Stock market today: US futures nudge lower as eyes turn to CPI

All eyes on Nvidia (NVDA).

The stock has been weakening all morning in pre-market following Friday's sharp intraday reversal that caught a lot of investor attention.

With macro data and earnings releases this week in the slower sideThe action in Nvidia is likely to dictate broader market movements.

Some notes from various notes from this morning:

“At one point on Friday, the world's third-largest company, Nvidia, was up 92% year-to-date. The S&P 500 semi-index's five-month return was 84%, the highest since 1999. Consolidation in AI trading is long overdue, so Friday's key reversal day could signal the beginning of that easing..” -BTIG

“In 2000 years I am not sure if So far $250 billion has been wiped from a stock in 3 hours. That's what happened to Nvidia on Friday, when shares went from around +5% to -6.5% intraday before closing -5.55%. Then, in after-hours trading on Friday, it was down almost another -3%. Surprisingly, it was still up +6.38% for the week, up +21.3% in March so far, and still posted a 10th week of consecutive gains. That said, the late-week selloff meant that the S&P 500 (-0.65% on Friday) was down -0.26% for the week, and was on the verge of advancing for 17 of 19 weeks for the first time since 1964 ”. -German bank

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