Futures linked to the Nasdaq fell as much as 150 points on Sunday evening local time in the US as trading resumed after the weekend break. Concerns over Nvidia Co-founder and CEO Jensen Huang being under investigation for his relationship with an alleged Chinese spy, could have potential implications for the entire tech sector.
On the flip side, futures on the Dow Jones are up 150 points in early futures trading on Sunday. The underlying 30-stock index has dropped over 2,000 points across Thursday and Friday, led by a broader market sell-off after the US midterm election results saw a democrat sweep across the House and the Senate.
The S&P 500 futures are trading just below the flat line.
The Nasdaq had seen a small rebound last Friday, led by Nvidia and Micron, which gained 3% and 5% respectively, lending support to the index, after its worst one-day value erosion on record. The Dow Jones had declined on Friday as well. The US had added over 1.6 lakh jobs in October, well above the consensus estimates of 59,000 – 65,000 additions.
What Are The Most Important Triggers This Week For Wall Street?
Two stocks that have been in the line of fire recently, CoreWeave and Nebius Group, also known as Neoclouds, will be reporting their quarterly results on Tuesday and Thursday respectively.
While there are no major results lined up this week apart from these, there is a slew of macro data and speeches from Fed officials that investors will have to parse for the rest of the week ahead.
The most important macro data point this week is the October inflation figures. The Consumer Price Inflation (CPI) figure will be reported on Tuesday, while the Producer Price Inflation (PPI) figures will be reported on Friday.
At least 10 Fed officials are scheduled to speak this week, with some who spoke last week highlighted that more rate hikes may be needed from the central bank to bring inflation down to the Fed’s 2% target.
Two fed officials are scheduled to speak on Monday, including Austan Goolsbee and Thomas Barkin, while four others speak on Tuesday. Thee more officials are slated to speak on Thursday, while San Francisco Fed chief Mary Daly speaks on Friday.
There will be one more jobs report and inflation print that Fed officials will have to go through next month before making their policy announcement on December 18, their last for the year.
Geopolitical developments will continue to be monitored through the week and any breakthrough between the US and Iran could bring some relief to the markets.
Nasdaq futures fall on Nvidia concerns – Here are the key Wall Street triggers for the week