It’s been a strange day in the stock market has big earlier gains have now completely reversed. The S&P 500 is down 14 points after rising by 70 points. What’s unusual is that there doesn’t seem to be anything behind the selling, at least not anything public.
Shares of Nvidia were up 2% in the premarket to $185 but are now down 1.2% and below yesterday’s pre-TACO lows.
NVDA daily
What worries me is the chart. Nvidia was unable to regain (or even come close) to the pre-tariff headlines last week. That bas me worried that more traders are starting to head to the sidelines until we get clearer signs of a US-China deal.
The US is trying to play nice but today’s WSJ report highlights that China might be looking for a fight.
