(The opinions expressed here are those of the author, a

columnist for Reuters.)

By Mike Dolan

Nov 11 - What matters in U.S. and global markets today

By Mike Dolan, Editor-At-Large, Finance and Markets

Tuesday's tech-led Wall Street jump on a displayed dogged

"buy-the-dip" behavior, but the move has run out of steam into

today's Veterans Day holiday.

With its quarterly results due out next week, the world's

most valuable company Nvidia bounced 6% on Tuesday as the U.S.

Senate passed a key bill to fund government through the end of

January - moving the procedure to the House this week.

The tech sector and megacaps led the S&P500's 1.5% surge

while the Nasdaq rallied more than 2%. AI data analytics firm

Palantir jumped 9% and Tesla climbed 4%.

Still, the moves only reclaimed about two thirds of the 6%

Nasdaq drop and 15% Nvidia swoon seen over the past two

weeks.

And futures have stalled into today's open.

Nvidia-backed CoreWeave's shares dropped more than 7%

overnight after it trimmed its annual revenue forecast, taking

the shine off a strong September quarter driven by demand for AI

cloud services.

And as Japan's SoftBank reported more than a doubling of

quarterly profits to 2.5 trillion yen ($16.6 billion), driven by

valuation gains in its OpenAI holdings, it said it sold the

remainder of its shares in Nvidia for almost $6 billion.

SoftBank has been a repeat investor in Nvidia, selling its

investment before the AI boom took off and then buying the chip

giant's shares again before divesting in October.

More broadly, Japanese government data showed domestic

investors sold significant amounts of foreign stocks last month

to lock in profits from the AI-fuelled rally.

With Treasury markets closed today, the dollar was firmer -

probing six-month highs against the yen after Monday's broadside

from new Prime Minister Sanae Takaichi against Bank of Japan

tightening as she loosened fiscal policy rules more broadly.

In Britain, UK government bond yields and the pound fell sharply

on news that the unemployment rate there jumped to four-year

highs and wage growth slowed - bolstering speculation that the

Bank of England will cut interest rates again next month.

Swiss stock markets and the Swiss franc jumped after U.S.

President Donald Trump said the United States is working with

Switzerland on a deal to lower the 39% tariff rate it faces on

exports, with sources saying the rate is likely to be cut to

15%. Watchmaker stocks jumped 2-4%.

In today's column, I look at whether centrists on the Federal

Reserve's policymaking committee are turning more hawkish and

making the case for a policy pause next month.

Today's Market Minute

* The U.S. Senate on Monday approved a compromise that would

end

the longest government shutdown in U.S. history, breaking a

weeks-long stalemate that has disrupted food benefits for

millions, left hundreds of thousands of federal workers unpaid

and snarled air traffic.

* U.S. President Donald Trump has threatened legal action

against

the BBC for its editing of a speech he made in 2021 on the day

his supporters overran the Capitol, which the British

broadcaster admitted on Monday was an "error of judgement".

* SoftBank Group Chief Executive Masayoshi Son's "all in"

bet on

OpenAI appears to be paying dividends after the ChatGPT-maker's

valuation soared this year, producing a surge in quarterly

profit for the Japanese technology investor.

* The Trump administration scored a surprise win-win this

year, as

Wall Street boomed while the dollar fizzled. But ROI markets

columnist Jamie McGeever argues that a repeat next year is

unlikely as the root of that sweet spot, dollar hedging, may be

missing.

* Oil prices have oscillated in a relatively narrow range in

recent months. While this may be a sweet spot for U.S.

President Donald Trump, it is a 'no man's land' for oil

producers, writes ROI energy columnist Ron Bousso.

Chart of the day

Japanese investors sold significant amounts of foreign

stocks last month to lock in profits from an AI-fuelled rally

amid concerns over stretched valuations and the U.S. government

shutdown. According to data from Japan's Ministry of Finance on

Tuesday, domestic investors withdrew about 1.84 trillion yen

($12.20 billion) from foreign stock markets in October - the

largest net sales for a month since June.

Today's events to watch

* U.S. Veterans Day, bond markets closed

* U.S. NFIB October small business survey (6:00 AM EDT)

* Federal Reserve Board Governor Michael Barr speaks

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Opinions expressed are those of the author. They do not reflect

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committed to integrity, independence, and freedom from bias.