Today, the US stock market stands out on its own, with technology and chip stocks leading the way. The S&P 500 rose 0.38%, the Nasdaq 100 rose 0.74%, while the Dow Jones fell 0.22%.

The chip sector is just outrageous—Broadcom and LAM Research both rose over 4%, Nvidia is up 2% in preparation for tonight's earnings battle, and the market is waiting to see how long the AI valuation story can be told. Google Gemini's upgraded large model has just been released, with reasoning and programming capabilities making a "huge leap", causing Alphabet to rise over 5%, and this wave of AI racing is not over yet.

On the flip side, energy stocks are exploding, with WTI crude oil falling over 2%, and the energy sector taking a collective dive. Boeing also took a hit, as Dubai Airlines switched to Airbus, abandoning years of cooperation with Boeing, resulting in a direct fall of 3%.

The economic data is a bit chaotic—mortgage applications fell by 5.2% in a week, but the trade deficit shrank to $59.6 billion, which is better than expected. This week, there will be a barrage of economic data, including the FOMC meeting minutes, unemployment rate, housing sales, and PMI. The market is currently betting on a 47% chance of a 25bp rate cut on December 9.

The third quarter earnings season is coming to a close, with 82% of the 460 S&P 500 companies exceeding expectations, making it the strongest quarter since 2021.