The declines on the US stock market are accelerating, and after yesterday's weakest session this year for the S&P 500, the US500 index is losing almost 0.9%. The biggest decline is visible in the Nasdaq 100 (US100) quotations, where we see a sell-off of over 1%, before the market opens.
- Before the opening of Wall Street, Nvidia is losing over 3%, where the declines indicate an opening around USD 110 per share. Tesla shares are losing almost 4%, whose EV model sales in China fell by almost 49% year-on-year. The VIX volatility index has risen by over 5%.
- Before the US session, retailer Target (TGT.US) shares are also losing, whose profits and revenues - although they exceeded expectations, forecasts fell short. The company expects flat comparable sales this year, while the market was counting on around 1.7% growth. It also reported additional costs resulting from tariffs.
- Investors still seem to be reacting to the recent mixed US economic data, which indicates rising inflation expectations, while consumer sentiment and retail sales are weaker. Yesterday’s ISM manufacturing report also pointed to a higher price index, while orders and employment were weak.
- Investors are pricing in weaker US data as likely to prompt the Fed to cut as many as three times this year. At the same time, a risky stagflation scenario is causing investors to withdraw risky assets, including from technology stocks. Nasdaq (US100) futures fell below the EMA200, indicating a very important test of trend strength.
US100 (D1 interval)
Source: xStation5
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