Nah, it's mostly about chips. Trump said that Taiwan had stolen all chips (production) from the US - Edit: and that Taiwan had then to pay the US for "protection" Then he picked Vance, who is a China hawk and wants to impose huge tariffs on China - sell fewer chips to China, plus inflation in the US, trade war, etc. That's why, amid the tech selloff, you had Intel GOING UP (because it's the American company that would benefit most from re-shoring) Or maybe we were just a tiny tad bit little overbought
qz.com Nvidia and other chip stocks are falling on trade tensions and Trump’s Taiwan tough talk Jul. 17th, 2024 Shares of several global chipmakers, including Nvidia and Taiwan Semiconductor Manufacturing Company (TSMC), fell Wednesday as investors responded to potential new Biden administration export controls and comments on Taiwan by former President Donald Trump. The market impacts of both pieces of news were swift. Here’s where each major chipmaker’s stock stood Wednesday morning: ASML’s Netherlands-listed shares were slipped 7.7%. Tokyo Electron shares in Japan closed down nearly 7.5%. TSMC’s Taiwan-listed stock was down 2.4% at market close. Nvidia shares were 4% lower in Nasdaq pre-market trading. Arm stock dropped 4.86% before market open. Applied Materials shares dipped 5.24% in the pre-market. The double-whammy to the stocks came late Tuesday, after Bloomberg reported that the Biden administration is considering severe trade restrictions if firms like Tokyo Electron and ASML Holding continue to provide China access to their advanced semiconductor technology. The so-called foreign direct product rule (FDPR), would represent a significant crackdown on the sharing of American technology with the country. The rule applies to chips with even the smallest sliver of American-made technology, and would impact U.S. and non-U.S. companies. Hours earlier, the former president and Republican presidential nominee told Bloomberg Businessweek in a wide-reaching interview that he believes Taiwan should pay the U.S. for its defense. “Taiwan doesn’t give us anything,” he said. Trump also claimed that Taiwan has taken “about 100%” of America’s semiconductor business. Hsinchu, Taiwan-based TSMC is the world’s largest chipmaker, manufacturing an estimated 90% of the world’s most advanced chips that power everything from iPhones to artificial intelligence models. Given Taiwan’s outsized role in the global chip industry, questions about U.S. defense of the democratically governed island amid a surge in military activity by China are particularly worrisome. “If China was to invade, that would shut down and create an economic crisis,” House Foreign Affairs Committee Chairman Michael McCaul said after leading a bipartisan delegation to Taiwan in May.
UBS boost their end year S&P 500 target to 5900 UBS increasing their year-end price target to 5,900 for the S&P 500. previously at 5,600 And their June 2025 target to 6,200
Yesterday weak YM and strong NQ pre-market. Then they dumped NQ and pumped YM at the open, and then dumped everything after the first hour. Will today rhyme with yesterday?