Nasdaq Futures Plummet as Wall Street Enters Crucial Week
Nasdaq futures plummeted by about 0.6% on Monday as Wall Street prepares for one of August's most significant weeks.
The week ahead is crucial, with several key events that could reset market sentiment, including Nvidia's fiscal second-quarter results and the Federal Reserve Chair Kevin Warsh's address at Jackson Hole.
Nvidia faces a major test on Wednesday, August 26, as investors expect exceptional revenue and earnings growth. However, the stock has declined for five consecutive days, and rising memory costs may lead to price hikes of over 15% for AI server prices.
Treasury yields remain a significant concern for technology stocks, with the 30-year Treasury yield reaching its highest level in 19 years last week. The decision to expand long-dated Treasury buybacks has provided some relief, but investors are focused on record government debt and persistent deficits.