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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.
This article was written by Adam Button at investinglive.com.
💡 DMK Insight
S&P 500 futures slipping 0.35% signals a broader tech sector pullback, and here’s why that matters: The recent dip follows Palantir’s earnings report, which raised eyebrows and triggered profit-taking among high-flying tech stocks. With Tesla’s shareholders potentially green-lighting a $1 trillion deal, traders might’ve expected a bullish reaction, but the market’s current sentiment suggests caution. This could indicate that investors are wary of overvalued tech stocks, especially as we approach key resistance levels. If the S&P 500 can’t hold above its recent support, we might see further selling pressure, particularly in tech-heavy indices. Watch for the 4,300 level on the S&P 500; a break below could lead to a more significant downturn. On the flip side, if Tesla’s deal does go through and the market finds renewed confidence, we could see a quick rebound. But for now, the prevailing mood seems to favor risk-off strategies, especially with volatility expected to increase as earnings season unfolds. Keep an eye on related assets like the Nasdaq, which often mirrors tech sentiment, and be prepared for potential whipsaws as traders react to earnings reports and macroeconomic indicators.
📮 Takeaway
Watch the 4,300 level on the S&P 500; a break below could trigger further selling in tech stocks.
