Nvidia Becomes First $5 Trillion Company

Fed cuts 25 bps as a data blackout muddies guidance, while a positive Trump–Xi meeting cools trade risk. Focus turns to Apple and Amazon earnings today.

TL;DR:

🚀 Nvidia hits $5T valuation
🏦 Fed cuts rates 25 bps
🤝 Trump–Xi meeting eases tensions
📰 Shutdown delays key data

Nvidia Hits $5T Valuation

Nvidia became the world’s first $5 trillion company, extending its AI-led run and pulling semiconductor peers higher. The milestone underscored narrow market leadership as megacaps drove index performance, with traders watching momentum for follow-through. Position sizing stayed disciplined given elevated expectations into Big Tech earnings. Source

Fed Cuts Rates 25 bps

The Federal Reserve delivered a 25 bp cut, as expected, while noting limited visibility due to the ongoing shutdown. Chair Powell cautioned that a December cut is not assured, keeping the path data-dependent. Markets shifted to the cadence of easing and tonight’s Apple and Amazon results for confirmation on growth and margins. Source More

Trump–Xi Meeting Eases Tensions

President Trump called his meeting with China’s President Xi “amazing,” softening trade risk and supporting a mild risk-on tone. Investors looked for concrete steps on tariffs and export controls, with any setback likely to reignite volatility. Cyclicals and EM beta stand to benefit if the thaw holds. Source

Shutdown Delays Key Data

The U.S. government shutdown delayed major economic releases, constraining the Fed’s inputs and clouding forward guidance. With fewer official prints, markets leaned on high-frequency data and corporate commentary, raising the risk of choppier tape around incremental headlines. Expect tactical positioning until the calendar normalizes. Source

Federal Reserve Cuts Interest Rates by 25 Basis Points