"Asked about the plans, US Treasury Secretary Scott Bessent said that 'Everything is on the table,' in relation to China, later adding 'If these export controls, whether it's software, engines or other things happen, it will likely be in coordination with our G-7 allies,' Peter Schaffrik and his colleagues at RBS told clients this morning."
"With the market showing early signs of vulnerability, there are also emerging signals that retail investor sentiment could be softening. This week, retail investors net bought a much reduced~$4.2B in cash equities, well below the levels seen over the past 2 weeks and below the YTD avg of $6.4B," they said in a note to clients."
""Some characteristics of the current period rhyme with past bubbles... [but] most of the Magnificent 7... generate outsized levels of free cash flow and engage in stock buybacks and pay dividends, which very few firms did in 1999,' Goldman's Eric Sheridan said in a panel discussion."
Nasdaq 100 futures opened flat after the index fell 1% following Tesla's Q3 earnings, with Tesla down 3% after record revenue but reduced profitability. A string of tech earnings disappointed investors: Netflix dropped 6% after Q3 results and SAP fell 1.6% after missing expectations despite a solid AI revenue pipeline. Analysts highlighted President Trump's threat to restrict U.S. tech exports to China and US Treasury Secretary Scott Bessent said that "Everything is on the table" and that export controls would likely be coordinated with G-7 allies. JPMorgan reported retail investors net bought about $4.2B this week versus a YTD average of $6.4B. Goldman Sachs and Yardeni Research cautioned that AI may not be a bubble, citing outsized free cash flow, buybacks and dividends among the largest tech firms.
Read at Fortune
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