November 8, 2024

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Stocks slide amid countdown to major inflation print

Stocks slide amid countdown to major inflation print

All eyes on NVDA.

The stock has been weakening all morning in the premarket after a sharp intraday reversal on Friday that attracted a lot of investor attention.

With macro data and earnings releases this week on the slower side, action at Nvidia will likely determine broader market movements.

Some calls from various notes this morning:

“At one point on Friday, shares of the world's third-largest company, Nvidia, were up 92% since the beginning of the year. The 5-month return for the S&P 500 was 84%, the highest level since 1999. Consolidation in AI trading has been delayed for a while, so a major reversal day on Friday could signal the beginning of that pullback.-BTG

“In 2000 I'm not so sure $250 billion worth of stocks had been wiped out in 3 hours earlier. That's what happened to Nvidia on Friday as the stock went from around +5% to -6.5% down on the day before closing at -5.55%. Then after hours trading on Friday, it was down about -3%. Remarkably, it is still up +6.38% on the week, and +21.3% in March so far, still recording a 10th consecutive week of gains. However, the late-week sell-off meant that the S&P 500 (-0.65% on Friday) fell -0.26% during the week, just missing a 17-of-19-week advance for the first time since 1964. -Deutsche Bank

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