December 9, 2025

Markets:

Stock futures were little changed Tuesday, despite a bump in Nvidia shares after President Donald Trump approved H200 chip sales to China in a deal that gives the U.S. government a hefty cut.

Nvidia climbed ticked higher following a Truth Social post Monday evening that said the chipmaking giant could ship its H200 chips to “approved customers” in China and elsewhere under the condition that a quarter of the sales will be paid to the U.S. government. Trump wrote that Chinese President Xi Jinping “responded positively” to the deal. Nvidia Chief Executive Jensen Huang met with Trump last week, and the agreement marks a win for the tech giant after months of trade talks.

Traders this week are waiting for the Federal Reserve’s highly awaited interest rate decision on Wednesday, which will be the last of the year. Markets are betting that the Fed will lower its key overnight lending rate by another quarter percentage point as it did at its meetings in September and October. Fed funds futures suggest an 89% chance of a decrease, up from under 67% about a month ago, according to CME’s FedWatch tool.

Separately, investors this week will digest earnings reports from key artificial intelligence plays Oracle, CIEN, Broadcom, along with retailers Costco and Lululemon.

Portfolio:

We head into today’s session holding setups in RIVN, TSLL, BMNR, and RR.

One of the biggest tech headlines this morning came from Google itself:
“JUST IN: Google CEO says it will be ‘normal’ to build data centers in space just one decade from now.”

This speaks to the magnitude of the next phase of AI infrastructure. The build-out—and the broader tech revolution underway—is far bigger than most appreciate. There will be bumps along the way, but the long-term trend is intact. This next-gen expansion isn’t ending… it’s just getting started.

For levels:

SPY: 682 holding so far. A sustained move above 685 would be constructive.

QQQ: We believe it can push past 630 post-Fed.

Until FOMC, expect deliberate chop designed to frustrate both sides of the tape. This is why we’ve emphasized patience unless an A+ setup emerges—like TSLL yesterday. Once the event passes, the market should have a cleaner path for several weeks.

One more positive: FinTwit is extremely bearish into FOMC. You know what that often means… potential new highs on deck. Let’s see how it unfolds. Stay patient and stay ready.