Oct. 21 could top Nvidia's ChatGPT run

KEY TAKES

• Hot core CPI (core +0.3% vs 0.2% est) sent QQQ −1.97% and IWM −1.93%, while healthcare (UNH +4.73%) held the Dow near flat.
• TSMC reports overnight (2:00 AM ET call) after semis took the worst of it, then PPI and retail sales at 8:30 AM ET.
• See where one veteran trader looks for setups when the market reopens after the weekend (From Millionaire Publishing)

THE CLOSE

A hot core print made financing more expensive, so semis and CoreWeave led the drop and small caps stayed with them. Healthcare's bid held the Dow near flat. SPY closed 769.60 (−1.08%), QQQ 728.95 (−1.97%), DIA 515.63 (−0.11%), IWM 271.37 (−1.93%). October hike odds sit at 49%. BAC finished −4.76% on a miss plus the fine, while JPM finished +1.16%. Did the 3 PM read hold? It held. The IWM gap versus SPY stayed, and CRWV closed −15.46% with no recovery.

AFTER THE BELL

CRWV closed 65.78 (−15.46%). D.A. Davidson's Luria said the equity could go to zero if the AI cycle sputters (MT Newswires 4:46 PM ET).

TOMORROW'S SETUP

2:00 AM ET. TSMC (TSM) Q3 earnings conference. Margins and capex, plus AI demand, after the semi drop (TSM −3.40%, SMH −3.98%).

Before the open. Charles Schwab (SCHW), BNY, PNC, U.S. Bancorp (USB), and Prologis (PLD) report. Second wave of bank earnings after BAC's miss and STT's fee disappointment.

8:30 AM ET. September PPI, retail sales, weekly jobless claims, Empire State, and Philly Fed. It checks whether the hot CPI reached producer prices. Hike odds are already 49%.

After the close. Alcoa (AA), Interactive Brokers (IBKR), and J.B. Hunt (JBHT) report. IBKR closed −3.83% and AA closed −3.40%.

ONE TO WATCH TOMORROW

SCHW closed $96.80 (+0.90%). It reports before Thursday's open. Schwab finished green while BAC, STT, and MS sold. It earns on client cash balances, so a higher-for-longer rate read is the setup. Tell: does SCHW hold green through the 8:30 AM ET PPI and retail sales prints?

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Signal over noise. Evening recap of Wednesday's official close. Thursday starts with TSMC's 2:00 AM ET call, then PPI and retail sales at 8:30 AM ET.