Major indices are moving lower, with the Nasdaq lagging. The Volatility Index (VIX) is also approaching the 35 level again. Meanwhile, Gold continues to rally higher as investors look for safe havens.

The Ten-Year Yield (TNX) is up 3.8 basis points and continues to hold above its 50-day moving average.

The Magnificent Seven are leading the indices lower and contributing to the Nasdaq’s underperformance, with Nvidia (NVDA) and Tesla (TSLA) leading the pack downward. Nvidia is trading lower on reports that Huawei will produce a rival to its AI H20 chip, and Tesla is moving down as investors await its earnings tomorrow after the close, as well as reports of delayed Model Y production in the USA.

All sectors are moving lower, with Technology (XLK) and Consumer Discretionary (XLY) lagging. Consumer Staples (XLP) is showing the most resolve, but still down 1.12%.

This week, we will see lots of earnings, and importantly, guidance releases. Out of the Magnificent Seven, Alphabet (GOOG/L) and Tesla are on deck.

Economic Data

The Conference Board Leading Economic Index fell 0.7% M/M in March, after a prior decline of 0.2% in February, and below forecasts of a 0.5% decline. The Coincidental Economic Index rose by 0.1% M/M in March, slowing from February’s 0.3% increase. Additionally, the Lagging Economic Index fell by 0.1% M/M in March, down from a 0.3% increase in February.

The decline is attributed mainly to the S&P 500, ISM New Orders, and Consumer Expectations.

At some point soon, there will be tariff deals announced, and this market will pop.  

Comments

"At some point soon, there will be tariff deals announced, and this market will pop. " The market might pop for another BS "historic rally" but the damage has been done. Regardless of any proposed benefits of the current administration policies, there is no chance of a 33% upside on the Nadaq from here. That only gets us back to the high from Feb. Dollar losing steam, 10 year yield increasing, markets down. Investors are losing confidence in America as an investment vehicle. If all of this chaos doesn't get us back to better than even in the long run then what was the point? Over $6 trillion of Amercans wealth gone to money Heaven. A damn tragedy. Abe on 4/21/2025 1:43:19 PM

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