Friday's rebound was thanks to NY Federal Reserve (Fed) President John Williams — who, in the middle of a less-dovish Fed crowd, said the Fed could lower rates in the near term – The Comment that flipped the market's expectation of a December Fed cut from less than 30% a few days earlier to above 70%.
Market mood got hammered yesterday — for all the reasons we've been citing over and over: overstretched tech valuations, an increasingly narrow rally, and the circularity concerns around Big Tech that are reviving dot-com bubble comparisons.
The new week, and the new month, kicked off on a sweet note — again on the back of a renewed AI boost. South Korean chipmakers rallied in the early hours of the new week following Nvidia's announcement last Friday that it will sell 260,000 chips to several South Korean companies and to the South Korean government. Nvidia also gained 2% yesterday.
Last week ended with slowing appetite after the Federal Reserve (Fed) cast doubt on another 25bp cut in December and Big Tech earnings failed to impress investors despite beating lofty expectations. But nearly two-thirds of S&P 500 companies have already reported earnings, showing more than 10% year-on-year growth — higher than analysts had expected and marking the fourth consecutive quarter of double-digit earnings growth, according to FactSet.
At yesterday's GTC conference, Nvidia CEO Jensen Huang unveiled a fresh round of partnerships with Nokia, Palantir, Uber, and the US Department of Energy.
Major global indices climbed yesterday — many to fresh all-time highs — on news that the US and China are inching closer to a trade deal that would prevent the two countries from imposing triple-digit tariffs on their mutual exports.
It just took a few hours for gold and silver bulls to take profit and move to the sidelines yesterday, leading to the biggest price pullback across both precious metals. Gold fell more than 5% and silver tumbled nearly 7%.
The shocking assassination of conservative activist Charlie Kirk has shaken American politics and triggered a wave of heated debates across the country. But the tragedy is now rippling into the workplace, as high-profile figures face dismissals and suspensions over inflammatory social media posts. The latest example comes from Nasdaq, one of the world’s largest stock exchanges, which dismissed a senior employee for her remarks about Kirk’s death.