Global equities steadied after an AI-driven selloff that knocked the Nasdaq down 1.2% (more than 6% off its late-October peak) and left MSCI All-World down for a fifth straight session, while S&P 500 and Nasdaq futures were modestly higher pre-open and the STOXX 600 was up 0.1% but still about 4% below record highs. All eyes are on Nvidia, which reports after the U.S. close and is forecast to post fiscal Aug–Oct revenue of $54.92 billion (up ~56%); its results are viewed as a potential turning point for risk sentiment and the dollar, with strategists warning the stock is “priced for perfection” and a weak print could weaken the dollar and shift focus to Thursday’s delayed U.S. jobs data. Macro cross-currents persist: the dollar is down ~8.1% YTD but has been clawing back (markets price ~42% odds of a Dec 25bp Fed cut), the yen’s weakness has prompted intervention warnings, the 10‑year yield sits near 4.12%, bitcoin has recovered to about $91,400 but remains ~30% below October’s high, and Brent crude fell roughly 2% to $63.59 a barrel.
Global equity markets were cautiously steady after an AI-driven selloff: the Nasdaq dropped 1.2% overnight (a second straight daily decline) and sits more than 6% below its late‑October peak, while S&P 500 and Nasdaq 100 futures were up about 0.3–0.4% pre-open and the STOXX 600 rose 0.1% but remains roughly 4% off record highs. MSCI’s All‑World index fell 0.1% for a fifth consecutive session, the longest losing streak since August, underscoring fragile risk appetite. Nvidia is the focal point for near‑term sentiment risk, with LSEG consensus forecasting a 56% year‑over‑year revenue jump to $54.92bn for the fiscal Aug–Oct quarter; shares were up ~1% in U.S. pre‑market. Market commentators note Nvidia is “priced for perfection,” and the company’s print could meaningfully move equities and the dollar, while a disappointment would likely accelerate the shift of focus to Thursday’s delayed U.S. employment data. Macro cross‑currents amplify event risk: the dollar is down ~8.1% YTD but has been recovering, markets price ~42% chance of a December 25bp Fed cut, the 10‑year yield is near 4.12%, the yen has weakened to ~156 prompting intervention warnings, bitcoin trades around $91,400 (~30% below October’s high), and Brent crude is near $63.59/bbl. These factors imply heightened volatility around earnings and U.S. jobs releases and a clear pathway for rapid risk‑on/risk‑off rotations.
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mildly negative
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-0.30
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