 Welcome folks. This is Jacob Schup filled in for Tom O'Brien. I will be with you this week. I'm getting the chart into the den now Let's take a look. We have the ES mini trading about forty three eighty seven. We had some big movement to the upside today Topping out about twelve thirty in the afternoon and we are on the retreat back down We'll see how that shakes out by the end of it. We got up to forty four Twenty three trading at forty three eighty seven currently the Russell futures trading at seven 1778 1778 Again big movement not as much as a crawlback as the ES mini did but a crawlback guardless from its highest of point of the day and Cues trading at 15 195 same kind of motion we're seeing and we'll see it again with the Dow as well and we're getting back to the Open we are moving back towards there. So we'll see how we shake out today Might be kind of closing a little bit low today, but we will see how that goes out gold kind of stands sideways here at 1935 and 70 cents silver at twenty three dollars We have copper at three dollars and fifty seven cents and then light street crude. I'm moving too much. We're at eighty six 95 some big volume on the up about maybe half an hour ago and Then the Brent trading at about 90 bucks the dollar still sticking at 106 20 Any movement down from here is gonna be really positive for the rest of the market So we'll have to see again how that shakes out as well QQQ trading at 367 Google 140 Metta we're at 322 Disney 85 70 Apple talk a little bit about them today They're losing some market dominance in China iPhone 15 sales have not been so good over there. We had Tim Cook visit China in the midst of all of this. Let's buy it for 35. You take a look at Nvidia They are down a little bit About 23% or excuse me 23 points right now about 5% so What essentially happened is the US is enforcing new trade restrictions with China We're running China's ability to get more cutting-edge chips The new restrictions are designed to close loopholes on export controls announced a year ago The current administration said it is seeking to prevent China's military from importing advanced Semiconductors and chip manufacturing equipment Tyler controls will target Nvidia's a 800 and h 800 chips Which the company created for the Chinese market after the initial US trade restrictions last October These chips are less capable the Nvidia's top-of-the-line graphics processors For artificial intelligence earlier trade restrictions prevented semiconductor a supplier ASML. They do all the lithography I'm from selling its advanced lithography gear to China that would allow China to develop these chips over there and then Let's take a look at AMD real quick here. So Nvidia is Primed and why they're so strong is because their chips are used to train the new models But AMD's chips can be used to just kind of maintain them So down marginally on the daily to pull this out to yearly And we have 132 at the high here And we had a study decline to pump up into 100 on a not significant volume and trading in this range Really of 110 to 100 You know Again the idea of like the video gets hit very hard on this It's two ways to look at this right like Nvidia again is has very very cutting-edge Semiconductors right the processors and all this that like I said is being used to train these models Whereas AMD just is used in order to support them if that makes sense So NVIDIA obviously can get hit pretty hard right if you're cutting state-of-the-art kind of training chips NVIDIA gets hit hard on that if you're cutting all kind of chips going NVIDIA obviously get hit gets hit hard, but then AMD gets hit hard as well Not a lot of action with this stock. Obviously you have some pretty intense movements up down from a low in September about 94 12 Low of the years training about 80 79 dollars around here But again, no no substantial volume. I think really the the person the entity that got the most Fame out of this whole AI kind of rush would have been the video so Yeah, it's something to take a look at regarding that NVIDIA is still obviously pretty strong. I mean a 5% decrease After its pump up in about May is not you know anything bad unless you were like buying at these higher levels But you know if you've been holding prior to that you're still sitting pretty and you can probably absorb some losses like this So that's what's going on in the chip sector we talked a little bit about retail sales Did very well in September. There's no consumer slowdown in sight according to it. Obviously That is not what the Fed has been wanting But yet the consumer persists the retail sales rose about point seven percent in October Excuse me in September from the previous month More than double the Wall Street estimates for a point three percent growth Sales excluding auto and gas increased point six percent above estimates for a point one percent increase And that was compiled by Bloomberg The August sales were revised up to point eight percent from previously reported point six percent So this obviously gives a snapshot and consumer spending at a time when economic data is coming in Largely stronger than expected despite the Federal Reserve's interest rate Hiking campaign as a central bank seeks to cool inflation and things really are still getting expensive. So I'm curious to see where this spending is coming from and I would I would reckon You know a lot of this more than people would be comfortable with is coming from essentially credit And so I'd be interested to see kind of that report Jamie Dimon on Friday noted that the consumers and businesses are generally remaining healthy Their cash buffers are being spent down Something to keep in mind as well The Bank of America CEO Brian Moynihan described the state of the U.S economy as one in which the consumer is still spending ahead of last year but is continuing to slow in that is True Bank of America as well they they popped up about ten percent But they are a warning of a slowing spending by Americans The Charlotte NC bank earned a profit about 7.8 billion or 90 cents a share Which is 13 cents better than Wall Street had expected according to a survey of analysts It also tops last year 7.1 billion in profit Most of the higher profits came from higher interest rates on loans, of course with that interest coming in about 14.4 billion compared to about 13 Uh 0.76 billion Last year give me a second here My computer all caught up Take a look here Oh, and we got the break well when we get back folks talk just a little bit more about Bank of America and the banks in general We have basil and we have tim orton today, which is fantastic. So folks stay tuned. We'll be right back