Pre-Bell 
Brief
Time: 19-Nov-2025 08:26 (ET)
Key Takeaway
• Futures are modestly higher after a choppy selloff, with Nvidia and Fed minutes set to steer the next move.[1][2][8]
What Moved Overnight
• Asia - indexes slipped again as traders stayed cautious ahead of Nvidia earnings and US data.[3]
• Europe - EuroStoxx trades near recent lows, with cyclicals soft and defensives mixed into the US open.[4]
• US futures - SPX, NDX, DJI futures up roughly +0.30% to +0.50%, signaling a tentative bounce.[1][2]
• FX-Rates-Oil - DXY is firm, 10Y near 4.10%, oil around 60, inflation near 3% keeps real yields positive.[5][6][10]
How the Prior Session Closed
• SPX fell -0.83%, NDX -1.20%, while small caps in the proxy S-Fund finished slightly green and overseas lagged.[11]
• Tone: Risk off, selling focused in megacap tech while transports and small caps showed relative resilience, no capitulation yet.
• Breadth: Top 10 trailed the Mid-90 and Bottom-403, showing quiet rotation away from the most crowded leaders.
• Vol: VIX jumped about +6.93% on the day and over +20.00% for the week, confirming a volatility spike rather than a drift.
• Top Gainer: MDT gained +4.69% as health care finally caught a defensive bid.
• Bottom Loser: HD dropped -6.02% on softer housing linked demand and cautious guidance.
Today’s 1st Hour of Trading
• 07:30 - Trade balance, housing starts and a Chicago Fed conditions update open the data day.[7]
• Nvidia reports after the close, AI complex and NDX futures stay very sensitive to its guidance.[1]
• Fed minutes for the Oct 28-29 meeting hit at 14:00, market will read tone on cuts and the data blackout.[8][12]
Upcoming Headlines
• 11/19 WED 14:00 - FOMC minutes for the Oct 28-29 meeting, focus on guidance into December.[8]
• 11/19 WED after close - Nvidia Q3 earnings, key read on AI spending and megacap tech sentiment.[1]
• 11/20 THU 08:30 - Weekly claims and usual Thursday releases keep a normal labor pulse on the tape.[7]
Off in the Distance
• 11/26 WED 14:00 - Fed Beige Book, regional anecdotes ahead of the December decision.[8]
• 12/09-12/10 - FOMC meeting in December, policy path and dot plot back in focus.[8]
• 12/10 WED 08:30 - US CPI for November, still scheduled even as prior reports were hit by the shutdown.[9][12]
Wrap
• Futures hint at a modest bounce, but volatility, Nvidia and policy uncertainty keep risk management front and center.
Disclaimer: Any resemblance to actual outcomes is purely coincidental.
• Powered by AI-Intela: Sometimes thinking hard, sometimes hardly thinking.
▶ Citation Block
[1] 19-Nov-2025: Reuters - US stock futures steady in lead-up to Nvidia test
[2] 19-Nov-2025: Markets Insider - Premarket futures dashboard, major US indexes
[3] 19-Nov-2025: AP via WTOP - Asian shares retreat in cautious trading ahead of Nvidia
[4] 19-Nov-2025: Reuters - European shares hover near one-month low awaiting Nvidia
[5] 19-Nov-2025: MarketWatch - WTI crude front month quote and intraday move
[6] 19-Nov-2025: YCharts - 10 Year Treasury Rate around 4.12 percent
[7] 19-Nov-2025: New York Fed - Economic Indicators Calendar, trade and housing releases
[8] 2025: Federal Reserve - FOMC 2025 calendar, minutes, Beige Book and December meeting
[9] 19-Nov-2025: FRED - CPI release calendar showing 10-Dec-2025 slot
[10] 19-Nov-2025: Slickcharts - United States inflation rate near 3 percent
[11] 18-Nov-2025: TSPDataCenter - Latest TSP daily share prices and fund returns
[12] 12-Nov-2025: Politico - Shutdown likely to prevent release of key jobs and inflation data
BriefTime: 19-Nov-2025 08:26 (ET)
Key Takeaway• Futures are modestly higher after a choppy selloff, with Nvidia and Fed minutes set to steer the next move.[1][2][8]
What Moved Overnight• Asia - indexes slipped again as traders stayed cautious ahead of Nvidia earnings and US data.[3]
• Europe - EuroStoxx trades near recent lows, with cyclicals soft and defensives mixed into the US open.[4]
• US futures - SPX, NDX, DJI futures up roughly +0.30% to +0.50%, signaling a tentative bounce.[1][2]
• FX-Rates-Oil - DXY is firm, 10Y near 4.10%, oil around 60, inflation near 3% keeps real yields positive.[5][6][10]
How the Prior Session Closed• SPX fell -0.83%, NDX -1.20%, while small caps in the proxy S-Fund finished slightly green and overseas lagged.[11]
• Tone: Risk off, selling focused in megacap tech while transports and small caps showed relative resilience, no capitulation yet.
