- The American stock market is attempting to correct declines ahead of Nvidia's earnings, but after initial gains, it quickly loses momentum. At the beginning of the session, NASDAQ100 futures rise by over 1.7%, but as the session progresses, they reduce gains to just 0.5%. Similar movements are seen in the S&P500 and Russell2000, which also hover around 0.5% gains by the end of the session. The Dow Jones performs worse, limiting gains to 0.2%.
- Investors in the US and worldwide are holding their breath, awaiting two key publications. Nvidia will release its earnings after the session closes. The AI and components giant is currently in the spotlight, and the company's results will be crucial for the market to determine the continued validity of valuations for tech and AI companies. Even a slight disappointment could trigger a significant correction.
- The FOMC minutes from the last meeting will also be published today. The market is convinced that it has already priced in the actual path of rate cuts for the coming months, somewhat accepting the lack of a cut in December. An unexpected comment or change in stance could provoke the market to adjust valuations and expectations.
- Data on trade and oil have also flowed in from the US. The trade deficit is slowly but consistently shrinking since about mid-year, after significantly increasing at the beginning of Donald Trump's presidency. Oil inventories fell significantly above expectations, but unexpectedly, gasoline inventories rose.
- Alphabet has released its new AI model, which positively surprised investors and analysts. The stock price of the giant rose by about 3%.
- Mixed sentiments are observed in European sessions, where investors do not place as much hope in AI. The balance of sentiment is even. Stock exchanges in the UK and Italy are down about 0.5%. CAC40 maintained its course around the opening. DAX performed better with a 0.2% increase. The growth leader turned out to be WIG20, rising by almost 2%.
- In the UK, inflation continues to rise despite negligible economic growth. CPI increased by 0.4% month-on-month.
- In the agricultural commodities market, supply is increasing. Cocoa is down over 5%, Coffee and Soy about 2%.
- In the energy commodities segment, oil is cheaper by over 2%, notably before the publication of US oil inventories. NATGAS, however, is rising by over 4%.
- The precious metals market remains stable. Gold is up by just under 0.5%. Platinum and Silver are rising by 1.5% and 1%, respectively.
- The crypto market continues to collapse. The broad market is experiencing another day of significant declines. Bitcoin has fallen below $90,000 for the first time since May, losing over 4% just today. Ethereum is doing even worse, losing 7% and stopping at $2,880.
- In the currency market, among major currencies, the dollar reigns today, strengthening against most pairs. The biggest increase is seen against the Yen, which loses 0.8%, followed closely by the pound, losing 0.5%. The Euro-dollar falls by about 0.2%. Among smaller currencies, the New Zealand and Australian dollars are notably depreciated, with a 1% and 0.6% decline against the dollar, respectively.
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