US Central Command said it carried out self-defence strikes against targets inside Iran from 5pm ET, ordered by President Trump in direct response to the shooting down of a US Army AH-64 Apache helicopter over the Strait of Hormuz the previous day. This article was written by Eamonn Sheridan at investinglive.com.

Japan's m/m 'wholesale inflation' measure, PPI, is expected to pull back.For China, m/m CPI is expected to be subdued, despite rising costs for manufacturers,- both for the inputs they buy and the goods they produce, as a result of the Middle East conflict. Further upward pressure is likely from the surge in electronic component prices fuelled by the global AI investment wave, as well as Beijing's moves to rein in overcapacity and cut-throat competition among domestic producers. This article was written by Eamonn Sheridan at investinglive.com.

Via oilprice.com:Expectations I had seen centred on:Headline crude -3.4 mn barrelsDistillates -0.2 mn bblsGasoline -0.6 mn This article was written by Eamonn Sheridan at investinglive.com.

In a volatile trading session, which had the NASDAQ index trade with a 1279 point range, the S&P index with a 244 point range, and the Dow industrial average with a 1050 point range, the major indices closed mixedDow industrial average rose by 86.03 points or 0.17% to 50,877.10. At session lows the index fell -575.05S&P index fell -19.06 points or -0.26% to 7386.66. At session lows the index fell -167.87.NASDAQ index fell -250.84 points or -0.97% to 25678.82. At session lows, the index fell -249.29 points Some of the oversize losers today included:While some of the winners were:The patterns showd chips and AI out, consumer and airlines are in. A few things converged today:The chip rout continued. Technology and AI-linked stocks sold off sharply on Friday after Broadcom's disappointing forecast fueled concerns about high valuations in the sector, particularly in chipmakers, which have rallied strongly this year. Monday's bounce proved to be a head fake — the Philadelphia Semiconductor index fell almost 7% Tuesday after rising as much as 3% in early trading. That explains Marvell, Arm, Qualcomm, SMCI, and Dell all clustered at the bottom. Rate-hike fears are back. May jobs growth of 172,000 doubled consensus expectations, and economists now see roughly a 70% probability of rates rising by December — a tough setup for richly valued growth stocks, with CPI data due tomorrow morning. Geopolitics added fuel. Losses mounted Tuesday after President Trump said the U.S. must "respond" to what he said was Iran's shooting down of an Apache helicopter over the Strait of Hormuz, pushing equities to session lows.Stories from individual moversSharkNinja (+8.5%) — the day's standout winner. The household goods maker introduced a new line of carpet cleaning products on Monday, and its relative strength line has been rising. The stock is breaking out near 52-week highs, and it's a classic beneficiary of money rotating out of tech into consumer names.Strategy/MSTR (-8.0%) — the worst performer on your list is essentially a leveraged Bitcoin proxy, and Coinbase down 4% on the same list confirms crypto got swept up in the broad risk-off move. When rate-hike odds rise, speculative assets get hit hardest.The airlines (ALK, LUV, UAL, DAL, AAL all up 3.6–6.8%) — this is an oil story. Oil prices were modestly lower amid optimism around a potential Iran-US agreement, and jet fuel is airlines' biggest cost. The Middle East conflict had pushed airlines' projected fuel bill to about $350 billion this year from roughly $252 billion in 2025, so any sign of de-escalation gives beaten-down carriers a big lift.Home Depot, Whirlpool, Nike, Dollar Tree — gainers among blue chips included Home Depot and Nike, part of the rotation into defensive, consumer-facing value stocks that had lagged during the AI-driven rally.One nuance worth noting: some optimists see this as healthy. One CIO called the pullback "a gift for investors," saying sharp pullbacks have been met with aggressive buying because strong fundamentals remain in place. The real test comes tomorrow with the CPI print. This article was written by Greg Michalowski at investinglive.com.

