The early gains in US equities have quickly faded and the pessimism is spreading throughout markets. The S&P 500 is up just 5 points, or 0.1% to 6718 after rising as high as 6731.
The Nasdaq is also barely hanging onto gains.
In FX, there is some broad USD buying that’s led to roughly 20 pip declines in the euro, pound and Australian dollar.
There is some dicotomy in shares as NVDA hits a record high above $190 but Tesla has declined 5% from the pre-market high.
TSLA intraday
I said I suspected we would see a ‘sell the fact’ trade on Tesla deliveries and it’s come quickly. It will be a tug-of-war today between Tesla and Nvidia but I think the rally in the dollar is a strong signal that the bears will win in the short term.
