Dow Jones futures fell slightly Sunday night, along with S&P 500 futures and Nasdaq futures, as China property woes continued to slam Hong Kong stocks. Tesla (TSLA) cut Model prices in China while U.S. Steel rejected a takeover bid.
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The stock market rally had a mixed week, but the action was generally negative, with resurgent Treasury yields and mixed earnings weighing on growth.
The Nasdaq fell through the 50-day and 10-week moving averages last week. Tesla stock and Nvidia (NVDA) are decisively below their 10-week lines. Nvidia stock’s decline is especially important as it’s the leader of the AI-led market rally.
The S&P 500 edged lower, but found support around its 10-week line Friday. The Dow Jones rose slightly for the week.
The market rally is in danger of falling into a correction. While techs arguably already are in a correction, industrials, infrastructure,…