US May existing home sales 4.17m vs 4.07m expectedUS International trade balance for April -$55.9B vs -$56.1B estimateSpaceX IPO said to be almost four-times oversubscribedAnthropic releases Claude Fabel 5, it's "Mythos-class" model.Trump: Iran responsible for shooting down Apache Helicopter. Must respond militarily.Reports of explosions in TehranCanada April trade balance +$2.72 billion vs $2.57 billion expectedUS May NFIB small business optimism index 95.3 vs 96.0 expectedMarkets:Gold down $72 to $4256WTI crude oil down $2.77 to $88.54GBP leads, AUD lagsUS 10-year yields down 2.6 bps to 4.52%S&P 500 down 0.3%It was a tough day to pin down with any one theme. There is a tug-of-war ongoing in tech and chip names that started positively today and then rapidly soured. At one point the Nasdaq was down 2% and it was looking like a rout. There was some fishing near the bottom and then the release of Claude Mythos (called Fable 5) and indications that the SpaceX IPO are 4x oversubscribed help sentiment. At the same time, the market didn't like the news that Iran had knocked out a US Apache helicopter with drones. What might have also cushioned the blow was that Trump appeared measured in his response to the helicopter strike, as he said the pilots were ok and indicated he was reluctantly attacking. There was one report of explosions in Tehran but it's not verified that the US struck, or how Iran will see it. There is a more-recent report that the US will launch major strikes. The official line from Iran is that the drone strike wasn't on purpose. That's hard to believe but it also shows they would rather have peace than escalation.Outside all of that, Israel continued to strike southern Lebanon, which is a real problem in negotiations.In terms of economic data, it was solid but inconsequential as the market is awaiting this week's CPI report.In FX, the US dollar was generally weaker but there was a kink as USD/JPY rose as high as 160.44 and remains up 22 pips. That's well into the intervention danger zone and is a precarious spot worth watching, with CPI as a catalyst there as well.Finally, gold and silver are near the war lows and struggled today despite falling oil prices. That looks like de-risking but it's coming at a bad time for gold and it could be a fast move lower as the 200-day moving average gives way in gold and the war lows are less than $100 away. This article was written by Adam Button at investinglive.com.

It's a rough day in the precious metals market and one of the most-concerning ones of the year.Gold and silver have often traded inversely to oil during the conflict. There is/was a big risk that countries would have to sell gold reserves in order to pay for oil imports or to support currencies if oil traded +$150/barrel. This already happened early in the war with Turkey selling $120 billion in gold.Today though, oil is down 3.5% and precious metals are still under pressure. Gold is down 1.9% and silver down 4.3%. Bot hare now challenging the war lows.I think a big part of the move is a broader re-risking event, punctuated by the declines in high-flying chip stocks and the Nasdaq in general. Unfortunately, gold is getting dragged down with that but given that stocks have run up so far, there's more risk of downside ahead.In terms of catalysts, gold and silver could use an end to the war. Trump has been saying it's imminent for two months now and there just isn't any sign that's true. It can all change with a phone call though.Another possible negative catalyst is this week's CPI report. If we get hot US prices, expect more talk of the Fed being forced to hike rates, and sooner than the December pricing in the market currently. Kevin Warsh will be repeatedly asked about controlling inflation in his first press conference and any slip up on the hawkish side could boost USD and punish precious metals.Technically, I don't like the series of lower highs since the peak in January and if $4100 gives way, the downside could be significant. At the moment, the 200-day moving average is breaking and that's also an ominous sign. Unfortunately, I think the bulls will need to manage risk until Hormuz is reopened. This article was written by Adam Button at investinglive.com.

Crude oil futures are settling down $3.10 on the day at $88.20, after a wide trading range between a low of $85.95 and a high of $91.55.Looking at the daily chart below, the day's low dipped below the 50% midpoint retracement of the move up from the December 17 low at $87.34, but stopped short of the 100-day moving average target at $85.66, coming within $0.29 of that rising level. The last time price traded below the 100-day moving average was back on January 23, when crude was near $60.24.Notably, the decline came despite heightened tensions overnight after an Apache helicopter was shot down, reportedly by an Iranian drone. In the past, that kind of headline might have sent crude sharply higher. Instead, the price remains well below yesterday's close and traded to its lowest level since April 21.Nevertheless, going forward it will take a move below the 100 day MA to tilt the bias more to the downside. This article was written by Greg Michalowski at investinglive.com.

