Morgans’ Stickley: S&P 500 up following every midterm since 1950 as Nvidia looks cheap

In today's S&P 500 today news, a solid post-midterm seasonal record gives dip buyers a historical anchor, but the AI sell-off reveals that policy risk to the data centre build-out is now a live variable for tech valuations, according to investingLive. Nvidia's results next week are the near-term test: guidance of over $100 billion in revenue would back the view that fundamentals have decoupled from the share price.

Key points

• While its forward price-to-earnings ratio of roughly 11 times looks very cheap, Stickley noted the chipmaker has clear visibility.
• Closer to home, Stickley noted Australian banks are holding up in spite of the cash rate advancing to 4.85%.
• He described a sudden one-day slide in which the semiconductor index slipped roughly 12% and Nvidia about 9%.
• If the historical trend keeps, he noted, market participants could be in for a good six to 12 months.
• The historical pattern of US equities rallying after midterm elections stays intact in spite of Wall Street's sharp technology sell-off.

S&P 500 today: the details

Not an established trend for now that is his interpretation. The historical pattern of US equities rallying after midterm elections stays intact in spite of Wall Street's sharp technology sell-off, Jack Stickley of Australian stockbroker Morgans noted in an interview with ausbiz. If the historical trend keeps, he noted, market participants could be in for a good six to 12 months.

Stickley acknowledged the scale of the latest sell-off on technology. He described a sudden one-day slide in which the semiconductor index slipped roughly 12% and Nvidia about 9%, wiping roughly half a trillion dollars of market value.

While its forward price-to-earnings ratio of roughly 11 times looks very cheap, Stickley noted the chipmaker has clear visibility, a large order backlog and guidance for upwards of $100 billion in revenue next quarter. He is not buying aggressively in the run-up to Nvidia's results next week, he noted, but he is starting to add exposure to the sector.

Closer to home, Stickley noted Australian banks are holding up in spite of the cash rate advancing to 4.85%, while consumer-facing businesses are under pressure.

Why S&P 500 today matters for traders

Equity moves reflect expectations for earnings, interest rates and economic growth. Strong or weak results from large companies can shift sentiment across whole sectors and indices.

Stock-market sentiment also spills over into currencies: risk-on moods tend to favour higher-yielding currencies, while sell-offs often support safe havens.

Market reaction and data

On the currency side, the latest ECB daily reference rates (2026-11-10) show EUR/USD 1.1214, GBP/USD 1.3423, AUD/USD 0.6904, NZD/USD 0.5628, USD/JPY 158.18, USD/CHF 0.8207, USD/CAD 1.4136, USD/CNY 6.6703. These are reference fixes, not live quotes.

What to watch next for S&P 500 today

Traders will track upcoming earnings, guidance from company management, bond yields and macro data that could change the rate outlook.

Key scheduled releases on the economic calendar:

• GBP GDP m/m on Thu Nov 12, 07:00 UTC, forecast 0.0%, previous 0.1%
• USD Core PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.3%, previous 0.7%
• USD PPI m/m on Fri Nov 13, 13:30 UTC, forecast 0.4%, previous 1.3%

Follow every update in our Top 10 Forex News Today, read Australian investor home lending tumbles 32% in Q3 as tax curbs and RBA hikes bite harder or see all of today's top market news.

FAQ

What is the latest S&P 500 today news?

A solid post-midterm seasonal record gives dip buyers a historical anchor, but the AI sell-off reveals that policy risk to the data centre build-out is now a live variable for tech valuations.

Why do stock markets react to interest rates?

Higher rates raise borrowing costs and reduce the present value of future profits, which tends to weigh on stock valuations, especially for growth companies.

Where does this information come from?

This report is based on coverage from investingLive, checked against market data where available. It is a summary for information only and not investment advice.