The summit flopped, oil broke 109, and Ackman loaded up on Microsoft while we trim our Nvidia and wait for Wednesday to tell us how to feel
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Evening brief: The summit flopped, oil broke 109, and Ackman loaded up on Microsoft while we trim our Nvidia and wait for Wednesday to tell us how to feel
Tech stocks tumbled as the Trump-Xi summit yielded no major breakthroughs, while surging oil over $109 and rising Treasury yields reignited inflation fears. Microsoft surged 3.05% against the market tide after Bill Ackman's Pershing Square disclosed a massive new core stake, citing compelling AI and cloud valuations. ServiceNow rallied 5.05% after a bullish investor day showcased new autonomous AI solutions and established a massive $30 billion baseline subscription revenue target for 2030. Nvidia dumped 4.42% in a broader semiconductor selloff as traders aggressively took profits ahead of its highly anticipated $78.5 billion quarterly earnings print next week. All eyes are locked on Nvidia's Wednesday earnings release; its guidance will immediately dictate market sentiment and determine if the AI supercycle narrative continues.
Posture: Defensive. Tech is volatile ahead of NVDA earnings. Rising yields and $109+ oil necessitate inflation protection and cash building.
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