Elon Musk is set to become the first trillionaire with the launch of the SpaceX IPO. That's a jaw-dropping amount of money and proves that the Elon hype-train is one of the all-time greatest business moves.I don't want to get into valuation but it's ridiculous but, hey, if someone will pay then it works. The company is selling just 5% of the equity in the IPO but the valuation is $1.75 trillion.The fear was that investors wouldn't line up to buy it and there's evidence that's the case, or at least it was the case. The IPO was being pushed onto retail, which is always a red flag. Now, Reuters reports that it's drawn more than $250 billion of investor demand, citing people familiar, or nearly 4x what's being floated. Notably though, these are expressions of interest, not firm bids. The company is marketing itself as a data-centers-in-space company, which is some science fiction stuff but Elon's sold fantasies before and if history repeats, he can promise to deliver 'self-operating data centers in space next year' for at least 10 years and the market will continue to eat it up.All told, this report and the Claude release are helping to turn around sentiment in the Nasdaq. It's pared today's loss to 1.1% from more than 2% and the Russell 2000 is positive again. This article was written by Adam Button at investinglive.com.

There were rumors that Mythos would get a public release today and that's proven to be true. Anthropic is calling it Fable 5 and says it's a 'Mythos level' model.It's been immediately rolled out and says it takes 2x the usage of Opus, so those rate limits will come fast. Fable 5 is clearly positioned as the new top general-use model. It leads most benchmarks shown, especially agentic coding, knowledge work, spatial reasoning, tool use, legal, biology, cybersecurity, and health.Here are the benchmarks it touts:Reports say Claude Fable 5 and Claude Mythos 5 share the same underlying model, but Fable has stronger safeguards and this underscores it.Here are the five killer applications, based on those benchmarks:Agentic coding: Best-in-table coding scores suggest it can run longer software tasks, debug complex codebases, and act more like an autonomous engineer. Knowledge work: Strong GDPval-AA performance points to better research, document synthesis, financial analysis, briefing notes, and complex professional reasoning. Computer use: Near-leading OSWorld results suggest it can operate apps, navigate workflows, fill forms, test software, and automate desktop tasks. Spatial reasoning: Big jump on Blueprint-Bench suggests stronger ability to interpret diagrams, plans, layouts, engineering drawings, and visual-spatial problems. Regulated professional domains: Strong legal, health, biology, and cybersecurity scores suggest useful expert-assistant applications, though likely with heavier safety constraints.The initial previews of Mythos have been glowing, so this release is a big deal. I first wrote about Mythos shortly after it was leaked on March 30 and -- notably -- that was the the time when technology stocks bottomed. Since the, rumors of Mythos' power -- particularly in cybersecurity -- have been near constant. At the time I wrote:Finally, there has been no shortage of hype around a 'step change' in models and we've seen it so many times before. But if it's true and we are getting a new generation of truly superior models, that further extends the ceiling of what AI can do and how disruptive it is for the economy, and ultimately, how useful it will be.Now we get the real test. I will dig into it and see what I can learn, at least on the financial side.Up next, OpenAI was said to finish a training run on its latest model in March as well and it's code named Spud. It could be the next big iteration beyond this, or it could be playing catch-up. This article was written by Adam Button at investinglive.com.

