Sevens Report - Wall Street – US stock market report today

Is AI the Only Thing Supporting This Market?

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What’s in Today’s Report:

  • Last Week’s Takeaway: AI Enthusiasm Could Soon Be the Only Thing Holding Up This Market
  • Weekly Economic Cheat Sheet – Fed Surveys in Focus

Stock futures are solidly higher this morning, recovering a good portion of Friday’s losses amid easing trade war fears.

President Trump dialed back Friday’s tariff threats on China with a post on Truth Social saying “Don’t worry about China, it will all be fine,” which is fueling a relief rally today.

Economically, Chinese trade data was strong with exports jumping from 4.4% to 8.3% vs. (E) 6.5% in September.

There are no economic reports in the U.S. today and just one Fed speaker: Paulson (12:55 p.m. ET).

There is one noteworthy “bellwether” earnings release today: FAST ($0.30), however, with bond markets closed in observation of Columbus Day, it is likely to be a quiet day of volatility consolidation.

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