Wall St staged a recovery from opening lows to finish near flat in another volatile session. S&P 500 flat on average volume. Nasdaq up 0.13%. Dow underperformed. Down 310 points and down 1100 in two sessions after hitting record highs earlier in the week. Short-term rotation from growth to value didn’t last long. The weak open coming from the same narrative as yesterday – odds of a Fed December rate cut falling due to inflation concerns (no official economic data released). 50% to 45% this time (again, yawn). The drop was attributed to Jeffrey Schmid, saying inflation was too hot and is being driven by broader factors other than tariffs. Schmid was the only Fed member to dissent in favour of no change in October (Miran was the only one to dissent in favour of a 50bp cut). Nasdaq was down 1.9% at worst before the precipitous moment was again avoided and the dip bought. Volatility remains high. Above 20 points.

SPI down 17 - ELD results.

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