It was all about Nvidia’s earnings, and how the market would react to them, and… well, it left a bit to be desired.
After initially spiking as high as $128 on blowout Q2 earnings, NVDA then dumped instantly as the market was disappointed with the company’s Q3 guidance, before staging a modest rebound into the Thursday premarket, only to see the gains then fade, and slide more than 6%, and wiping out $200 billion in market cap.
Still, the move was not as big as the option straddle suggested – market was pricing in a 10% swing – so both calls and puts saw their value tumble as vol repriced dramatically lower.
While NVDA failed to reverse losses, the same can not be said for the Nasdaq which after tumbling almost 1.5% overnight, scrambled to rebound and even turned briefly green at one point, before it too also reversed and stumbled lower, dragging spoos with it. In fact, the only index that did well today was the Russell, because now that earnings season is officially over, all focus turns back to the Fed and the looming rate cut in September which will benefit heavily debt-laden small caps more than all other companies. […]
— Read More: www.zerohedge.com
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