Yesterday, commodity weakness in metals was widely attributed to Goldman Sachs, which cut its copper forecast because of projected weakness in China. Then there was concern that the August jobs report, out this Friday, was going to be weaker than expected . Citigroup led the downside charge, putting out a call out for 125,000 jobs, far below consensus expectations for a gain of 161,000. This happens all the time now.
yesterday that stocks could see a 7%-10% pullback this fall, but then added that investors should be ready to "buy that dip." Nvidia's multiple is falling, not its earnings Meanwhile, there was much gnashing and wailing around Nvidia 's big 9% drop yesterday. An old friend, veteran trader Joe Zicherman, called me near the close and said this may be the biggest one-day dollar loss ever for a single stock, and he appears to be correct.
's Robert Hum tells me this is the 5th time Nvidia has lost more than $200 billion in one session. But remember: they are taking down the multiple on Nvida, not the earnings. The forward multiple for Nvidia's current fiscal year is now at 38.3, well below the 48 multiple in June. The forward multiple for Nvidia's next fiscal year is 28.8, well below the 36 multiple in June.