Stocks are down across the board with tech leading the way with Nvidia (NVDA) down about 6.5% ahead of the open.
That’s going to be the catalyst for the day because Trump doesn’t want the world’s top chipmaker to sell semiconductors to China, which will slow its growth. Nvidia will also now take a $5.5 billion quarterly charge tied to H20 GPUs made for China under previous Biden era rules that are now changing.
The Dow is mostly flat, down just 60 points or so, the S&P 500 is down 0.8%, and the Nasdaq is down 1.4% about an hour before the open on the news.
We had Retail Sales this morning, which came in as expected at 1.4% month over month versus consensus expectations of 1.4%.
The bond market (TLT) is flat and in no hurry to move higher. If it starts cooling off, that will put more pressure on stocks. The dollar is still falling, which is not good because it gives us a lot less buying power around the world…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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