Stronger GDP jolts rate-cut bets, tech resets into 2026, metals rip on supply shocks, Novo pill ignites GLP-1 race
Morning BriefShow Notes
US markets opened softer after Q3 GDP printed at 4.3%, reviving the idea the Fed may have less room to cut early in 2026. Investors now pivot to thin holiday liquidity, the next data points, and whether earnings can clear rising expectations.
AI leadership remains the focal point: Nvidia (NVDA) has added about 5% over the last 5 sessions as Dan Ives framed the cycle as “year 3” of a multi-year buildout, while Marianne Bartels argued 2026 looks like a volatility-heavy “reset” that still sets up a longer bull run for semis. The risk today is not the theme, it is the bar.
Commodities are the other momentum pocket: copper hit a fresh record above $12,000/ton and gold broke through $4,500/oz, with Bartels flagging a broader metals breakout.
Trending tickers: Novo Nordisk (NVO) on FDA approval for a weight-loss pill, with Eli Lilly (LLY) close behind.
Takeaways:
Strong GDP revived “higher for longer” rate sensitivity.
Semis can lead in 2026, but expect a reset-style drawdown.
Metals are acting like a FOMO trade with real supply constraints.
GLP-1 competition is accelerating from injections to pills.
Watch expectations, not narratives, into early 2026.
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