Technology-Led Selloff Continues

Yesterday’s US retreat, which was led by technology and small cap stocks, primarily related to the Artificial Intelligence trade, has continued overnight and into this morning. In Asia Pacific trading, the Hang Seng and the Nikkei both fell about 1.8%. Today’s trading in Europe finds the DAX, FTSE, and CAC down 0.6%-1.8%. US index futures are down 0.6% to 1.4% with NASDAQ futures getting hit the hardest.

Bitcoin is down 3.5% today and has fallen below $95,000, as risk appetite fades. On the other hand, we have not seen traditional defensive havens attract capital either. Gold is down 2.5% and Silver is down nearly 4.0%. The US Dollar is climbing, sending the Euro and Loonie down 0.1% and the Yen plus the Swiss Franc down 0.5%. Commodity action is mixed with Crude Oil up 1.8% but Copper down 1.1%.

Chinese monthly numbers released overnight were mixed. Retail sales beat expectations (2.9% vs Street 2.7%), but industrial production was disappointing (4.9% vs Street 5.5%).

Earnings season for US retailers started today with results from Macy’s. The department store chain beat the Street on EPS, but it cut full year guidance and announced a smaller than expected decrease in same store sales (-1.2% vs Street -3.8%). Macy’s is down a moderate 1.4% in premarket trading. Retailer earnings ramp up next week with results due from Walmart, Home Depot, Lowes, TJX, and others. Nvidia also reports results next week.

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