A healthy recovery rally was developing on Wednesday until President Trump mentioned the possibility of imposing tariffs on Europe again. His comments were confusing, as it was unclear whether he was referring to tariffs in addition to the reciprocal tariffs he had already promised.
This uncertainty contributed to the decline, but nonetheless, the indexes still reported slight increases, and market breadth was positive. There were about 300 new 12-month lows compared to approximately 140 new highs.
The good news is that the lows held, but now the question is whether the mighty Nvidia (NVDA) can help restore the upward trend.
After the session ended, mixed reports were announced—Snowflake (SNOW) initially saw a strong rise, while Salesforce (CRM) experienced selling pressure.
Nvidia surged initially after better-than-expected revenue and earnings, as well as raised future guidance, but the report was not exceptional, and the initial jump was quickly sold off. The report appears solid but likely not good enough to trigger aggressive buying.
The market will have some questions to address on Thursday, but for now, there are signs of support, which is a good start.
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