The Bank of Canada will deliver its latest interest rate decision on Wednesday and almost surely hold rates steady at 2.25%, the same place where rates have been since a cut in October.The market also sees very little chance of a rate hike at the July 15 meeting so there is no needs for the BOC to tip its hat.Looking further out, the market prices a 64% chance of a hike in October and is pricing in 35.5 bps of hikes by year end.That's the backdrop heading into the decision slated for 9:45 am ET on Wednesday and note that there is no scheduled press conference but there will be a published statement from Governor Tiff Macklem.In April, the BOC assumed oil prices decline to $75 by mid-2027 and I don't think they need to waver from that yet. Certainly, they would have hoped the war would be over by now but oil prices have stayed remarkably tame despite the blockade in Hormuz. At $88.07 today, WTI is sequentially down from the prior BOC meeting.Domestically, there is plenty of talk about a recession and two consecutive quarters of negative growth but Q1 was down just 0.1% and April is looking robust, including today's strong trade balance report. I don't think soft growth will factor too heavily into BOC deliberations. Moreover, Friday's jobs report was very strong.The Bank’s April forecast projects GDP growth of 1.2% in 2026, rising to 1.6% in 2027. Despite a soft Q1, those numbers are still easily achievable.Instead, they're likely to be focused on inflation and stubbornly high prices. The previous statement said this: "So far there is little evidence that oil prices have fed through more broadly to goods and services prices, but this warrants close attention in the months ahead."I'd expect that to be tilted a bit more hawkishly, if only for the length of time that oil prices have been high and are likely to stay that way. The prior forecasts showed inflation is forecast to come down to the 2% target early next year and remain around 2% over the projection horizon. At the current trajectory, that seems unlikely.The prior statement said they "will not let higher energy prices become persistent inflation" and that could be reiterated or strengthened on Wednesday.Ultimately, though, I think the BOC will be forward looking a put the focus on two critical things:1) What happens with the war in Iran2) What happens with USMCAThose are two big question marks right now and the BOC likely still feels it has time to evaluate. If anything, there are some hawkish risks as Macklem's current legacy is blowing it on forward guidance in covid and staying too dovish for too long. He won't want a repeat.In terms of the FX market, USD/CAD is currently flirting with the Iran war highs, meaning the Canadian dollar could soon be trading at its worst levels since December. A dovish surprise would push the pair through 1.4000 while tough talk on inflation could defend the current peak This article was written by Adam Button at investinglive.com.

Trump warned that a US response was coming due to the shot-down helicopter but the public pre-warning and him highlighting that the soldiers weren't hurt is a sign that he doesn't truly want to escalate.Journalist Mohamad Ahwaze on X said he's hearing the sound of powerful explosions in Tehran. We will wait for more confirmation and details but this hasn't hit the main wires yet.h/h @newsquawk for the quick tip. This article was written by Adam Button at investinglive.com.

High yield 4.192%WI level at the time of the auction 4.189%Bid to cover 2.64X versus average of 2.61XTail 0.3 basis pointsDealers 15.3% versus average of 13.9% Directs 21.01% versus average of 22.2%Indirects 63.71% versus average of 63.9%Auction Grade: CThe mix of the buyers was near the averages as was the bid to cover. The tail was positive 0.3 basis points but given the volatility in the markets, the auction was near the averages. This article was written by Greg Michalowski at investinglive.com.

Pres. Trump has posted on TruthSocial: Stocks have continued their slide with the NASDAQ now down around 900 points or -3.5%. The S&P is down -160 points or -2.15% and the Dow industrial average is down close to 500 points on the day. The shooting down of the helicopter was reported last night but it wasn't clear what was your responsibility.With the US likely to respond, it most likely opens the door for Israel to continue its offensive against Lebanon.The price of crude oil did spike on the news but is coming off. It is still down $-3.17 at $88.07 which may suggest that if the wars intensified it would also end much sooner than through negotiations. The low price did extend to $85.95. The high prices at $91.55 for the day. The current price is near the middle of that range at $88.07.The US dollar has moved higher. The EURUSD is back near the lows from late yesterday and earlier today as it completes the up and down lap for the day. This article was written by Greg Michalowski at investinglive.com.

The USD has reversed course from the declines earlier today. Stocks which were higher at the beginning of the day have now reversed sharply to the downside. The NASDAQ index which was up 330 points at session highs is now down -732 points or -2.83%. The S&P index was up 77.43 points at session highs. It is now down -115 points or -1.56%.For the US dollar is now mixed versus the major currencies, but well off the low levels for each of the pairs. What are the technical stories for some of those major currency pairs now.In this video, I take a look at what the dollar's reversal higher has changed the technical picture for the:EURUSDGBPUSDNZDUSDAUDUSD, and the USDCAD This article was written by Greg Michalowski at investinglive.com.

