US futures are holding higher with S&P 500 futures seen up 0.7% currently. But the 37 points bounce is not much after yet another heavy selloff in trading yesterday, which saw the index down by nearly 78 points. On the week itself, the S&P 500 is down 4.3%. If that figure holds, it would mark the biggest weekly decline since March 2023.
Tech shares are being beaten down badly with the Mag 7 all being brought back down to earth. Nvidia is down nearly 25% from its January high while Tesla is down a whopping 50% since its peak in December. Pain.
At some point, the market will find a reprieve. But the latest bounce today is arguably just a breather until something changes on the technical side of things.
Besides, it’s also still very much early in the day. As seen yesterday, the early gains don’t matter much whatsoever. When Wall Street enters into the fray later, it’s a whole different ball game – especially when there are more jittery headlines to stir up emotions.
