All eyes are on Nvidia (NVDA).
Stocks had been falling all morning in the pre-market after Friday’s sharp intraday rally that caught the attention of many investors.
Macro data and earnings announcements have slowed down this week, so Nvidia’s moves are likely to influence the overall market.
Some callouts from various notes this morning:
“As of Friday, Nvidia, the world’s third-largest company, was up 92% year-to-date. The S&P 500 sub-index had a five-month return of 84%, its highest level since 1999. AI trade consolidation has been delayed for some time, so Friday’s key reversal day could mark the beginning of its easing.”-BTIG
“I don’t know what will happen in 2000 years, but $250 billion has disappeared from stocks in the last 3 hours. That’s what happened on Friday when NVIDIA stock fell from around +5% to -6.5% intraday to close at -5.55%. It then fell another 3% in after-hours trading on Friday. Remarkably, it still marks his 10th consecutive week of gains with +6.38% for the week so far and +21.3% for March. That said, the late-week decline meant the S&P 500 Index (-0.65% Friday) was down -0.26% for the week, missing out on 17 of 19 weeks of gains for the first time since 1964. ” – Deutsche Bank
