Mostly Consolidating Ahead of Fed. Some Pressure From Neocloud Bounce

"Neocloud" has entered the commentary. This is shorthand for the market segment in which Coreweave operates. Neocloud companies have been the epicenter of recent concerns in tech that have helped fuel the mid October bond rally.  Their negative momentum leveled off last Thursday--the same time bond yields bottomed. Neocloud stocks are up sharply this morning and their bond yields are falling. Coreweave yields are back to last Wednesday's levels (though still hugely elevated from early October levels). The consolidation mirrors the bond market over the past several sessions, although this morning's Durable Goods data made for a slight bump in yields. Wednesday's Fed announcement is likely the next major scheduled event that could serve as the jumping-off point for the next phase of momentum.