It's getting ugly.The Nasdaq opened 1% higher but it's been a nosedive since and it's now down nearly 2% and at the lowest levels since in a month.There has been no clear trigger for the reversal but one of the reasons for the rally was dubious. Trump and administration officials once again said a deal with Iran was close or imminent. CNN earlier pointed out that Trump himself has said a deal is close 37 specific times since the war started, so the act is wearing thin. The real driver of the selling is the inverse of what caused the incredible rally in April: Technology and AI.There are a few things worth noting:1) The SpaceX IPOFriday is the big day and the latest report is that the deal for 5% of the company is multiple times oversubscribed. How it performs on Day 1 and in the following week will be critical. The problem is the market sees the wave of issuance from this, Anthropic and OpenAI's announcement of an IPO yesterday as too much supply to easily absorb. It's not only the IPO numbers but the trickle of selling that will come after as lockups expire.2) They're not the only ones raising moneyGoogle last week raised capital via a secondary equity issuance and that was a big surprise for the market. The fear is that debt markets and private capital are running dry in the massive capex buildout that's going to last a number of years. There are now rumors that Meta is thinking about raising cash via equity as well and all this spending doesn't have any guaranteed economic returns for all the biggest names in the world.3) Chips are cyclicalMemory chips in particular have a long history of booms and busts. They're like a commodity in that prices go up, companies build factories and then prices collapse. Right now, the memory names are trading at relatively low multiples but those depend on prices holding up for a number of years (or indefinitely). The long history of that industry shows that's not a wise bet.4) One little crack in the narrativeOne story that's gotten some attention today is that data center builder Crusoe paused a project in Wyoming. It's a 1.8 GW project and the company highlighted 5 GW under contract. “At the request of our customer, Crusoe has paused its development activities” on the site, the company said Tuesday in a statement. The question is: Who is the customer? They work with OpenAI, Oracle, Google and Microsoft on other projects. One name strongly suspected is OpenAI based on company comments and the structure of the deal (likely with Oracle) but it could also be Meta. If even one hyperscaler cuts back on spending, it could undercut the Nasdaq chip-driven narrative.In terms of names, some of the losers today:MRVL -9.0%QCOM -6.6%MU -4.0%INTC -3.6%TSLA -3.4%ADBE -3.4%CSCO -3.4%AAPL -3.2%WDC -2.8%Virtually all of these names opened higher today and all of them (except Adobe) have had huge runs since late March. There's an element of profit taking in all this but the moves are violent all the same. This article was written by Adam Button at investinglive.com.

Markets appear to be disconnecting from some of the traditional risk drivers today. Both the NASDAQ and S&P 500 have surrendered earlier gains and slipped into negative territory, even as Treasury yields remain little changed and crude oil prices continue to move lower.WTI crude oil is down roughly $3.50 to $87.70, its lowest level since May 29, reflecting a significant unwinding of the geopolitical premium that had built into the market. From a technical standpoint, the bearish turn began on Monday when the price broke below both its 200-hour moving average at $91.77 and 100-hour moving average at $92.77. That breakdown shifted the short-term bias firmly in favor of the sellers.The downside momentum accelerated today as WTI fell below an upward-sloping trend line on the hourly chart near $88.10. As long as the price remains below that trend line, sellers maintain the technical advantage. The session low has reached $87.37, with the next key downside target coming in at the May 29 low of $86.55.On the fundamental side, U.S. Energy Secretary Chris Wright noted that a return to normal energy flows could take many months, but also emphasized that shipping traffic through the Strait of Hormuz is increasing meaningfully. At the same time, Israel's top military commander said recent operations in Iran were preparation for a potentially heavier blow. Despite those comments, traders appear to be focusing more on the gradual restoration of supply flows than on the risk of future disruptions tied to the conflict.The result has been a sharp pullback in crude prices. Since reaching a high near $97.00 on June 3, WTI has fallen nearly 10%, underscoring the market's growing belief that supply concerns may prove less severe than initially feared. From a technical perspective, the path of least resistance remains lower while the price stays below the broken moving averages and trend-line resistance.Stocks have moved to new lows with the Dow, S&P and the Nasdaq now all in negative territory. The Nasdaq is leading the way with a decline of -1.88% and trading to the lowest level since May 5th. The S&P index is now back below its 200 hour moving average at 7417.28. The price is currently trading at 7323-82 points or -1.11%.Traders are contributing they decline to report that data center developer Crusoe has pause development on a Wyoming site.Here's a full breakdown of what's going on with Crusoe's Wyoming project:What it is — Project Jade Laramie County commissioners unanimously voted to move forward with construction of a 1.8 gigawatt data center campus near Cheyenne — designed to eventually scale up to 10 gigawatts, which would make it the largest single AI campus in the US. The facility is officially called Project Jade. The partnership Crusoe partnered with Tallgrass Energy Partners, with Tallgrass building the adjacent BFC Power and Cheyenne Power Hub next door to supply electricity from on-site natural gas turbines, while also leveraging its existing CO2 sequestration hub for carbon capture and its existing natural gas and water infrastructure in Wyoming.About Crusoe Crusoe began as Crusoe Energy Systems, a flare mitigation provider that powered onsite computing from stranded natural gas, with bitcoin mining as an early use case. It has since pivoted to AI infrastructure and GPU cloud services, and is also developing a 1.2 GW campus in Abilene, Texas — where Oracle is the direct customer and OpenAI is Oracle's customer, tied to the Stargate program. Local controversy Despite unanimous county approval, the project drew emotional testimony from rural neighbors concerned about lost views and potential water contamination, with residents lamenting the industrialization of pasture land. Developers pledged to use deep aquifer drilling and closed-loop cooling to protect local drinking water.Why Wyoming The state offers cheap land, cold climate for cooling efficiency, proximity to natural gas infrastructure, and a business-friendly regulatory environment. Senator Cynthia Lummis has been a vocal supporter, calling it a project that will solidify Wyoming's role as a powerhouse of high-performance computing. This article was written by Greg Michalowski at investinglive.com.

