Four of the big five - Alphabet, Amazon, Apple, and Facebook- are set to report earnings after the bell. The stocks account for $7T in market value, or nearly 46% of the Nasdaq 100, while the group's scale and influence has made it an outsized target for lawmakers in Washington. The stocks sold off yesterday, each dropping around 5% with the broader market, though they pared back some of those losses in the AH trading session. 

More deals in the chip sector: Marvell Technology is reportedly nearing a deal to acquire Inphi for about $10B, adding to an already record year for chip industry deals. Previous acquisitions: Advanced Micro Devices' $35B takeover of Xilinx, Nvidia's $40B purchase of Arm and Analog Devices' agreement to acquire Maxim Integrated Products for $20.9B. Marvell will pay 60% of the acquisition in stock, with the rest in cash, while an announcement could come as soon as today. Inphi Shares are 40% higher on the news.

Coming off the worst quarter in history, the U.S. economy grew at its fastest pace ever in the third quarter as a nation battered by an unprecedented pandemic put itself back together. Third-quarter gross domestic product, a measure of the total goods and services produced in the July-to-September period, expanded at a 33.1% annualized pace.  Initial jobs also came in a bit better than expected at 751,000.  

With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.