Markets Under Pressure Ahead of Nvidia Earnings — Dollar Fails to Rally

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Good morning everyone, we have seen a pretty strong decline on the US stock market on Monday, with the technology sector under pressure and big names like Nvidia and AMD.. It’s all happening ahead of Nvidia earnings tomorrow after the US close, and it looks like some investors simply don’t want to take the risk going into this event. On top of that, odds for a potential rate cut in December are decreasing, despite Governor Christopher Waller calling for a December cut, but it seems this is not helping the markets at all right now.

Because of all these factors we also have metals coming lower, in line with cryptocurrencies and stocks, but interestingly the dollar is still showing very slow price action here. In a proper risk-off environment we would normally expect the dollar to be much higher, but that’s not happening at the moment, so if stocks and metals stabilize even for a bit, I would not be surprised to see a break through 99 support still this week.