Nasdaq-100 dropped almost 2% that's a 6th straight loosing days as the NVIDA drooped 10% due to Shares of the AI chip leader got swept up in a broader AI sell-off after one analyst noted that Super Micro Computer failed to report preliminary revenue that indicates a doubt of its future result.
Also Netflix (NFLX) dropped over -6% in pre-market trading despite topping Q1 expectations on earnings, revenue, and subscriber growth .
As the Interest seems to be head up slightly , the FED seems to be rethinking about cutting rate for 2024 that effected the stocks to drop as central bank likely won’t cut interest rates at its upcoming policy meeting.
Meanwhile Treasury yields finished on Friday with their third or fourth consecutive weekly advances as doubts grew about the Federal Reserve's ability to cut interest rates this year.
Looking at the price action , I can expect a retracement toward 17500 to 18000 0area before It continues its 2rd leg toward 16500 followed by 16000.
Also Netflix (NFLX) dropped over -6% in pre-market trading despite topping Q1 expectations on earnings, revenue, and subscriber growth .
As the Interest seems to be head up slightly , the FED seems to be rethinking about cutting rate for 2024 that effected the stocks to drop as central bank likely won’t cut interest rates at its upcoming policy meeting.
Meanwhile Treasury yields finished on Friday with their third or fourth consecutive weekly advances as doubts grew about the Federal Reserve's ability to cut interest rates this year.
Looking at the price action , I can expect a retracement toward 17500 to 18000 0area before It continues its 2rd leg toward 16500 followed by 16000.