Monday: $SanDisk Corp.(SNDK)$ -8%, $NEBIUS(NBIS)$ -11%, $Lumentum(LITE)$ -9.3%, $Corning(GLW)$ -8.1% — AI photonics and storage getting hit. $NVDA$ pulled back from the $235 high to $222.32, extending lower pre-market to $220.98. Three variables are hanging over the market simultaneously this week: the Sell in May narrative is playing out, a new Fed chair just took office, and NVDA reports tomorrow night.
QQQ Falls 1%: Warsh and Bessent Clash at Jackson Hole — Who Sets the Tone?
QQQ −1.00% Monday against the S&P 500's −0.28% — the drop was tech and semis weighting, not broad risk-off. Two macro weights: Jackson Hole, where the story is Warsh against Bessent, monetary stance versus debt issuance; and the fiscal-dominance question, with long-end rates and liquidity now doing the valuation work. Iran signalled a new round of U.S. pressure, adding oil risk. The nearer trigger: Nvidia after Wednesday's close, guidance amplified sector-wide. Trim ahead of both and hold only relative-strength platforms like Meta and Alphabet, or use the pullback to add QQQ?
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