THE DEGENERATES JOURNAL
A jobs beat that repriced December
Headlines
A jobs beat that repriced December
Friday's bounce, Thursday's shadow
Nvidia's board opens an investigation — the stock trades lower ahead of the bell
May contain typos. Prices may be delayed depending on when the data was collected.
Futures as of 5:19 AM ET · VIX early · 10-year at Friday's close
01 · The Story
The Decision Block
Friday steadied the week; it did not repair it. The S&P 500 rose 0.31% to 7,376.86 and the Nasdaq Composite rose 1.09% to 24,579.42, while the Dow eased 0.46% to 51,285.73 — a chip-led bounce the morning after Thursday's 4.36% rout, the worst session since April 2025. Employers added 165,000 jobs in October against about 65,000 expected, the jobless rate eased to 4.1%, and December hike odds moved to about 78%. The index still closed 3.9% under its 50-day average at 7,679.45, only five of eighteen covered names sit above their own 50-day lines, and the risk meter reads 96 — Risk-Off. Tuesday's 8:30 AM ET inflation print is the week's verdict.
| Index / Asset — Friday's close | Last | Change |
|---|---|---|
| S&P 500 | 7,376.86 | ▲ +0.31% |
| Nasdaq | 24,579.42 | ▲ +1.09% |
| Dow | 51,285.73 | ▼ -0.46% |
| Gold | $4,107 | ▲ +0.78% |
| WTI crude | $90.37 | ▼ -0.51% |
| Bitcoin | $74,064 | ▼ -0.70% |
Market Movers — Friday
Gainers: KRMN +42.13% · FLY +36.80% · FROG +35.33% · LASR +29.58% · TMDX +27.92%
Losers: IRTC -30.70% · DKNG -21.30% · AXON -18.18% · FIVN -17.63% · BKD -16.65%
While You Slept — 5:19 AM ET
Nikkei 225 58,775.50 +2.33% · FTSE 100 10,734.90 +0.57% · DAX 25,987.20 +0.65%
02 · Standout
Pre-Market / Overnight Standout
NVDA — NVIDIA ▼ -4.1%
Friday's close $186.64 (+2.78%) · 15.1% below its 50-day average · 13.6x forward earnings · 52-week range $164.27 – $243.37
The board opens an investigation — and the shares pay for it ahead of the bell. Nvidia's board said Sunday it has opened an independent investigation after learning that chief executive Jensen Huang was sought out by a foreign intelligence effort aimed at extracting the company's technology secrets. The board said it has no reason to believe any secrets were compromised or that operations were affected. The shares trade about 4% lower in premarket trade, near $178.96 against Friday's $186.64 close — the morning's company story by a wide margin.
The timing is the story inside the story: Nvidia reports a week from tomorrow, after the November 17 close, against guidance of $108.0B of revenue, and House committee chairs have asked for a briefing by November 18. Friday's $186.64 close is the reclaim line; holding above it by the close would say the market took the board at its word.
03 · Engine List
Engine List
Friday's close · ranked lowest to highest by forward multiple — Fundy's ranking · ● = highest relative volume in today's Engine List
| Symbol | Company | Last | Change |
|---|---|---|---|
| MU | Micron Technology | $690.00 | +5.12% |
| SNDK | SanDisk | $835.06 | +3.55% |
| UBER | Uber Technologies | $68.59 | -0.28% |
| MSFT | Microsoft | $530.61 | -0.99% |
| AMZN | Amazon | $259.30 | -0.35% |
| AAPL | Apple | $342.37 | -0.52% |
| ● ENB | Enbridge | $46.89 | -2.54% |
Every covered name in one line — close, move, distance to its 50-day average, forward multiple. The full board, levels and Lens reads are Pro.
