Analysts: The buying momentum of US stocks has subsided, and the market is anxious before Nvidia's earnings report

Since the "Tariff Day" lows, every time the market has fallen, it has gradually stabilized and then started buying dips, said analyst Adam Button. Once the rally starts, momentum takes over. But that hasn't been the case lately. Since late October, the market has moved on and off. Momentum is sometimes there, sometimes it's gone. I think it's all about the anxiety caused by hyperscale cloud computing companies ahead of NVIDIA's (NVDA. O) earnings report on Wednesday, but I also worry that it's due to market expectations that the Federal Reserve will tighten monetary policy. What puzzles me is that the market didn't start selling after Powell said on Oct. 30 that another rate cut in December was unlikely, which should have been the signal. Instead, the market continued to spend two weeks pricing in the possibility of a December rate cut. It was only last week that the market finally got the message that the odds of a December rate cut had fallen to 36 per cent. All of this suggests that the current price action does not look good, and it is worth noting that there is no news event behind today's drop.