📉US100 loses 2%

US equity sentiment is weak today, with the main catalyst for the sell-off being Nvidia’s very strong earnings report, after which the Nasdaq 100 (US100) futures contract is down more than 2%. Strong results were not enough to trigger a broad buying wave, and the semiconductor sector is seeing declines today. Apart from Nvidia, nearly all other Big Tech stocks are also losing ground, with the exception of Microsoft and Meta Platforms.

We can see that even improved sentiment in the software and IT sectors is not enough to spark a rebound against selling pressure on Wall Street, where shares of Broadcom, Taiwan Semiconductor, ASML, Applied Materials, and Lam Research are falling. On the other hand, recently sold-off stocks such as Salesforce, Intuit, Accenture, CrowdStrike, and ServiceNow are gaining.

The number of new US jobless claims rose slightly last week but remains within its historical range, suggesting that employers are still holding back from larger layoffs despite a slower pace of hiring. Seasonally adjusted initial claims totaled 212,000 in the week ending February 21. This marks an increase of 4,000 from the upwardly revised reading of the previous week, but remains below the Dow Jones consensus estimate of 215,000. On a four-week moving average basis, claims increased by just 750 to 220,250. Continuing claims (reported with a one-week lag) fell by 31,000 to 1.833 million. The data suggest a likely extended pause in Fed policy easing, further weighing on market sentiment.

US100 (H1 interval)

The contract is pulling back below the 200- and 50-period exponential moving averages today, slipping beneath the psychological level of 25,000 points.

Source: xStation5

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