NADAQ futures sell off -2% on rising 10 YR bond yields. Inflation is still among us, Central Banks deliver Hawkish rhetoric. Nvidia gets knocked off its perch.

 

From the August 23 2023 post:

"...Cathie Wood of ARK investments, who is s self proclaimed disruptive technology investor, sold 1 million $ worth of Nvidia shares, before the company's earnings report.  Hard to say why this was done prior to Nvidia's share price rocketing up over $300 on the day of the report.  But, one thing is certain; the chip/CPU giant's stock is now grossly overbought, which in turn has created a bull trap on the NASDAQ..."

Please refer to the chart above, showing the 2% fall via NASDAQ futures on the back of the Federal Reserve's hawkish commentary ala sticky inflation, to which the ECB also have acknowledged that inflation has not abated. The 10 YR bond yield that has a direct (negative) impact on so called growth stocks is now at 4.2%.