"The futures are trading lower, with only the DJIA positive, as we reach the midpoint of the trading week, following a risk-off day on Tuesday that saw all major indices decline. The NASDAQ led the sell-off, closing over 2% lower, sparked by a dramatic drop in Palantir, despite the company posting results and guidance that beat expectations. When the closing bell finally rang, the S&P 500 and the Dow Jones Industrial Average had clawed back some of their losses,"
"As would be expected, yields across the Treasury curve plunged as investors and traders rushed to the safe-haven security of U.S. government debt. The benchmark 10-year bond did not close the day at 4.0% while the 30-year long bond was last seen at 4.67%. One thing is for sure: with job openings shrinking to the lowest level since 2021, expectations for a December rate cut may grab a tailwind this week."
Equity futures traded lower midweek with only the DJIA positive after a risk-off session that pushed all major indices down. The NASDAQ led losses, falling over 2% after a sharp drop in Palantir despite the company beating results and guidance; the S&P 500, Dow, and NASDAQ closed at 6771, 47,085, and 23,348 respectively. Michael Burry revealed long puts on Palantir and NVIDIA, intensifying selling amid concerns about AI valuations. Treasury yields plunged as investors sought U.S. government debt, with the 10-year near 4.0% and the 30-year around 4.67%. Job openings fell to their lowest since 2021, boosting December rate-cut expectations. Brent and WTI finished lower amid the equity sell-off and chatter about Russian sanction severity.
Read at 24/7 Wall St.
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