- MU — Micron · Fundy's Pick · $690.00 (+5.12%) · 28.2% below its 50-day · 4.4x forward · earnings yield 22.7%
- SNDK — SanDisk · $835.06 (+3.55%) · 44.5% below its 50-day · 4.9x · yield 20.2%
- UBER — Uber · $68.59 (-0.28%) · 2.2% below its 50-day · 14.6x · yield 6.8%
- MSFT — Microsoft · $530.61 (-0.99%) · 2.7% above its 50-day · 22.5x · about 50% above the desk's $353.77 base value
- AMZN — Amazon · $259.30 (-0.35%) · 2.1% above its 50-day · 23.6x · yield 4.2% · a working setup
- AAPL — Apple · $342.37 (-0.52%) · 1.9% above its 50-day · 36.0x · yield 2.8%
- ENB — Enbridge · $46.89 (-2.54%) · 2.5% below its 50-day · no verified earnings multiple on file · ● volume 2.37x its 30-session average
- NVDA — NVIDIA · $186.64 (+2.78%) · 15.1% below its 50-day · 13.6x · the standout, above
- AVGO — Broadcom · $293.69 (+0.74%) · 15.6% below its 50-day · 16.9x
- QCOM — Qualcomm · $165.41 (+5.52%) · 7.1% below its 50-day · 17.6x
- GOOGL — Alphabet · $284.78 (+0.78%) · 14.5% below its 50-day · 21.0x
- APH — Amphenol · $74.59 (+4.12%) · 8.2% below its 50-day · 22.6x
- IBM · $245.00 (-0.85%) · 3.5% above its 50-day · 19.1x
- LRCX — Lam Research · $200.44 (+8.23%) · 29.5% below its 50-day · 19.5x
- WMT — Walmart · $125.52 (-1.72%) · 11.6% above its 50-day · 37.3x · a working setup
- GLW — Corning · $106.13 (+2.61%) · 26.5% below its 50-day · 29.1x
- TSLA — Tesla · $358.22 (+4.23%) · 3.7% below its 50-day · 179.6x
- INTC — Intel · $56.28 (+7.71%) · 42.5% below its 50-day · no multiple printed
04 · Health & The Week Ahead
Market Health & Look Ahead
Degen Risk 96 of 100 — a conditions gauge, not a crash predictor. Regime: Risk-Off. The stress leg is hot (fear gauge 25.64 vs a three-month 24.60 — an inverted curve), credit carries a 4.9% high-yield drawdown, and the index closed 3.9% under its 50-day average; the score eased from Thursday's 98, the regime did not change. Breadth is thin: 5 of 18 covered names above their own 50-day lines. The 10-year starts at 4.859%, gold above $4,100, WTI near $90 after oil's steepest weekly fall in years.
Futures Levels — all three read bearish
ES — support $7,322.25 (prior week), 1.5% below · resistance $7,746.25, 4.1% above
NQ — support $26,366.50 (prior week), 2.9% below · resistance $28,969, 6.3% above
YM — support $50,891 (prior week), 1.7% below · resistance $53,913, 4.0% above
More of the Morning
Berkshire's Saturday print meets its first tape today: third-quarter operating earnings of $12.71B, a record $377.4B in cash and short-term securities, insurance underwriting earnings down 43%.
Households felt better than the tape did: sentiment printed 51.0 against 48.0 expected, one-year inflation expectations eased to 4.3%, and September consumer credit rose $27.84B — more than double the $11.5B expected.
| When | The Week Ahead |
|---|---|
| Today 10:00 AM ET | Wholesale inventories (Sep, final) — Monday's only scheduled U.S. data release; the week's evidence starts tomorrow. |
| Tue 8:30 AM ET | Consumer prices (Oct) — the week's key print, the last inflation reading before the December 8–9 Fed meeting: headline expected +0.3%, core +0.2%; no year-over-year figure will be published. |
| Thu, after the close | Cisco and Applied Materials report — the week's dated tech earnings. |
| Fri 8:30 AM ET | Producer prices (Oct) — expected up 0.4% in the month after September's 1.3% jump. |
| Tue Nov 17 | Nvidia reports after the bell — guidance of $108.0B of revenue, plus or minus 2%, is the bar. |
| Wed Nov 18, 2:00 PM ET | Minutes of the October Fed meeting — read for how the committee framed the inflation overshoot. |
Earnings today — before the open: Constellation Energy (CEG) · KKR & Co. (KKR) · Barrick Mining (B) · Ferguson Enterprises (FERG) · Roivant Sciences (ROIV) · CNH Industrial (CNH) · NRG Energy (NRG) · RB Global (RBA) · Somnigroup International (SGI) · Bio-Techne (TECH)
After the close: Occidental Petroleum (OXY) · Skydance (SKYD) · Take-Two Interactive (TTWO) · Rocket Lab (RKLB) · Credicorp (BAP) · Grupo Cibest (CIB) · Equinox Gold (EQX) · AST SpaceMobile (ASTS) · Lineage (LINE) · Onto Innovation (ONTO) · Zeta Global (ZETA) · The Trade Desk (TTD) · Hims & Hers Health (HIMS)
The question into the close: Does the S&P 500 make it two gains in a row today after Thursday's rout — and hold the bounce into Tuesday's inflation print? The ceiling is real: 7,376.86 against a 50-day average at 7,679.45, the chip index up 4.2% Friday, and a risk meter at 96. Today is the positioning day in front of the verdict.
05 · The Journal Pages
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In this edition
- Decision Block
- Yesterday's Tape
- Market Movers
- While You Slept
- Pre-Market / Overnight Standout
- Premarket Movers
- Asset Snapshot
- Market Health
- Economic Calendar
- Earnings Today
- The Engine List
- News That May Affect the Market
- The Strongest Average of the Day
- Analyst Delta — last 7 days
- Econ Addendum
- The Question into the Close
- Education builds conviction — membership