Overnight and the close: the Nasdaq 100 closed up 2.3% yesterday, and Nasdaq 100 futures are down 1.0% overnight, giving back ~40% of that gain.
→ The report that Huang could be removed knocked Nvidia down 8.6% after hours to $158.78
→ Asia is in the red: Nikkei down 0.7%, Hang Seng down 1.2%
→ S&P futures are down just 0.4%, VIX 17.5, 10Y at 4.99%
I think the selling is aimed not at the index but at a single name and its leadership.
Worst case: if the board makes it official and the chip basket gets sold too, yesterday's rally gets wiped out completely; that's what I'm watching.
#Stocks #AI
Watching: $QQQ $NVDA $SPY
→ The report that Huang could be removed knocked Nvidia down 8.6% after hours to $158.78
→ Asia is in the red: Nikkei down 0.7%, Hang Seng down 1.2%
→ S&P futures are down just 0.4%, VIX 17.5, 10Y at 4.99%
I think the selling is aimed not at the index but at a single name and its leadership.
Worst case: if the board makes it official and the chip basket gets sold too, yesterday's rally gets wiped out completely; that's what I'm watching.
#Stocks #AI
Watching: $QQQ $NVDA $SPY
