Dallas, Texas – Dow Jones futures and other major indexes are at risk of further declines as Nvidia continues its downward trend. On the other hand, bitcoin has surged to reach record highs.
In morning trading on Monday, Dow Jones futures dropped 0.4% compared to fair value, along with S&P 500 futures. Nasdaq 100 futures, which are tech-heavy, also decreased by 0.5% before the opening bell.
The Nasdaq 100 tracker Invesco QQQ Trust ETF showed a 0.4% decline, while the SPDR S&P 500 ETF lost 0.3% among U.S. exchange-traded funds. Additionally, the 10-year Treasury yield slightly decreased to 4.08%, and oil prices experienced a further downturn with West Texas Intermediate futures falling 0.4% to trade around $77.70 a barrel.
Nvidia, a major player in artificial intelligence, saw a 0.6% decline on Monday morning, potentially adding to the 5.6% drop it faced on Friday. Despite this, Nvidia stock remains significantly above the 505.48 entry point of a flat base and is considered an IBD Leaderboard stock.
Meanwhile, the price of bitcoin saw a 3.5% increase on Monday morning, reaching a new all-time high of approximately $72,000. At the same time, cryptocurrency stock Coinbase surged nearly 6% in premarket trading, surpassing a buy point of 193.64.
Looking ahead, the consumer price index release from the U.S. Labor Department is anticipated to be a focal point this week, with expectations of a 0.4% increase on the month and a 3.1% rise overall. Additionally, U.S. retail sales data is set to be released on Thursday, providing valuable insights into consumer sentiment.
Earnings reports from companies like Adobe, Oracle, and Jabil are also on the radar this week, offering further indicators of market trends and performance.
As the stock market continues to face volatility, monitoring these key indicators and developments will be crucial for investors to navigate the evolving landscape successfully.