SPI Futures down 85 although the US behaves – Nvidia Directors sold $53m worth this week – Micron Tech down 6% after hours on results (biggest US Memory chip stock) – Lithium bounce overseas as well – so glad we sold
After opening down 127 we have bounced 50 points – REITs and Banks down as the CPI number pops bond yields
Another floppy start.. US equities ended mixed overnight. The NASDAQ rallied 1.26%, buoyed by gains in chip stocks and Nvidia, up 6.8% bouncing back from a three-session sell-off. The S&P 500 rose 0.39%, snapping a three-day losing streak, while the Dow tumbled 299 points (-0.76%). Up 12 points at best. Down 414 points at worst. US Treasury yields finished near flat line. During trade, the yield curve inversion between the 2Y and 10Y notes deepened to more than 50bps for the first time this year before reversing after strong demand at the 2Y auction nudged that yield off its high.…
The CPI number has come in higher than expected, dropped the ASX 30-40 points and popped bond yields and the dollar
CPI number comes in higher than expected, killing the mood and raising the odds of a rate rise this year
Chips gone cold – Nvidia down 16.1% in 3 days – a Blip or a Top? Just a Blip for now. Other chip stocks also deflating. Rest of the market sailing along. Sell signal on the NASDAQ.
The market is having a good day but we have decided discretion is the better part of valour in Big Tech