The main reason to expect a wrap-up to the Iran war is this chart:That's an ugly look for the party that prides itself on focusing on the economy and a President that campaigned on bringing down inflation.The combination of tariffs and the Iran war have tanked his credibility and now have Republicans talking about a new package of economic measures. That's going to be a very tall order given that the party has divided itself with Trump and his allies defeating some long-time Republicans in Primaries, essentially leaving them as lame duck opponents while remaining in the party with razor-thin majorities.No doubt charts like this are fuel for vulnerable Republicans who want Trump out of Iran ASAP. I think the administration has done everything it can (with some great success) to keep oil prices capped during this war but there's a limit and we're rapidly approaching it. Even if it ends now, I think oil will struggle to stay below $80 for the remainder of the year as inventories are rebuilt.Bloomberg writes about the falling approval ratings today and the flailing messaging. Trump said early on the war would be over in 4-6 weeks and prices would plunge but that credibility has obviously shredded.It's certainly not all bad news. Last week's US jobs report was strong and revisions made the two prior months stronger as well. The stock market also hit records last month despite the war in Iran. The key will be inflation and this week's CPI is likely to show prices up nearly 4% year over year. That's a toxic number that's going to make it impossible for the Fed to cut rates. Worse yet, it could force the Warsh Fed to hike (or signal a hike) right around the time of the November midterms.In terms of what comes next, Trump and Republicans are facing a tough choice: Take a bad deal with Iran or risk a rout in the midterms. This article was written by Adam Button at investinglive.com.

? Sector OverviewThe stock market today reflects a diverse landscape, with significant variances across sectors. The Technology sector faces challenges, particularly in semiconductors and consumer electronics. Nvidia (NVDA) is down 1.10%, while Apple (AAPL) takes a hit with a decline of 3.11%. These downturns are contributing to an air of caution among tech investors.Conversely, Communication Services and Financials are experiencing positive momentum. Alphabet (GOOGL) is up by 1.38%, injecting optimism into communication services, and major financial entities like JPMorgan Chase (JPM) have risen by 1.27%, highlighting a robust performance in the financial sector.? Market Mood and TrendsToday's market sentiment oscillates between caution and optimism. Tech stocks, especially in the semiconductor and consumer electronics fields, are under pressure, possibly indicating concerns over valuation or market saturation. However, sectors like financials and communication services are witnessing gains, suggesting a tilt towards safer bets and fundamental value plays in these uncertain times.Investors are responding to mixed economic signals, with some showing resilience and others showing hesitance, reflecting broader-market uncertainty.? Strategic RecommendationsInvestors may want to brace for continued volatility in the technology sector. It may be wise to explore bolstering portfolios with exposure to sectors like financials and communication services, which are currently exhibiting strength. Keep an eye on companies like GOOGL and JPM to capitalize on growth opportunities within these positive-performing industries.The increased volatility presents both risks and opportunities. Diversification, across sectors and resilient stocks, remains a prudent strategy. Stay informed with real-time updates and analyses from InvestingLive.com to navigate these ever-shifting patterns effectively. This article was written by Itai Levitan at investinglive.com.

