Global market sentiment is deteriorating ahead of the Wall Street open, while the rebound in technology stocks is losing momentum amid renewed concerns surrounding Nvidia and the broader AI supply chain. Additional pressure comes from rising US Treasury yields and increasingly hawkish expectations for the Fed. Sentiment was also hit by Donald Trump’s comments on Iran, which markets may interpret as a sign that the prospects of a US-Iran agreement are once again fading despite earlier reports of progress in negotiations.
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Nvidia is down around 8% in pre-market trading, with the leadership crisis once again weighing on the broader AI sector. Nasdaq 100 futures are falling by more than 1% after yesterday’s gain of nearly 2.3%.
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At the same time, some of Nvidia’s competitors are benefiting from speculation about a potential shift in market share. AMD and Broadcom are gaining, while Samsung is also trading higher in South Korea.
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Trump’s comment, “We don’t need a deal with Iran,” clearly worsened market sentiment. The statement may suggest that the US administration does not currently view an agreement as essential, reducing optimism around the negotiations and pushing back the prospect of a rapid de-escalation despite earlier signs of progress.
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Pressure on the technology sector had already been visible in Asia, with Taiwan’s Taiex falling 2.6% and South Korea’s Kospi down 0.6%. Technology stocks are also relatively weak in Europe, although the broader Stoxx Europe 600 is being supported by a rotation into consumer stocks.
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Today’s US labour market data did little to change the broader economic picture. Initial jobless claims remained low at 200k versus 194k expected, while continuing claims declined to 1.697 million compared with a 1.71 million forecast.
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Brent crude is holding near $92 per barrel. Higher Middle East oil production is limiting upward price pressure, but persistent US-Iran tensions continue to support a geopolitical risk premium linked to shipments through the Strait of Hormuz.
US100 (H1 interval)
After almost fully erasing the losses from last Thursday’s sharp sell-off, the Nasdaq 100 has lost momentum. If the downside move toward 27,600 points — the 23.6% Fibonacci retracement of the latest bearish impulse — accelerates, a return to the broader downtrend could become increasingly likely. The key resistance level is now around 28,700 points, while support is located at 27,600 and 26,600 points.
Source: XTB
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