Silver’s Pullback Sees Long Bias Near Extreme Buy Territory

Indices: Mixed and Little Changed for Most

• U.S. equity index futures rise after a mixed session that saw only small gains for the S&P 500 (+0.1% to 6,857) as investors position for next week’s Fed meeting; Treasury yields climbed again, and market pricing (CME’s FedWatch) shows expectations for a 25bp cut out of the Fed running at roughly 87%
• Japan’s Nikkei 225 (-1.3%) takes a hit as talk of a BoJ rate hike picks up

Stocks: Intel Takes the Volatility Award

• Shares of Nvidia (NASDAQ:NVDA) close 2.1% higher though broader AI sentiment remained mixed, with investors rotating selectively into software names
• Intel (NASDAQ:INTC) (-7.5%) experiences a volatile session, this time dropping as it abandons plans to sell its networking and communications unit
• Meta (NASDAQ:META) shares climb 3.4% by the close following a Bloomberg report it’ll make major cuts on the metaverse front
• Meme stock movers: Kohl’s (-1.7%), Krispy Kreme (-2.8%), Opendoor (+9.2%), AMC (+2.2%), BlackBerry (+1.8%), Nokia (-1.6%), GameStop (-1.1%)
• Mixed session for crypto stocks: Coinbase (NASDAQ:COIN) (-1%), MicroStrategy (NASDAQ:MSTR) (-1.3%), Marathon Digital (NASDAQ:MARA) (-0.2%), Gemini Space Station (+10.2%), Bullish (+4.4%)
• Earnings:

Salesforce (NYSE:CRM): raises Q4 revenue guidance; shares close 3.7% higher
Snowflake (NYSE:SNOW): beats but guides lower on product revenue; shares plummet 11.4%
Five Below (NASDAQ:FIVE): beats on both earnings and revenue; shares climb 3.2%
nCino: beats and raises its guidance for next year, yet shares drop 4.8% by the close
Dollar General (NYSE:DG): beats on both earnings and revenue, and raises full-year guidance; shares jump 14%