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NEWS
Next Move Rests On Nvidia Results

It was another difficult day for the tech sector, but Home Depot earnings helped buoy consumer-related stocks, which Walmart’s comments last week had hammered. All eyes are turning to Nvidia earnings tomorrow, with the stock going nowhere for the last few quarters despite “beat and raise” results. Fears are that most good news is already priced in, so tech stocks are under pressure. 👀 

Today's issue covers what’s driving the market’s jitters, SMCI sliding under the Nasdaq filing deadline, and other noteworthy pops and drops. 📰

Here’s the S&P 500 heatmap. 5 of 11 sectors closed green, with consumer staples (+1.42%) leading and communication services (-1.48%) lagging.

And here are the closing prices: 

STOCKS
The Market’s Stumble Continues 😨 

Broader concerns about inflation, the economy, and the Trump administration’s latest policy changes are keeping bears in control of both equities, crypto, and almost every asset besides treasury bonds.

The Conference Board’s Consumer Confidence Index fell for the third straight month and posted its largest monthly decline since August 2021, as Americans expectations for inflation climbed. The brief optimism taking place following Trump’s initial election has faded in many markets, as his proposed policy decisions battle with reality. 🙃 

The U.S has been one of the strongest economies and markets in the world since the pandemic, but others like South Korea continue to cut rates to help buoy economic growth as they lower their growth forecasts. For Korea specifically, domestic demand recovery and export growth concerns remain the key issues.

Meanwhile in the U.S., Home Depot’s earnings renewed hopes about the housing market as the home improvement retailer posted positive comparable sales for the first time in over two years. Still, high interest rates and home prices continue to challenge the retailer’s business in a material way. 🏡 

The rest of the economy, like housing, is awaiting a catalyst to begin its next phase of growth. That’s caused the markets to stutter after failing to sustainably move above its December highs.

As the chart below shows, the Nasdaq 100, several of the U.S. major indexes, and many individual stocks are approaching their 200-day moving average. Technical analysts are watching how prices react to these levels closely to determine if sellers are going to push or if dip buyers step back in. 🧐 

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