The Market News Today: Tech Stocks Recover Overnight, Nvidia Stable After Peak

Stock Futures Recover After Tech Selloff, Eyes on Key Earnings

Stock futures rebounded Tuesday following a significant selloff in technology stocks that pushed the Nasdaq Composite to its lowest since April. Dow Jones Industrial Average futures increased by 0.18%, while S&P 500 and Nasdaq-100 futures saw modest gains. In extended trading, SolarEdge and Pool Corp faced declines after corporate announcements. The market anticipates earnings reports from FedEx and Carnival, along with crucial economic data due this week.

Nvidia’s Value Dips After Surpassing Apple, Tech Sector Follows

Nvidia, after recently overtaking Apple as the most valuable U.S. company, has seen its stock fall 13% over three days, marking a significant retreat from its peak. The company’s downturn prompted declines across the tech sector, especially among firms linked to the AI boom, including Super Micro Computer and Dell. Despite the drop, Nvidia’s value has nearly tripled in the past year, with expectations high for its next-generation AI chips, indicating a potential buying opportunity amidst current declines.

FedEx to Report Q4 Earnings Amid Cost Cuts, Market Challenges

FedEx is poised to reveal its fiscal fourth-quarter earnings after Tuesday’s close, having previously raised its full-year forecast due to cost-cutting efforts. Despite hitting a year-to-date high in March, analysts like UBS’s Thomas Wadewitz warn of challenges such as declining airfreight prices and rising incentive pay, which may offset these savings. Wadewitz projects a 11.1% increase in earnings per share at $5.49, slightly above the consensus of $5.36 per share on a $22.1 billion revenue.

Gold Prices Dip, Oil Steady Amid Economic and Geopolitical Concerns

Bitcoin Faces Potential Steep Decline with ‘Double-Top’ Pattern Emerging

Bitcoin’s repeated failure to surpass higher resistance levels has culminated in a “double-top price pattern,” signaling a possible sharp decline to $50,000, notes analyst Markus Thielen of 10x Research. This technical formation, recognized by two peaks separated by a slight dip and a consistent support level, traditionally leads to significant drops if the price falls beneath this support. Despite potential market optimism from upcoming U.S. elections and CPI data, a deeper correction might still occur.