The tech sector bore the brunt of the aforementioned softness on Wall Street, with the Nasdaq ending the day around 1% lower, likely a result of positioning and de-risking ahead of NVDA's earnings after market close tomorrow.
Despite the tech softness, signs of a rotation did emerge under the hood of the US equity market, with the Dow ending at a record high, and the Russell adding around 0.2%.
The August jobs report, due 6th September, is the next major macro catalyst on the horizon, with further softness here likely to cement the case for a 50bp cut at the September FOMC meeting.
Outside of equities, crude remains underpinned by heightened geopolitical risk in the Middle East, though the impact of said tensions tends to be relatively short-lived.
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