S&P 500 futures up 1% but eyes on chipmakers after SMCI rout

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US stock market futures are pointing higher today after the Bank of Japan walked back its hawkish stance and acquiesced to the market.

S&P 500 futures are up 1.1% after a disappointing final hour of trading yesterday.

Two stories have my attention:

1) SMCI shares down 14%

Super Micro is an AI and datacenter darling but its earnings missed estimates today, leading to a 14% decline in shares. The good news is its revenue and revenue guide was still strong, so this may have been about margins not a pop in the AI-spending bubble (just yet).

Nvidia has been incredibly volatile lately and, naturally, everyone will be watching it today.

2) Disney shares down 3% after a miss in theme park revenue

Spending at Disney theme parks was significantly lower than anticipated, which raises questions about the health of the consumer at a sensitive time.

Disney tried to spin it as a decline in the ‘lower decile’ consumer (can they afford to go to theme parks?). He also said the higher-income American consumers were travelling more internationally.

I’m not sure I buy that explanation, especially with many signs of weaker travel from airlines and hotels.

Finally, this is an interesting study from Brent Donnelly, who highlights that a ‘turnaround Tuesday’ in markets tends to continue on Wednesday but it’s Thursday that you need to worry about.

This article was written by Adam Button at www.forexlive.com.



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