• Breadth: Top 10 trailed the Mid-90 and Bottom-403, showing quiet rotation away from the most crowded leaders.
• Vol: VIX jumped about +6.93% on the day and over +20.00% for the week, confirming a volatility spike rather than a drift.
• Top Gainer: MDT gained +4.69% as health care finally caught a defensive bid.
• Bottom Loser: HD dropped -6.02% on softer housing linked demand and cautious guidance.
Today’s 1st Hour of Trading• 07:30 - Trade balance, housing starts and a Chicago Fed conditions update open the data day.[7]
• Nvidia reports after the close, AI complex and NDX futures stay very sensitive to its guidance.[1]
• Fed minutes for the Oct 28-29 meeting hit at 14:00, market will read tone on cuts and the data blackout.[8][12]
Upcoming Headlines• 11/19 WED 14:00 - FOMC minutes for the Oct 28-29 meeting, focus on guidance into December.[8]
• 11/19 WED after close - Nvidia Q3 earnings, key read on AI spending and megacap tech sentiment.[1]
• 11/20 THU 08:30 - Weekly claims and usual Thursday releases keep a normal labor pulse on the tape.[7]
Off in the Distance• 11/26 WED 14:00 - Fed Beige Book, regional anecdotes ahead of the December decision.[8]
• 12/09-12/10 - FOMC meeting in December, policy path and dot plot back in focus.[8]
• 12/10 WED 08:30 - US CPI for November, still scheduled even as prior reports were hit by the shutdown.[9][12]
Wrap• Futures hint at a modest bounce, but volatility, Nvidia and policy uncertainty keep risk management front and center.
Disclaimer: Any resemblance to actual outcomes is purely coincidental. • Powered by AI-Intela: Sometimes thinking hard, sometimes hardly thinking.
▶ Citation Block
[1] 19-Nov-2025: Reuters - US stock futures steady in lead-up to Nvidia test
[2] 19-Nov-2025: Markets Insider - Premarket futures dashboard, major US indexes
[3] 19-Nov-2025: AP via WTOP - Asian shares retreat in cautious trading ahead of Nvidia
[4] 19-Nov-2025: Reuters - European shares hover near one-month low awaiting Nvidia
[5] 19-Nov-2025: MarketWatch - WTI crude front month quote and intraday move
[6] 19-Nov-2025: YCharts - 10 Year Treasury Rate around 4.12 percent
[7] 19-Nov-2025: New York Fed - Economic Indicators Calendar, trade and housing releases
[8] 2025: Federal Reserve - FOMC 2025 calendar, minutes, Beige Book and December meeting
[9] 19-Nov-2025: FRED - CPI release calendar showing 10-Dec-2025 slot
[10] 19-Nov-2025: Slickcharts - United States inflation rate near 3 percent
[11] 18-Nov-2025: TSPDataCenter - Latest TSP daily share prices and fund returns
[12] 12-Nov-2025: Politico - Shutdown likely to prevent release of key jobs and inflation data
