Daily Market Briefing — 11 November 2026
Sell the chips, buy the defensives — that was Tuesday's message as Nvidia dragged the Nasdaq 100 down 0.60% to 27,740.79. With hotter US inflation and a 10-year Treasury yield flirting with 5%, Wednesday's focus is whether futures can hold a bounce.
Market Recap
Tuesday was a day of rotation and unease. The S&P 500 closed down 0.38% at 7,520.93, the Nasdaq 100 slid 0.60% to 27,740.79 and the Dow slipped 0.30% to 52,231.89. October CPI came in at +0.4% on the month, more than expected, and the 10-year Treasury yield pushed towards the 5% mark, leaving the Fed's next move a live debate. Futures are pointing to a modest recovery attempt this morning, but the tone on Tuesday was defensive: money moved out of tech and into sectors seen as safer.
Key Movers & Themes
Nvidia turmoil spills across chips. The CEO affair and alleged China spy-link story has Nvidia in the headlines, with the company hiring a major US law firm to investigate. NVDA closed at $168.80, down 5.53%, with RSI at 23.9 (oversold). AMD faded as investors questioned whether customers will actually switch suppliers, while Micron, Lam Research and Marvell all sit below their major EMAs. Broadcom bucked the trend, rising 3.91% to $331.98.
Rates and inflation pressure. The hotter CPI print, driven by shelter, food and energy, complicates the Fed's inflation fight. One portfolio manager argued the central bank should not be raising another 25bp — a reminder that hikes are being discussed, not just cuts.
AI funding in focus. CoreWeave popped after a Q3 revenue beat and $9bn of planned prepayments eased debt worries, while Anthropic opened its Australian retail IPO offering ahead of its planned listing.
The Big Question
Is this a healthy rotation or the start of something bigger? Bulls point to the 5-day low of 7,350.35 on the S&P 500 sitting well below the close, and to Broadcom, Amazon and Texas Instruments holding up. Bears point to a 10-year yield near 5%, tech losing momentum and defensives attracting flows as investors reassess risk. The breadth data leans cautious: 13 of 20 Nasdaq 100 names we track show bearish MACD crossovers, and 9 of 20 are bearish on EMAs.
Economic Calendar — What to Watch Today
- 07:00 GMT — Germany: Consumer Price Index Final (Oct. 2026), previous 126.6
- 07:00 GMT — Germany: HICP Final (Oct. 2026), previous 103.9
- 12:00 GMT — US: MBA 30-Year Mortgage Rate (w/o Nov. 2), previous 7.3% — the one to watch given the yield backdrop
- 12:00 GMT — US: MBA 15-Year Mortgage Contract Rate, previous 6.76%
Technical Levels to Watch
| Stock | Close | Pivot | Support (S1 / S2) | Resistance (R1 / R2) | Cam S3 / R3 | RSI | Signal |
|---|---|---|---|---|---|---|---|
| NVDA | $168.80 | 169.79 | 164.90 / 160.99 | 173.70 / 178.59 | 166.38 / 171.22 | 23.9 | Oversold |
| MSFT | $533.16 | 534.57 | 524.96 / 516.75 | 542.78 / 552.39 | 528.26 / 538.06 | 52.3 | Neutral |
| AAPL | $348.56 | 349.63 | 345.39 / 342.22 | 352.80 / 357.04 | 346.52 / 350.60 | 55.7 | Neutral |
| AMZN | $270.87 | 269.96 | 267.05 / 263.22 | 273.79 / 276.70 | 269.02 / 272.72 | 61.6 | Bullish |
| AVGO | $331.98 | 327.78 | 320.89 / 309.80 | 338.87 / 345.76 | 327.04 / 336.92 | 49.4 | Neutral |
| AMD | $515.21 | 516.49 | 493.72 / 472.24 | 537.97 / 560.74 | 503.04 / 527.38 | 48.6 | Neutral |
| MU | $725.11 | 723.46 | 701.28 / 677.45 | 747.29 / 769.47 | 712.46 / 737.76 | 35.8 | Bearish |
| MARRIOTT (MAR) | $428.26 | 424.85 | 420.53 / 412.81 | 432.57 / 436.89 | 424.95 / 431.57 | 74.5 | Overbought |
The key level today is NVDA's S1 at 164.90 — a break there would extend the chip sell-off, while a hold would hint at an oversold bounce. Marriott's RSI of 74.5 is the stand-out overbought reading. Breadth is soft: across the Nasdaq 100 names we track, 9 are bearish on EMAs versus 5 bullish, and MACD shows 13 bearish crossovers to 7 bullish. In the Dow group it is closer to balanced, with 9 bullish and 8 bearish on EMAs, but 15 of 20 show bearish MACD crossovers.
Commodities & Currencies
| Instrument | Price | Change | % Change |
|---|---|---|---|
| WTI Oil | $86.59 | -4.24 | -4.67% |
| Brent Oil | $92.42 | -5.90 | -6.00% |
| Gold | $4,067.00 | +36.80 | +0.91% |
| Silver | $53.02 | +1.92 | +3.77% |
| Natural Gas | $3.310 | +0.310 | +10.34% |
| GBP/USD | 1.3338 | -0.0139 | -1.03% |
| EUR/USD | 1.1159 | -0.0076 | -0.68% |
| USD/JPY | 158.82 | +1.32 | +0.84% |
| Bitcoin | $73,525.12 | -1,698.03 | -2.26% |
Energy was the big mover: Brent dropped 6.00% to $92.42 and WTI fell 4.67% to $86.59, yet both remain close to the upper half of their 5-day ranges. Natural gas jumped 10.34% to $3.310, sitting just under its 5-day high of $3.33. The dollar was firm — sterling slid 1.03% to 1.3338, near the bottom of its 5-day range — while silver (+3.77%) and gold (+0.91%) caught a bid. Bitcoin lost 2.26% to $73,525.12.
Trading Outlook
Bias is cautiously bearish for tech while the 10-year yield stays near 5% and the Nvidia story rumbles on. The catalyst that could flip it is a stabilisation in chip names, with NVDA holding above $164.90 and the S&P 500 defending its 5-day low at 7,350.35. Keep position sizes tight around the US mortgage data at 12:00 GMT and the open on Wall Street.
This briefing is generated using AI analysis of market data and news feeds, reviewed by the ChartsView team. It does not constitute financial advice. Always do your own research before making trading decisions.