Shares of Nvidia are down 3.8% as the Nasdaq falls to the lows of the day. The index is down nearly 2% as some of its largest members come under pressure:
- AVGO -5.1%
- AMZN -3.3%
- TSLA -3.0%
- META -2.3%
- GOOG -1.7%
Some of the selling is in anticipation of Trump’s press conference today. It’s running late but the fear is that he will say something inflammatory. The comments from some quarters in Europe also suggest that they’re willing to draw a line, including fighting back on tariffs.
That can all change quickly but there is some angst out there.
It would be unfair to put it all on tariffs and Trump. Japanese bond yields surged today and that’s pushed global fixed income lower, including US 30s up 7 bps to 4.91%. That’s a drag on rate-sensitive sectors, including home building. The XHB home builder ETF is down 1.9%.
Money is flowing into gold with prices up $90 today to a fresh record at $4760.
In other equity markets:
- S&P 500 -1.7%
- Russell 2000 -0.6%
- DJIA -1.5%
- Toronto TSX Comp -0.7%
Netflix reports earnings after the bell and shares are currently up 0.4%, presumably as some shorts are covered.
This article was written by Adam Button at investinglive.com.