- The Opening Print
- Posts
- Tech on Edge: NVDA Earnings, Crypto Crash, and Market Uncertainty
Tech on Edge: NVDA Earnings, Crypto Crash, and Market Uncertainty
Danny Riley
February 26, 2025
Follow @MrTopStep on Twitter and please share if you find our work valuable!
Our View
The pain train continued Tuesday, with the NQ leading the markets lower. I posted in the MrTopStep Chat that someone hit the NQ sell button and kept their finger on it. At 10:32 AM, the NQ was down 374 points (-1.81%), and the ES was down 68 points (-1.17%) (not the session lows).
The ES sold off to a low of 5924, while the NQ made a low at 20990 before staging a decent bounce. I said early on that I was looking for 5940 and that the ES and NQ were oversold, but maybe part of that could have been in anticipation of NVDA’s earnings today.
After the rally, both the ES and NQ started going back down again. The day’s trade was down initially but ended up a two-way street with a firmer ES than the NQ.
I want to emphasize something: as a bull market guy, I find it very hard to be bearish—but the price action and news speak for themselves. The ES and NQ have now fallen for four straight days, and that’s not a good sign. We’re not even two months into the year, and the drop over the past four days has been a wake-up call for the bulls.
Consumer sentiment fell for a third consecutive month, dropping 7 points to 98.3 in February, the largest monthly decline since August 2021. Bitcoin dropped below $88,000 as part of a broader crypto selloff, following Friday’s $1.4 billion hack of Bybit, one of the world's largest crypto exchanges. MicroStrategy, a major Bitcoin whale, fell 11% (they hold roughly $43 billion worth of BTC). Gold was up $13 early but then dropped $50. Treasury yields fell to 4.297%, marking seven declines in the past eight trading days, the lowest level since mid-December. Tesla’s market cap fell below $1 trillion for the first time since November. Nvidia shares dropped 2.8% ahead of its earnings report and Trump has said tariffs on Canada and Mexico are set to move forward next week.
As for Nvidia's Q4 FY2025 earnings due after the close today, I found this from Cheddar Flow. As I have always said, I’m not an analyst but I think this is a good breakdown.
Everything is moving.