Lukas Andel @Lukyn13: "📉 Sharp profit-taking by tech..."

Czech Republic

📉 Sharp profit-taking by tech giants. -- The US stock market experienced a significant decline yesterday, which will continue to this day. The S&P 500 $SPY (SPDR S&P 500 ETF) and especially the Nasdaq $CNDX.L (iShares NASDAQ 100 UCITS ETF usd) indices weakened due to a massive sale of shares of companies related to artificial intelligence. -- Shares of Palantir $PLTR (Palantir Technologies Inc.) (-8%), NVIDIA $NVDA (NVIDIA Corporation) (-4%) and AMD $AMD (Advanced Micro Devices Inc) (-4%) were under strong pressure despite solid corporate news. Investors are concerned that the forward P/E of the S&P 500 index has reached levels not seen since the dot-com bubble in 2000. -- This situation leads to the belief that after months of rapid growth, driven by only a narrow group of stocks, a correction is inevitable. Warnings of the risk of a 10-20% decline in the markets have also been heard from the heads of large investment banks on Wall Street. 💼 Corporate news and the continuation of the earnings season -- Novo Nordisk $NVO (Novo-Nordisk A/S SPONS ADR) – the Danish pharmaceutical leader – came under selling pressure after it lowered its full-year outlook. This is the fourth revision in the past year, which has made markets nervous about future growth dynamics. -- On the other hand, positive news came from the oil sector, where British giant BP $BP.L (BP) beat market expectations with an adjusted net profit of $2.21 billion in the third quarter. -- An important signal for the cloud business is the final approval of the acquisition of cybersecurity company Wiz by Alphabet $GOOGL (Alphabet Inc Class A) for $32 billion, which should help Google strengthen in the key area of AI and enterprise cloud services against competitors (Microsoft, Amazon). 📊 Today's macro data: US labor market news -- From a macroeconomic perspective, it is crucial to monitor data from the US labor market today. The ISM Services Index and ADP Employment Change report will provide a glimpse into the strength of the US economy ahead of Friday's important government employment report (NFP). The strong data could strengthen the US dollar (DXY is above 100) and could also dampen market expectations for an early interest rate cut by the US Federal Reserve. -- On foreign exchange markets, the euro fell below EUR/USD $EURUSD for the first time in three months. -- The US government shutdown continues 🪙 Cryptocurrencies: Bitcoin under pressure from volatility -- Bitcoin $BTC responded to increased global nervousness and the sell-off in technology stocks with another decline. During the day yesterday, its price fell below USD 100,000 (albeit briefly), erasing some of its recent sharp rise. This price volatility is partly due to ongoing concerns about the impact of upcoming regulation and the overall risk sentiment in financial markets. The cryptocurrency market is now waiting for new catalysts that could confirm whether this is just a technical correction after the recent "rally" or a deeper trend change. Have a nice day, investor Lukas $NSDQ100 $SWDA.L (iShares Core MSCI World UCITS ETF) $DJ30 $SPY5.L (SPDR S&P 500 UCITS ETF) $SPX500