had tuned in for the highly anticipated boxing match between Jake Paul and Mike Tyson.
• Bitcoin hit a record high. The price of Bitcoin rose to a record high for the second week in a row. After finishing the previous week at around $77,000, Bitcoin was trading around $91,000 on Friday afternoon. A couple days earlier, the price briefly climbed as high as $93,000. 
• Earnings season nears its end. As of Friday, analysts were expecting S&P 500 companies overall to post a 5.4% third-quarter earnings increase compared with the same quarter a year earlier, according to FactSet. That figure was up from the 4.2% growth rate that analysts had expected entering earnings season on September 30. 

• Palantir Technologies (PLTR)
• Lucid Group (LCID)
• Tesla (TSLA)
• Pfizer (PFE)
• Nvidia (NVDA)

Biggest Gainers

• Bloom Energy (BE) +59.19%
• IonQ, Inc. (IONQ) +11.39%
• Palantir Technologies (PLTR) +11.14%
• WeRide, Inc. (WRD) +10.01%
• Coinbase Global (COIN) +9.69%

Biggest Losers

• Oklo, Inc. (OKLO) -24.62%
• Avidity Bioscience (RNA) -15.59%
• Halozyme Therapeutics (HALO) -15.40%
• Arrowhead Pharmaceuticals (ARWR) - 13.26%
• ICF International (ICFI) -11.48%

Weekly Notables

T-Mobile Hacked in Chinese Data Breach

 T-Mobile’s network was hacked in a damaging Chinese cyber-espionage operation that gained entry into multiple U.S. and international telecommunications companies according to a Wall Street Journal report.

“T-Mobile is closely monitoring this industry-wide attack,” a company spokesperson told Reuters in an email. “At this time, T-Mobile systems and data have not been impacted in any significant way, and we have no evidence of impacts to customer information,” the spokesperson added.

SpaceX to Launch Tender Offer

SpaceX, under the leadership of Elon Musk, is reportedly preparing to initiate a tender offer in December. The company's tender offer will allow the sale of existing shares at $135 each, valuing the company at over $250 billion, as reported by Reuters.

The Week Ahead

• Potential market moving catalysts this week: Potential moving catalysts this week include the NAHB Housing Market Index on Monday, the Housing Stars and Building Permits on Tuesday, as well as the MBA Mortgage Applications Index on Wednesday. On Thursday existing home sales will be on deck while Friday will have the S&P Global Manufacturing & Services PMI as well as the U of Michigan Consumer Confidence.
• Earnings on deck this week: In the week ahead a flurry of Retail and Technology earnings will come in from the likes of Walmart, Lowe's, Target, TJX, PANW, SNOW as well as what is likely the major earnings announcement of the week on Wednesday from Nvidia Corp.
   

Earnings Spotlight: Nvidia 

Nvidia is slated to report its October-quarter earnings on Wednesday. The upcoming report from Nvidia (NVDA) is expected to reveal quarterly earnings of $0.74 per share, indicating an increase of 85% compared to the year-ago period. Analysts forecast revenues of $32.81 billion, representing an increase of 81.1% year over year.