Schwab Network

Charles Schwab's Liz Ann Sonders believes a decisive outcome in the midterm elections opened the door to a market rally Wednesday as a chapter of macro uncertainty closes. She weighs the possibility for a year-end rally and continues to emphasize the importance of diversification as investors digest the midterm results. Mike Townsend explains how a Congressional flip will shape U.S. and foreign policy, and how it affects the stock market. He says Democrats will aim to slow down the AI buildout but expects cryptocurrency regulation to remain a bipartisan agenda item.

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Bob Doll discusses the market’s post-midterm rally and why political gridlock could support stocks, even as he expects volatile, sideways trading in the near term. He sees strength in alternative energy and health care, while watching weakness in defense and risks surrounding technology, AI and data centers. Doll also highlights strong corporate earnings growth as a key support for the market, but warns that slowing earnings and potentially higher taxes could create longer-term headwinds.

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David Wagner discusses the post-midterm market rally, the outlook for data center and AI spending, and why strong earnings could support further gains. He highlights Copart (CPRT), Amphenol (APH) and Amazon (AMZN), calling Amphenol a must-own data center play and Amazon one of his favorite Mag 7 stocks. Wagner also explains why he believes investors should not get too conservative and argues the Fed should remain on hold.

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Block (XYZ) leaning more into AI is having a positive impact on earnings, as Diane King Hall points to the metric giving the company an edge in Wednesday's early trading action. A slide in comp. sales led to a miss on revenue, though the stock gained in the minutes after the opening bell. Diane then turns to Skyworks Solutions (SWKS) and its selloff focused on weakness in its guidance.

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Doug Cohen discusses the market’s post-election rally and why he expects the S&P 500 (SPX) to remain resilient through year-end. He sees opportunities as the rally broadens beyond tech into industrials, health care and financials, while favoring equal-weight exposure to reduce concentration risk around the AI trade. Cohen also weighs the outlook for the Mag 7, AI spending and data center investment, along with oil prices, the labor market, Fed policy and the 10-year Treasury yield.

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As Wall Street finds its footing following midterm elections that resulted in a Congressional flip, Kevin Hincks says not to forget about key international headlines, either. Pakistan calling out positive deescalation talks is pulling crude oil futures down. Kevin explains what the dynamics between midterms and lower crude means for the stock market Wednesday, including the AI trade. He then turns to the latest economic data as the ADP non-farm employment change signaled 86,000 more private payrolls in October. In equities, Kevin highlights key numbers in AMD Inc.'s (AMD) earnings.

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After signing a deal with SpaceX (SPCX) for mobile communications, Qualcomm (QCOM) moved higher in premarket trading. Rick Ducat with Charles Schwab breaks down key levels in Qualcomm as the stock has underperformed compared to other chipmakers. He says the underperformance is "nothing to write home about" since earnings may be a catalyst for the company. Rick turns to an example trade highlighting how recent momentum could be a pivot point for the stock currently approaching support.

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Nick Giorgi believes the midterm election selling following the results is a "sell the rumor, buy the news" event and calls it a clearing event for the stock market. As for the AI trade, Nick makes the case that AI stocks will still outperform even as expectations for a slower AI buildout begin to surface. Healthcare is another sector he sees standing strong, though he's hesitant on the defense and energy trades.

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Congress will turn blue after Democrats secured seats in both the House and Senate in key battleground races. Tom White says the expected gridlock in D.C. traditionally creates a favorable environment for equities, though many AI-tied stocks moved lower as investors price in a slowing AI buildout. AMD Inc. (AMD) is one company that initially rallied off a strong earnings report before reversing after the election results. Meanwhile. Arista Networks (ANET) shares surged following its earnings while Datadog (DDOG) plunged.

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Citi has downgraded Adobe (ADBE), causing premarket volatility for the stock. Patrick Ciummo with Charles Schwab says "[this] year has not been kind to Adobe." He attributes the recent pop in premarket trading activity to investors trying to "digest" the downgrade, while acknowledging Adobe is close to a support level on a longer term chart.

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