Wall Street pared earlier losses as oil reversed gains on signs of progress in US–Iran nuclear talks. Chipmakers led declines after Nvidia’s results failed to reassure investors on the sustainability of AI-driven demand. The Nasdaq 100 underperformed, falling 1.2%, while the S&P 500 edged lower despite the majority of its constituents advancing. Nvidia slid more than 5%, despite issuing a bullish outlook, weighing on the broader semiconductor complex. In contrast, Salesforce rose 3.5% after delivering strong long-term sales guidance and announcing a sizable share buyback, easing concerns around AI-driven disruption in the software sector.
- After trading sideways since September, it’s feeling like guesswork what comes next for the NASDAQ, which has held up well in the face of much uncertainty.
MM is neutral towards the Nasdaq 100 around 25,000
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