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The risk mood is feeling heavy after the AI-driven gains in Wall Street yesterday with today being pretty much a reversal of the moves to start the week. S&P 500 futures are now down 0.6% with Nasdaq futures down 0.8% on the day. Of note, Palantir shares rose by over 3% overnight but traded down over 5% in after hours despite its earnings beat.For earnings today, some big names will include AMD, Shopify, and Spotify. For the month itself, the big one to watch will be Nvidia’s earnings release but that will only come in about two more weeks on 19 November.
This article was written by Justin Low at investinglive.com.
đź’ˇ DMK Insight
The market’s shift today signals a potential reversal in sentiment, and here’s why that matters: After a strong AI-driven rally, the S&P 500 and Nasdaq futures are both down, indicating a cooling off period that traders need to watch closely. This pullback could be a sign of profit-taking or a broader risk-off sentiment as investors reassess their positions. For day traders, this might mean tightening stop-loss orders or considering short positions, especially if the downward momentum continues. Keep an eye on key support levels; if the S&P 500 breaks below its recent lows, it could trigger further selling. Also, the rise in Palantir shares amidst this downturn is interesting. It suggests that while the broader market is struggling, certain stocks can still attract interest, possibly due to specific catalysts or earnings expectations. Traders should monitor Palantir closely for any signs of divergence from the overall market trend, as it could present unique trading opportunities. Watch for the next few days to see if this trend holds or if the market finds its footing again.
đź“® Takeaway
Watch the S&P 500 for a break below recent lows; a sustained downtrend could signal further market weakness.
