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Macro US Stocks

QQQ Reclaims 200-Day Average as AI Stocks Diverge Before December Rate Decision

QQQ closed at $690.38 on Nov. 11, 1.27% above its 200-day moving average, recovering the line after falling 4.94% below it on Nov. 5. AI names diverged: AMD traded 31.6% above its 200-day average and Micron 6.5% above, while Nvidia sat 15.0% below and CoreWeave 32.1% below despite a 24.71% one-day jump. Nvidia reports Nov. 17, with the 10-year Treasury yield at 4.998% on Nov. 10.

Original source

AI take

The index reclaiming its 200-day line says more about breadth than direction: the AI trade is no longer a single block, with AMD and Micron extended above trend while Nvidia and CoreWeave sit well below theirs. That dispersion matters because Nvidia's Nov. 17 report lands with the 10-year yield near 5%, a combination that tends to punish crowded positioning regardless of headline results. Whether the index-level recovery holds once that earnings print and the December rate decision are digested is the open question.

Generated by AI for reference only.

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