Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
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Everyone is nervous ahead of two major data releases over the next couple of days. The first is the latest quarterly earnings from Nvidia (NVDA), scheduled for later today; the second is the delayed September NFP report, set for publication on Thursday. Tech stocks are not handling the situation well, but then again neither is anything else. Amazon (AMZN) continued its recent slide yesterday, closing the day 4.4% in the red; Advanced Micro Devices (AMD) lost 4.3%; Microsoft (MSFT) declined 2.7%. All in all, the tech-heavy Nasdaq Composite index shed 1.2%, while the S&P 500 and Dow Jones fared little better. The poor sentiment has spread far and wide, weighing particularly heavily on Asian markets. In Japan, the Nikkei 225 lost 3.2% yesterday – the index’s biggest loss since April; in Korea, the Kospi index was down 3.3% by the daily close; Hong Kong’s Hang Seng index meanwhile shed 1.7%. While not as severe, European stock markets also sustained losses yesterday.
Investors are worried about a bubble in the technology sector, specifically surrounding companies focusing on artificial intelligence. Given the leading role that Nvidia occupies within the AI sphere, markets are understandably jittery about the chipmaker’s financials. Adding to the uncertainty is the September jobs report, which should have been published six weeks ago. While interest rate traders are still on the fence as to which way the next FOMC meeting will fall, weaker jobs numbers may force the Fed into lowering rates in a bid to stimulate the US labour market.
Crypto traders are frantically trying to figure out whether the dump is over or if there is more pain to come. Bitcoin printed a sizeable lower wick yesterday, briefly dipping below $90,000 before finishing the day in the green around the $93k mark. The wider crypto markets were not impressed, allowing Bitcoin to take the lead on the most recent selloff, leading to another drop in Bitcoin dominance. Sadly, yesterday’s gains have already been wiped out as of this morning, and Bitcoin is once again in the red for the year.
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