Good Morning BullBuzzers!
“Live as if you were to die tomorrow. Learn as if you were to live forever.”
⚡TODAY IN 10 SECONDS
The Nasdaq had its worst week since June, down about 4.5%, as AI credit stress and Brent near $110 hit stocks, though futures are bouncing this morning..
Today’s idea is Southern Company ($SO), a utility that pays you to wait.
FOCUS OF THE DAY
Secret #8: Never Stop Studying The Market
Friday’s slide did not come from nowhere. CoreWeave’s bonds were already trading near 78 cents on the dollar with credit default swaps above 1,000 basis points, and its stock then fell 11.9%.
Traders who only watch stock charts saw a surprise; traders who also read credit saw a warning. Studying the market means checking the places that move first: bond spreads, the VIX, sector leadership and the 10-year. Spend ten minutes each morning on those four, write down what changed, and let that notebook shape your size.
Find all 10 Secrets to Success at the bottom of today’s issue.
📰 HEADLINES
Worst week since June. The S&P 500 fell 1.1% Friday to 7,659.44 and the Nasdaq 2.1% to 26,140.03, leaving the Nasdaq down about 4.5% on the week. The Dow lost 0.3% and the Russell 2000 1.7%. (AP via AJC, ABC News, Benzinga)
AI credit cracks. CoreWeave fell 11.9% Friday and about 25% on the week, with its bonds near 78 cents on the dollar yielding about 16%. Goldman traders said AI credit spreads are the widest of the year. (Reuters via BusinessDay, CoinCentral, ABC News)
Fed hike odds climb. The 10-year closed at 5.09% Friday, and CME futures put a December hike at 74.3%, up from 50.2% a month ago. Treasury Secretary Bessent blamed September inflation on the energy shock. (AP, Benzinga)
Oil near $110. Brent rose 3.7% to $109.86 Friday, briefly touching about $110, its highest since May. Exxon and Chevron each gained about 2.5%. (AP, ABC News, CoinCentral)
Anthropic revenue jumps. Reported third-quarter revenue hit $16.8 billion, up from $11.6 billion in the second quarter, and the company is reportedly targeting a $2 trillion valuation. (Reuters via BusinessDay, CoinCentral citing CNBC)
🎯 IDEA OF THE DAY
Southern Company is a Georgia-based utility serving about 9 million electric and gas customers across the Southeast.
It has roughly 17 gigawatts of contracted large-load deals, mostly data centers, with data-center sales up 55% from a year ago. It bounced from $83.17 on Oct 5 to $91.18 in nine sessions, and a beta near 0.30 and a yield near 3.45% cushion a wobbly tape. Earnings are Nov 5, inside the 3 to 6 week window, so exit or size down before the report.
The honest risk is the 10-year at 5.09% competes with the dividend, and AI credit stress could reach the data-center customers.
🔔 HEADING INTO THE OPEN
Bird’s-Eye: Futures are bouncing after the worst week since June, but a bounce after a 4.5% Nasdaq drop proves little. Let the first 30 minutes show whether buyers return to chips. With December hike odds near 74%, keep
rate risk in every position.
Ground Level: Cleveland-Cliffs reports this morning and was indicated about 14% higher pre-market, while Steel Dynamics reports after the close. Intel was up about 4% pre-market on a JPMorgan upgrade after falling 5.8% Friday. Treat gaps as information, not entries, and wait for volume to confirm.
Under The Hood: The NAHB housing index at 10:00 is the only major data point, so earnings and the 10-year will steer the tape. Netflix fell 2.9% Friday after replacing its content chief and reports Tuesday after the close. If the 10-year climbs back above 5.20%, expect the utility and staples bid to cool first.
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𝘐𝘯 𝘮𝘢𝘬𝘪𝘯𝘨 𝘢𝘯 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯, 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘮𝘶𝘴𝘵 𝘳𝘦𝘭𝘺 𝘰𝘯 𝘵𝘩𝘦𝘪𝘳 𝘰𝘸𝘯 𝘦𝘹𝘢𝘮𝘪𝘯𝘢𝘵𝘪𝘰𝘯 𝘰𝘧 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦𝘳 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘵𝘦𝘳𝘮𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨, 𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘮𝘦𝘳𝘪𝘵𝘴 𝘢𝘯𝘥 𝘳𝘪𝘴𝘬𝘴 𝘪𝘯𝘷𝘰𝘭𝘷𝘦𝘥. 𝘋𝘐𝘛 𝘈𝘨𝘛𝘦𝘤𝘩 𝘩𝘢𝘴 𝘧𝘪𝘭𝘦𝘥 𝘢 𝘍𝘰𝘳𝘮 𝘊 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘌𝘹𝘤𝘩𝘢𝘯𝘨𝘦 𝘊𝘰𝘮𝘮𝘪𝘴𝘴𝘪𝘰𝘯 𝘪𝘯 𝘤𝘰𝘯𝘯𝘦𝘤𝘵𝘪𝘰𝘯 𝘸𝘪𝘵𝘩 𝘪𝘵𝘴 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨, 𝘢 𝘤𝘰𝘱𝘺 𝘰𝘧 𝘸𝘩𝘪𝘤𝘩 𝘮𝘢𝘺 𝘣𝘦 𝘰𝘣𝘵𝘢𝘪𝘯𝘦𝘥 𝘩𝘦𝘳𝘦: https://bit.ly/4bzuWCi
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