The NASDAQ index has erased all of its early gains after rallying as much as 330 points in the first hour of trading (the high price reached 26259.92). The index is now trading above and below unchanged after declining -71.07 points at session lows. Price action is volatile as market reacts to news headlines.The reversal appeared to gain momentum after reports from a Pakistani source suggested that an agreement to end the conflict in the coming days remains unlikely due to the complexity of the situation. The source cited ongoing cease-fire violations by Israel in southern Lebanon as a key obstacle. The headline seemed to dampen risk sentiment and triggered a rotation lower in equities, with the NASDAQ quickly giving back its early advance. Chips also saw a reversal of the early gains. From a technical perspective, the move is noteworthy because the index opened by pushing back above its 200-hour moving average at 26,120.40, but has since fallen back below that level. That failure shifts the short-term bias back in favor of the sellers and reinforces the importance of the moving average as a key intraday barometer.The market has already shown respect for this level. Yesterday, the NASDAQ briefly traded above the 200-hour moving average but lacked the momentum needed to sustain the breakout. Today's rejection reinforces the idea that buyers still need to prove they can maintain control above that technical hurdle.If buyers can regain momentum and push the index back above the 200-hour moving average, the next upside target would be the 100-hour moving average at 26,541.84.On the downside, traders should remember that Friday's sharp selloff drove the index below the 100-hour moving average and down to test a key swing area near 25,701.90. The index briefly traded below that support before recovering into the close and ending the week just above the level. Monday's gap higher helped distance the market from that support zone, but a failure to reclaim the 200-hour moving average could once again shift attention back toward those lower levels.For now, the technical roadmap is fairly straightforward: the 200-hour moving average at 26,120.40 remains the key pivot level. Staying below it favors the sellers, while a move back above it would give buyers a stronger footing and put the 100-hour moving average back into focus.The Dow remains higher by 247 points or 0.48% but is off it intraday high point of +475 points. The S&P index was as high as 77.43 points. It is currently up 16 points or 0.22% after declining to a gain of +1.95 points at the session lows.The move lower in stocks has sent the USD off the lows. Looking at the EURUSD, sellers pushed back down and away from the 100 hour MA. Yields remain lower with the 2 year down -2.1 basis points at 4.136%. The 10 year is down -0.5 basis points at 5.036%. This article was written by Greg Michalowski at investinglive.com.

A promising start for US equity markets has very quickly soured.The Nasdaq is now lower after climbing 1% at the open. I highlighted Marvell as a barometer before the open and it climbed 3% to start but is now quickly down 6.5%.Nvidia also reversed lower and is down 1.2%.I think there is some angst about issuance and crowding-out in the stock market with OpenAI yesterday saying that it's filed for an IPO, which could come in Q4. In the shorter term, we get the IPO from SpaceX on Friday and there are indications that the interest at the $1.75 trillion valuation is tepid at best. Shares of Tesla are down 0.7% after opening higher on fears that SpaceX will draw dollars out of Elon's most-famous company.It's important to note that SpaceX is only selling 5% of the company via IPO but the fear is that as vesting and lockups expire, there will be steady selling pressure as long-time owners and employees look to turn equity into cash. It's a similar dynamic for Anthropic and OpenAI, which have turned hundreds of employees into the ultra-wealthy, with many clocking in at $100m paper valuations. Who wouldn't put some in the bank rather than risk holding it all in a company that could collapse as quickly as it grew.Moreover, the valuations for all these tech companies are stretched by an insane capex war that's driving up the cost of everything. The fear is that they won't be able to raise cash indefinitely and will need to continue to tap equity, as Google did earlier this month.Outside of tech, there are some better indications as the Russell 2000 remains 2% higher on lower oil prices and hopes for an end (finally) to the war in Iran. WTI crude oil is down $3.46 today to $87.93. I tend to think oil is a buy at $80 even if the war ends because inventory rebuilding is going to keep a bid in energy for awhile. This article was written by Adam Button at investinglive.com.