Sell In September Before The Markets Dismember. US Futures Signal Weaker Open As Nvidia Slips. The Goods-Producing Side Of The Economy Is In Trouble.

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Semiconductor stocks are leading benchmarks across Asia lower following a drop in US equites after Nvidia Corp. suffered a record-setting $279 billion rout. The US Justice Department sent subpoenas to Nvidia and other companies as it seeks evidence that the chipmaker violated antitrust laws.

https://www.bloomberg.com/news/articles/2024-09-03/stock-market-today-dow-s-p-live-updates?embedded-checkout=true

Nvidia down 2% in premarket trading after plunge that wiped out nearly $300 billion in market cap

https://www.cnbc.com/2024/09/03/nvidia-slides-in-post-market-trading-after-drop-wiped-out-300-billion.html

NIKKEI down over 4%

https://mainichi.jp/english/articles/20240904/p2g/00m/0bu/019000c

US stocks were poised for more losses on Wednesday, coming off a steep sell-off fueled by worries about economic growth and the AI trade amid a slide in Nvidia (NVDA) shares.

S&P 500 futures (ES=F) slid about 0.4%, after the major gauges suffered their worst day since the Aug. 5 meltdown. Dow Jones Industrial Average futures (YM=F) shed 0.2%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) were roughly 0.8% lower.

Stocks are pulling back as Nvidia shares slump, an indication that faith in the AI boom that has driven much of this year’s gains is seeping out of the market. The AI juggernaut lost $279 billion in market value on Tuesday, and its shares are lower in pre-market trading after US regulators reportedly stepped up an antitrust probe.

https://finance.yahoo.com/news/stock-market-today-us-futures-slide-as-growth-worries-weigh-on-spirits-111652024.html

US stock-index futures fell, pointing toward a continued selloff on Wall Street after a slump Tuesday, when dire manufacturing PMI and ISM data led to renewed concern that a recession may be looming. Futures on the S&P 500 dropped 0.4% while contracts on the Nasdaq 100 Index declined 0.8% at 8.00 am ET, as NVDA extended its record losses which saw a historic $280 billion in market cap wiped out in Tuesday’s session, after a Bloomberg report hit just after the close that Kamala’s DOJ sent subpoenas to the chipmaker. NVDA sparked Nasdaq’s 3.2% Tuesday rout: the stock has been falling since the company’s earnings last week failed to live up to the highest expectations. Losses in Europe and Asia were deeper, with traders still rattled by the speed and severity of the US retreat while the VIX climbed above 22. Treasury yields dropped 2bps to 3.82% while the dollar weakened for the first time in six as the yen extended gains and the USDJPY traded at 145. On the macro front, we have mortgage applications (1.6% vs 0.5% last week), trade balance, JOLTS job openings, as well as the final July factory orders and durable goods reports.

https://www.zerohedge.com/markets/us-futures-slide-global-market-rout-extends-second-day

Buffet is cashing out, people would do well to pay attention, but they are driven by greed, always ends badly.

 

h/t DOORBERT

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