Rise and shine everyone.
The market is in perfect risk-off mode. Yesterday’s sector rotation saw all the defensive sectors take the top positions while we saw NVDA and other semiconductors get dragged down. Bitcoin was also lower and continues to fall, now just above 56,600.
Commodities continue to see pressure, although crude oil is reversing some of its losses from yesterday after OPEC+ is reportedly discussing a delay in increasing production. The production cuts were to be rolled back in September but, after slower growth data from China, and the current levels of supply, they could be thinking otherwise to keep a floor under prices.
US Equity Futures are trading lower again this morning, after a tough close yesterday. The Nasdaq-100 and the Russell 2000 were both down over 3%.
