Nvidia CEO Huang reportedly stated:
“China is going to win the AI race.”
Notably, a ban could escalate US-China trade tensions less than 10 days after President Trump and President Xi reached a trade agreement.
US Stock Futures: US Jobs Report and Supreme Court Ruling in Focus
US stock futures extended their losses from Thursday during Friday’s Asian trading session. The Nasdaq 100 E-mini fell 17 points, the Dow Jones E-mini slipped 2 points, while the S&P 500 E-mini dropped 3 points.
Later on Friday, a US Senate vote on a stopgap funding bill, US labor market data, and Fed speakers will influence market sentiment.
Softer wage growth, rising unemployment, and falling nonfarm payrolls may fuel stagflation fears, potentially weighing on US stock futures. Labor market data from Thursday, November 6, indicated a sharp increase in job cuts, suggesting a weak jobs report.
The Kobeissi Letter highlighted rising stagflation risks following the release of US services sector PMI data, stating:
“The services sector continues to deal with surging prices and a weak labor market. Stagflation pressures are building.”
While the labor market data could test buyer demand for risk assets, the Supreme Court ruling and Fed speakers will also move the dial.
Key Technical Levels for Dow Jones, Nasdaq 100, and S&P 500
Despite this week’s losses, US stock futures traded above key technical levels, signaling a moderately bullish bias.
Near-term trends will hinge on the Senate vote, the US Jobs Report, Fed commentary, and a Supreme Court ruling. Key levels traders should monitor include:
Dow Jones
- Resistance: 47,250, 47,500, and the October 28 record high of 48,214.
- Support: 47,000 and the 50-day EMA (46,550).