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Based in Los Angeles, AECOM is a global provider of planning, consulting, architectural and engineering design, and construction management services for a broad range of infrastructure projects, including transportation, water, energy, and environmental initiatives.

The major indices are mixed and mostly flat at midday. The conflict between Russia and Ukraine is flaring up and seems to be unsettling the markets. The yield on the 10-year Treasury note is down 5 bps at 4.37%. Oil is flat at $69 per barrel. Gold is $2,630. Bitcoin has tipped over $92,000.

All eyes are focused on Nvidia, which will report results after the close on Wednesday. The company has a history of beating expectations -- and with 10 strong buy recommendations, 49 buy ratings, and six hold ratings (as per Yahoo Finance), any disappointment could be monumental. While the stock is near all-time highs, its recent completion of a continuous inverse head-and-shoulders pattern as well as a cup-with-handle formation has not seen any upside follow-through. That is uncharacteristic of this stock in recent years, but it may be that many are simply waiting for the numbers. Also of note, the majority of the semiconductor industry has been a train wreck since the summer. As we have said in the past, the greatest individual stock moves occur when investors are chasing the entire industry -- and that certainly isn't the case right now. Switching gears, certain commodities bounced off their recent lows on Monday. While it's too early to call for new uptrends, the Commitment of Traders (COT) data shows that the smart money commercial hedgers are looking for higher prices. WTI once again has held chart support in the $66-$67/barrel area. This price has been hit many times going back to early 2023, so it has become a key marker. WTI popped 3.5% on Monday and was approaching $70. Energy stocks (XLE) were the leading sector on the day, rising 1.3%. Copper is also bouncing off $4, which was a low over the summer. So far, copper has traced out an ABC decline off its recent peak at the end of September. (Mark Arbeter, CMT)

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