At 3:30 pm, Wall Street was on course for its 19th week of gains, but at 4:55 pm, everything came crashing down as Nvidia plummeted from $975 to $875 (-5.55%).
It was as if someone had pulled the rug out from under Nvidia, which wiped out over $250 billion in the space of 5 hours.

The impact on the Nasdaq (-1.5%) was decisive on the downside, symmetrical to the locomotive role of the previous 2 sessions: this fall alone radically changed the picture for the week, as the weekly performance went from slightly positive to clearly negative.

Nvidia dragged down Micron -1.5%, AMD -1.9%, Qualcomm -3%, Cadence and Applied Materials -3.3%, Intel -4.7%, Microchip and On-Semiconducors -4.8%, Broadcom -7%... and Marvell techno, which had fallen -12% by 10.15pm on Thursday evening following its results, is now down -11.3%.

The decline in the &P500 (-0.65%) was held back by cruise liners, tourism (reservation platforms), pharmaceuticals and financial stocks.
But this was not enough to keep the index in the green over the past week: the S&P fell by -0.25%.
The Dow Jones (-0.2%) fared no better on a weekly basis, with -0.8%.
The session of March 8 will go down in history, however: the S&P-500 set a new record at 5,185 points, the Nasdaq Composite set a new record at 5,000 points and the Dow Jones (-0.2%) was down by 0.8%.185 points, the Nasdaq Composite at 16,450, the Nasdaq-100
peaking at 18,416,

Nobody saw coming the reversal of fortunes that occurred a good 2 hours after the publication of the 'NFP'... which was a non-event, just like the FED's 'Beige Book' on Wednesday, Powell's speech and the ECB's meeting on Thursday: everything was in line with market expectations.

An hour before the opening, the NFP came in ahead of expectations with an unexpected acceleration in job creation to 275,000: on the other hand, the US Labor Department revised January's estimate sharply downwards, to 229,000 from 353,000 initially.
The unemployment rate rose to 3.9% in February from 3.7% the previous month, while the rise in average hourly earnings slowed to a reassuring 0.1% month-on-month and 4.3% year-on-year.

US T-Bonds remained virtually unchanged at around 4.09%, the ounce of gold smashed a new all-time high at $2,185/Oz, and Bitcoin experienced a "saloon door" sequence with a record high at $70,160 before a $400 drop to $66,180, ending at $68,200 at 11pm.


Copyright (c) 2024 CercleFinance.com. All rights reserved.