Outlook 07/17: Stock futures slid on Wednesday as the rotation out of high-flying technology shares continued. Apple and Tesla each dropped around 2% before the bell. That offered the latest sign of investors pulling back on megacap technology after the group’s monster run this year as artificial intelligence captured the market’s interest. Some of the largest semiconductor stocks were lower following a Bloomberg News report that said the Biden Administration is contemplating stiffer trade restrictions over concern that U.S. companies are giving China too much access to domestic semiconductor technology. Nvidia pulled back 4.4%, while Taiwan Semiconductor and AMD declined 4.7% and 4.1%.
/ESU24 (SEP2024): YVAH 5707 YPOC 5698 YVAL 5690 GAP 5715
/ES Plan: Yesterday market closed bullish, but overnight looks bearish (PBT 5603), moving below previous value/range, so these're the opening and initial balance options for today:
