U.S. indices open Monday’s session with losses. Concerns over the trade war have not stabilized over the weekend, and the scenario of no significant deals and further escalation between Washington and Beijing seems to be the base case. Today, no major economic data from the U.S. will be released, and earnings reports are coming from smaller companies.
- In the Big Tech sector, declines dominate, with Nvidia shares down more than 3.5% and Tesla dropping 4% ahead of tomorrow’s earnings report.
- Netflix (NFLX.US) shares are up more than 3.7% at the U.S. market open, while Hertz shares are down over 12% after recent gains, driven by the exposure of company stakes by Pershing Square and Bill Ackman.
- On the U.S. stock market, losses dominate, with United Health Group (UNH.US) down an additional 2% after a 22% drop on Friday. The US30 index loses over 1%.
- Crude oil is down more than 2%, and the U.S. dollar index falls to 3-year lows. Investors are concerned about the potential replacement of Jerome Powell by a candidate nominated by Donald Trump, who expressed his desire to replace the Fed chair on Friday.
The technology sector, as well as oil and gas, are the weakest sectors on Wall Street today. Declines also dominate in the capital markets sector, where the drop in stock prices of KKR and Blackstone weighs heavily.
Source: xStation5
US500 Chart (H1 interval)
The US500 rebound was stopped at 23.6 Fibo retracement of the upward wave started in 2022. As for now, the major support is 4800 – 5000 points level.
Source: xStation5
Nvidia (D1 interval)
Nvidia shares have given back a significant portion of their recent gains and are currently trading about 10% above the low from the first half of April. The stock price is moving in the downward price channel, almost 10% below EMA200, signalling a downtrend.
Source: xStation5
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