Nvidia spy link report triggers $650B swing in S&P 500 futures
US equity futures experienced a rapid whipsaw during the Sunday evening open. A post from The Kobeissi Letter claimed Nvidia CEO Jensen Huang admitted to a relationship with a Chinese spy. Within minutes, S&P 500 futures dropped and then fully reversed, turning positive.
Event timeline
- 6:00 PM ET: US stock futures reopened after the weekend.
- 6:01 PM ET: S&P 500 futures fell, implying a loss of about 300 billion dollars in market capitalization.
- 6:07 PM ET: Losses were fully erased and futures turned positive, implying a gain of about 350 billion dollars.
Market impact
- Total implied swing in S&P 500 market capitalization: approximately 650 billion dollars within seven minutes.
- Price action: initial drop followed by a swift dip-buying reversal to green.
Source and framing
Details originate from a post by The Kobeissi Letter. The post links the initial drop to the claim about Nvidia’s CEO, followed by an immediate reversal as traders bought the dip.
Authors credited by the source: thekobeissiletter
Published by Holder based on an external source.
