A key test for the AI-fuelled rally has been passed with flying colours. Nvidia’s results yesterday significantly exceeded expectations, which were already set very high. The company’s shares are up more than 9% today, almost single-handedly driving broader stock indices.
- Nasdaq 100 is up 1.3% today. The tech giant from Santa Clara accounts for 1.2 percentage points of this move (more than 13% weight in the index).
- S&P 500 is gaining 0.8%. However, if Nvidia’s gains (0.8 percentage points, nearly 9% weight in the index) were removed, it would be flat.
Figure 1: Winners and Losers on the Nasdaq 100 (27.08.2026)
Source: XTB Research, 27.08.2026
This is quite an interesting and relatively rare phenomenon. Usually, strong performance from the world’s largest company by market capitalisation spreads to the semiconductor sector (and often to other technology companies as well). Today, it is difficult to identify a clear direction. Broadcom and Intel are both up more than 3%, while AMD, Micron, and Applied Materials are declining. Marvell is trading near yesterday's close and will publish its Q2 results today after the US market closes.
Figure 2: Heatmap for the Nasdaq 100 (27.08.2026)
Source: XTB Research, 27.08.2026
European markets were dominated by red today. The sharpest declines were recorded on the French CAC40 (-1.7%), the Italian FTSE MIB (-1.2%), and the Polish WIG20, which was weighed down by reports of CIA chief John Ratcliffe’s visit to Moscow. According to Politico, the trip was primarily aimed at warning the Russians against a potential attack on the Baltic states and persuading Vladimir Putin to limit support for Iran.
Currencies
Weakness in the CEE region was also evident in the currency market. Despite a lack of significant volatility in the EURUSD pair, both the Hungarian forint (-1.1%) and the Polish zloty (-0.8%) weakened.
Figure 4: Selected Currency Quotes (27.08.2026)
Source: XTB Research, 27.08.2026
The Jackson Hole symposium (27-29.08) has begun, one of the two most important central banker conferences of the year. Following the last Fed meeting, it seems clear that investors will be looking to Chairman Warsh for a bit more clarity. His speech is scheduled for tomorrow in the early afternoon.
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