The order US stock indices are on a three day losing streak and on pace for its 4th today with the premarket futures trading to lower levels.
A snapshot of the implied openings shows:
- Dow industrial average -75 points.
- S&P -45 points
- NASDAQ index -234 points
A major market bellweather, Nvidia is trading sharply lower. Shares are trading down -$5.18 or -3.81% at $130.73. Last week, the stock reached a new all-time high at $153.13. At premarket levels, the stock is down close to 15% from that high.
The low price from December reached $126.86. That represents the next target on the downside for the stock. Last week, shares of Nvidia rose 171%. The year before, gains were 238%.
There was a report this morning that the biggest customers are facing new delays in getting Nvidia’s most advanced artificial intelligence chips up and running in the data centers , When the markets are under pressure, the news becomes more magnified.
This article was written by Greg Michalowski at www.forexlive.com.
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