US stocks opened on the defensive after the stronger-than-expected CPI report pushed Treasury yields higher and reinforced expectations for tighter Fed policy. The Nasdaq indices took the early hit, but the tone changed as attention shifted to reports about Anthropic’s planned IPO. Both indices erased their opening losses and traded into positive territory.
Anthropic is reportedly targeting November 18 for pricing, with its first day of trading planned for November 19. Reports also indicate that roughly 20% of the offering will be allocated to retail investors and that orders are already matching the number of shares available. That gave buyers in the broader tech trade something to lean on after inflation and higher yields had set the tone at the open.
The Nasdaq 100 swings more than 449 points
The Nasdaq Composite was down as much as 294.83 points before trading up as much as 33.69 points, a swing of more than 328 points.
The Nasdaq 100 had an even bigger turnaround, going from down 366.62 points to up 82.71 points at its best level, a swing of just over 449 points.
At the time of writing, the Nasdaq Composite is down 0.03%, while the Nasdaq 100 is up 0.07%. Both have backed off their rebound highs, putting the unchanged line back in play. That’s the near-term barometer. If buyers can get above it and stay there, the rebound highs are the next test. If the indices slip below unchanged and struggle to reclaim it, I’ll be watching how much of the rebound buyers can hold.
Nvidia tests a key support floor
Nvidia is still under pressure and testing a key support floor. That gives buyers a level to lean against with close risk. If the floor holds, there’s room for a bounce, and the next question is whether buyers can get through the first resistance target. If the price breaks below the floor and stays below it, the sellers keep control and the focus shifts to the next downside target.
In the video above. Where do bias, risk and targets stand?
I walk through the Nasdaq Composite, the Nasdaq 100 and Nvidia. For each, I look at who has control, which level defines the bias and risk, and where the next targets come in. The indices have already shown they can rally off the lows. Now I’m watching where buyers step in on a pullback and whether Nvidia can hold its support floor.
