Daily digest market movers: Focus on employment data this week
- During US trading hours on Tuesday, news reported that the US Justice Department has subpoenaed NVIDIA (NVDA) for possible violations of antitrust laws. This triggered a selloff in the broader tech space that spilled over into the Asian and European session.
- At 11:00 GMT, the Mortgage Bankers Association will release its Mortgage Applications Index for the last week of August. The previous number was a slim 0.5%.
- At 12:30 GMT, the US Gods and Trade Balance data will be released. For July, a deficit of $79 billion is expected after June's deficit of $73.1 billion.
- At 14:00 GMT, the JOLTS Job Openings report for July will be released. June’s number came in at 8.184 million vacancies, with 8.1 million expected for July. At the same time, Factory Orders data is expected to jump out of contraction by 3.3% in June to a positive 4.7% in July.
- Equities are selling off on the back of the Nvidia subpoena. In Japan, both the Nikkei and the Topix index are down nearly 4%. European equities are opening more than 1% lower on the day.
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