Equity markets are on hold waiting for relevant news to decide which way to go. Yesterday session started positive but was fading away as the day advanced and the three major indices closed in red. Futures today are pointing to a slight negative opening. On the currency side, the yen is range bound, and the treasury market is stable, with yields slightly above 3.9% and the curve is 2 bps away from being flat. On the economic front, today we have the initial and continuing jobless claims, which was the spark that started the correction. But perhaps the real reason why the market is under pressure is due to the AI hype calming down or disappearing, and investors rotating to other sectors, and that process is not smooth. We may have to wait till the end of the month to see if NVDA earnings report confirms the cool down or provides the necessary support to start another leg up.
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