Futures contracts on Wall Street indices have been declining sharply since the start of today's trading session, with sell-off accelerating at the open. Yesterday's cash session on Wall Street was closed due to Labor Day.
Today's declines on Wall Street are amplified by a significant pullback in most semiconductor-related stocks, driven by weak monthly sales data. The Semiconductor Industry Association reported that July sales fell below seasonal trends. In light of this data and negative commentary from analyst firms, we're seeing a substantial decline in shares of Nvidia (down 5.5%), Micron (down 5%), and AMD (down over 2%). On the other hand, Super Micro Computers is the top performer in the S&P 500. Additionally, it's worth noting the weak release of the ISM Manufacturing Index, which indicates a significant weakness in orders, suggesting a lack of economic recovery in the coming months.
Largest changes in the S&P 500. Source: Bloomberg Finance LP, XTB
The US500 contract is pulling back significantly from yesterday's highest level since mid-July, and today it's testing levels near its lowest since mid-August. We're currently seeing a pullback below the 78.6% Fibonacci retracement. It's worth noting that while Nvidia's declines have been much sharper recently, the broader S&P 500 index has managed to continue its upward trend. However, it's important to consider that seasonal factors in September suggest a potential pullback over the first 2-3 weeks of the month, which could be linked to the return of a large number of investors to the market after the summer holidays.
Source: xStation5
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