Global Stocks Are Falling on August 2 Ahead of Job Report
Stocks are falling around the globe this morning, and it seems likely we are closer to the beginning than the end.

Global Stocks Are Falling on August 2 Ahead of Job Report

by Michael Kramer

August 2 – Stock mentions: MU, SQ, NVDA, AMZN, TSLA

Michael Kramer and the clients of Mott Capital own TSLA

US Markets

  • S&P 500 Futures -7 points
  • US 10-Year 1.84%
  • VIX 17.75
  • Dollar Index 98.27
  • Oil $55.25

International Markets

  • Shanghai -1.4%
  • HK -2.35%
  • Nikkei -2.11%
  • KOSPI -0.95%
  • DAX -2.3%
  • FTSE -1.69%

Job Report at 8:30 AM Consensus +151,000

South Korea KOSPI

The South Korea KOSPI is now trading at nearly its lowest level since December and January. We will need to monitor more closely. 

S&P 500 (SPY)

Let’s not forget it is a summer Friday, and that means that volumes can get thin this afternoon, and we could see extra volatility due to this. Additionally, I can’t imagine that some traders will want to be long this weekend. There are plenty of reasons for the market not to rise today. Just keep this in mind.

The S&P 500 futures are trading around support of 2,940 on August 2, and it’s looking more and more as if the broader index could be heading towards 2,900.

S&P 500, spy

Micron (MU)

Micron is moving closer to breaking down on August 2, now trading around $42. A drop below $42 pushes shares lower towards $39.55

Micron, mu

Square (SQ)

Square is dropping below $75 and is now at risk of falling to around $69.90.

square, sq

Tesla (TSLA)

Tesla is in the crosshairs today, as a big a part of their growth story is tied to China. Support is at $225, and a drop below that price can push TLSA shares lower towards $205.

tesla, tsla

Amazon (AMZN)

Amazon is breaking below support at $1850 and setting for up a drop to $1,800.

amazon, amzn

Nvidia (NVDA)

Nvidia is breaking down, with support at $160 and the potential to fall to around $150.

nvidia, nvda

Good Luck today.

-Mike

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