Stock market today: US futures nudge lower as eyes turn to CPI

All eyes on Nvidia (NVDA).

The stock has been weakening all morning long in the pre-market following Friday’s sharp intraday reversal that caught a lot of investor attention.

With macro data and earnings releases this week on the slower side, the action in Nvidia is likely to dictate the broader market’s moves.

Some call outs from various notes this morning:

“At one point on Friday, the third largest company in the world, Nvidia, was up 92% YTD. The 5-month return for the S&P 500 semi-index was 84%, the highest since 1999. A consolidation in the AI trade has been overdue for a while now, so Friday’s key reversal day could signal the start of that unwind.” -BTIG

“In 2000 years I’m not sure if $250 billion has ever been wiped off a stock in 3 hours before. That’s what happened to Nvidia on Friday as the stock went from being around +5% up to -6.5% down intraday before closing -5.55%. Then in after-hours trading on Friday, it was down almost another -3%. Remarkably it was still up +6.38% on the week, +21.3% in March so far, and has still posted a tenth week of consecutive gains. That said, the sell-off late in the week meant the S&P 500 (-0.65% Friday) was down -0.26% for the week, and just missed out on advancing for 17 of 19 weeks for the first time since 1964.” -Deutsche Bank