Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, November 6th, and I'm your host, Kim Khan. Our top story so far.

Stocks are racing higher and bonds are tumbling as the Trump trade goes into full gear.

The major averages are up significantly.

The Dow is in the lead, up 3%. The S&P and NASDAQ are up 2% or more.

Tony Pascuario, head of hedge fund coverage for Goldman Sachs,

says the trading crowd walked into today with light risk

and a good reservoir of profit and loss,

so he expects folks will play the cards that just turned over at face value.

The whole world didn't just adjust their risk overnight, he added.

I'd be inclined to press on the prevailing trends that follow from these results.

This argues for a broad set of reflation trades that play on pro-cyclical policies and high U.S. nominal GDP growth.

The dollar is up nearly 2 percent and is close to notching its best one-day gain since March 2020.

Bitcoin is also on the March higher, topping 74,000.

In the bond market, treasury yields are up sharply as the FMC starts its two-day rates meaning.

Expectations are still a near certainty of a quarter-point rate cut on Thursday, but the

odds of a similar cut in December fall in below 70% as traders gauge the impact of imminent tariffs.

Looking further out, fewer cuts are priced in for 2025, with traders now bending on a terminal rate for that year of 3.75%, just one full percentage point from current levels, and it will be reached by June next year.

The benchmark 10-year yield is up 15 basis points to 4.43%.

It's now up more than 70 basis points since the Fed started its easing cycle in September

by cutting 50 basis points. The two-year yield is up nine basis points to 4.28%. Pantheon macroeconomist

Samuel Toombe said, the scope for tax cuts and a much larger budget deficit in 2026 remains unclear

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