Big Tech and Pharma under pressure 🔎
The Nasdaq, represented by the US100 contract, is leading the decline in indices on Wall Street today, as the dust settles after the presidential election. The pressure on the index encompassing key technology companies is manifold. Uncertainty regarding the potential consequences of Donald Trump's future economic policies is growing, especially for companies like Apple, for which China is a crucial and closely watched market. Nvidia, a key player in the sector, is under pressure as it approaches the release of its Q3 2024 financial results. Pharmaceutical companies (especially Nasdaq-listed biotech firms such as Moderna and AstraZeneca) are also seeing significant losses after Trump appointed vaccine skeptic Robert F. Kennedy Jr. as the head of the Department of Health and Human Services in his administration. Wall Street is also facing a challenging motenary policy outlook. Solid labor market data and a slight uptick in inflationary pressure in the medium term support Fed's 'not-in-hurry' narrative in further interest rate cuts.
Source: xStation5
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