S&P 500 futures are down 0.35% as we near the equity open.

The weakness started early this week after Palantir earnings and the bizarre performances from the CEO led to some profit taking in highly valued tech stocks.

Today’s catalyst was supposed to be Tesla shareholders approving a potential $1 trillion pay package for Elon Musk but shares are down 1.1% after initially jumping 3% on the vote.

The most-worrisome one is Nvidia, which is obviously the flag-bearer for the market. It fell 4% yesterday and is down 1.6% pre-market. It’s erased most of the late-October rally. A good portion of the jump was based on hopes for re-opening sales to China but now that doesn’t look like it will happen so it’s been something of a U-turn.