We posited yesterday that the key to market sentiment wouldn’t be how the stock market opened, but how it looked when it closed. Let’s just say that market sentiment took a hit.<\/p>\n\n\n\n
Thursday’s trade did not turn out as envisioned when NVIDIA (NVDA)<\/strong> was up close to 3.0% in pre-market action. That positive disposition didn’t last long. NVIDIA ended yesterday down 8.5%, and the broader market ultimately got pulled along for the ride. It was not a good close, which saw the major indices basically finish at their worst levels of the day.<\/p>\n\n\n\n Things are looking better this morning (comparatively speaking), but it’s a stretch to say they look good.<\/p>\n\n\n\n Currently, the S&P 500 futures are up 12 points and are trading 0.3% above fair value, the Nasdaq 100 futures are up four points and are trading 0.1% above fair value, and the Dow Jones Industrial Average futures are up 177 points and are trading 0.4% above fair value.<\/p>\n\n\n\n There isn’t a major buy-the-dip push in these readings, possibly because the buy-the-dip crowd has been burned of late and will hold their fire until the tape has more spark in it. Other factors include a mixed response to earnings reports from Dell (DELL), HP, Inc. (HPQ), NetApp (NTAP), Elastic (ESTC)<\/strong>, and Autodesk (ADSK)<\/strong>, and some mixed readings in this morning’s economic data.<\/p>\n\n\n\n The headliner was the January Personal Income and Spending report.<\/p>\n\n\n\n\n
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