US stocks pulled back on Friday after a torrid rally, as markets turned their attention to tax and spending legislation poised to swell the federal government's already massive debt.
An earnings report from Nvidia will take centre stage for Wall Street in the coming week, as stocks hit a speed bump of worries over federal deficits driving up Treasury yields.
The company is set to launch a new AI chipset for China amid export curbs, Reuters reported on Saturday, with mass production likely to begin as early as next month.
Hedge funds slashed their exposure to US Big Tech stocks in early 2025 and rotated into Chinese equities which remain undervalued, according to Goldman Sachs' latest Hedge Fund Trend Monitor.
The report shows a shift away from the Magnificent 7 stocks and into China ADRs, such as Alibaba, Baidu and JD. Meanwhile, exposure to AI-related stocks were steady, which may stem losses.
China-listed Apple supplier stocks lost ground after Trump threatened tariffs on imported iPhones. He warned that he may slap a 25% levy on any iPhones sold, but not made, in the US.
The S&P 500 dipped below 200 SMA with RSI retreating from the overbought territory. It looks neutral and buying the dip could be a safer bet.
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