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Markets Bounce Back While Nvidia Faces Uncertainty and Inflation Looms

November 9, 2026

Video Transcript

JD Durkin: Let’s bring in Ben Emons, friend of the show, a friend of mine, CIO and founder of FedWatch Advisors. My man. Thank you for being here.

Ben Emons: You’re welcome, JD.

JD Durkin: First time you and I are getting to catch up since the election. So let me get your sense on the market’s reaction. Wednesday, huge up day. Thursday, historic selloff. Friday, market trying to make up its mind. It made up its mind today in a big way, up more than 2%. What do you make of all the whipsaw we’ve had since the results late Tuesday?

Ben Emons: So it was an interesting outcome, JD, because at first everybody was like, a positive result, because it takes away the uncertainty of the election and all that. But then there was just [unclear: “roll positioning”], I think, going into the event, very stretched in options. So that’s now cleared out. And once you do that, this technical move that we’ve seen currently is, I would call, a predictable bounce. You know, we had this pretty sharp downward move. It’s oversold. So I think that’s what you’re seeing today. Now, how will it go from here? We’ll see what plays out with Nvidia. We’ll see what plays out with other earnings. But I think it’s just right now kind of a predictable bounce.

JD Durkin: Yeah. I mean, so much of the market, it’s a really strong breadth, advancers to decliners today looking really good, all the sectors up. Nvidia, down 4.3%. That company’s board of directors investigating CEO Jensen Huang’s relationship with a woman that at least U.S. intelligence agencies say is a Chinese spy. Is this a story of palace intrigue? Is this a knee-jerk reaction for Nvidia shareholders? How do you think about a big story like that that has deeply personal implications? Is it something investors should be paying more and more attention to?

Ben Emons: [unclear: “Stefanie Key man Rich”] because Nvidia is Jensen Huang and vice versa. So we have to see what comes out of this investigation. But it does indicate to me that him being willing to fully cooperate, the board being behind him, the administration already having floated it out there, that there’s a relationship [unclear: “that May should’ve not happened”], probably not a security breach, because otherwise the meeting with Xi Jinping would have been called off if that were to be the case. So this is a knee-jerk reaction, but it makes the situation uncertain. If Jensen Huang is out or in, what does it mean for management of Nvidia from here? It’s a strong company, it has great product, it has lots of prospects. But I think investors will look at this with a confidence lens and say, okay, [unclear: “you maybe are maybe in I’m going to stay away for a bit until I come back”], which makes the stock attractive too. I think it looks pretty cheap at this moment.

JD Durkin: Yeah, the only Magnificent Seven stock in the red, and after the big selloff last week, now in negative territory for the year, even before we learned the details that happened on Sunday. We got a few big inflation prints crossing the wire in the next couple of days. We get CPI tomorrow. We get PPI wholesale on Friday. What are you thinking about those numbers, especially as we get a little bit closer to December 9th, the next and final FOMC meeting of the year?

Ben Emons: Yeah. So inflation will still be high. But the good news is we’ve got energy declining now, and this looks like it’s more consistent. So we get a little bit of pressure off inflation over the last two months. [unclear: “The fed is staying hold to December to hike rates.”] I don’t think that has changed. But what will be interesting to see is that within the numbers. I call this the pipeline of inflation. If that’s actually changing, then we do not get a lot of pipeline buildup. Is that cooling off again? That would be, I think, the key focus [unclear: “for what this has the case”] that will give a huge relief to the markets, I think.

JD Durkin: Yeah. Ben, I mean, FedWatch Advisors, come back and see us anytime. We got this on short notice today, so I’m really grateful for you swinging in. What a pleasure to see you. We’ll talk again soon.

On Taking Stock, JD Durkin talks with Ben Emons, CIO and founder of FedWatch Advisors, about the market whipsaw since the election results late Tuesday. Durkin notes a huge up day Wednesday, a historic selloff Thursday, and a rally of more than 2% today. Emons calls the move a predictable bounce, saying that positioning in options was very stretched going into the event and that the market was oversold after a sharp downward move. He says Nvidia and other earnings will shape what happens from here.

The two discuss Nvidia, which Durkin says was down 4.3% as its board investigates CEO Jensen Huang’s relationship with a woman that he says U.S. intelligence agencies describe as a Chinese spy. Emons says Nvidia is Jensen Huang and vice versa, calls the move a knee-jerk reaction, and says he thinks it is probably not a security breach, since otherwise the meeting with Xi Jinping would have been called off. He says investors will view the situation through a confidence lens, but that he thinks the stock looks pretty cheap right now.

Looking ahead to CPI tomorrow, PPI on Friday, and the December 9th FOMC meeting, Emons says inflation will still be high but that declining energy prices have taken a little pressure off over the last two months. He says he is watching what he calls the pipeline of inflation, and that a cooling there would give the markets huge relief.

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