Daily summary: Nvidia soars 6% reaching all-time highs while US30 drops almost 1%

9:04 pm 28 May 2024

  • The Conference Board's Consumer Confidence Index for May beat economists' forecasts and rose to 102 (vs. April's value: 97 and forecasts: 96). Also improving was the Expectations Index, which rose to 74.6 (vs. 68 in April), which shows consumer attitudes toward the future in the short term. Despite the improvement, the value remained below 80 for the fourth consecutive month, which is often interpreted as a pro-recession signal. 
  • Contracts for the U.S. dollar index have been recording a slight rebound over the past few hours. Not only a solid Conference Board index but also statements from the Fed's Kashkarki supported the 'greenback' today.
  • Kashkarki suggested that rate hikes cannot be 'taken off the table' at this stage, and that actual monetary policy may not be restrictive enough. As a result, the Minneapolis Fed chairman expects a maximum of two Fed rate cuts, over the horizon of the next few quarters - if inflation data perform encouragingly
  • The quotations of U.S. indices today during the session recovered the losses started after the opening. The S&P 500 index is trading near the previous session's closing price, the Nasdaq 100 is up 0.4%, and the Dow Jones is losing 0.9% today. Rising 10 year treasuries yields above 4.5% pressured Wall Street
  • Nvidia is up more than 6% today after news of the company's planned use of processors by startup Elon Musk. xAI intends to create a supercomputer based on the company's H100 processors by 2025, one of whose tasks will be to train and coach Musk's AI model. Today, Nvidia market capitalization is almost $2.8 trillion vs $3.2 trillion Microsofts' market cap
  • European indexes recorded stronger corrections today. The DAX is down 0.5%, France's CAC 40 is losing almost 1%, and Britain's FTSE 100 is down 0.76%. The index monitoring the health of the European stock market, the Stoxx Europe 600, fell 0.6% today. 
  • U.S. bond yields also rose dramatically today, breaking through the 4.53% level. This makes them their highest value since February of this year. 
  • Cocoa futures prices are up more than 6% today. The regulator from Ghana, the second-largest producer of the commodity, has indicated an early hedging of supplies for the 2024/2025 season on the spot market, in the face of declining production, and plans to raise $1.5 billion in loans for this purpose. 
  • Not only cocoa, but also coffee futures are trading up more than 5% today in the face of drought in Brazil and Vietnam complicating the supply picture, with high demand also seen in China
  • Cryptocurrency prices fell again today. Bitcoin is trading near $67,500, as the market reacted with a sell-off on news of a potential payoff of Mt.Gox exchange users
  • Semler Scientific's shares are gaining nearly 30% today after the medical technology company decided to invest surplus capital of $40 million in Bitcoin.

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back
Xtb logo

Join over 1 000 000 XTB Group Clients from around the world.

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
Description
SERVERID
userBranchSymbol cc 2 March 2024
adobe_unique_id cc 1 March 2025
__hssc cc 8 September 2022
SESSID cc 2 March 2024
__cf_bm cc 8 September 2022
intercom-id-iojaybix cc 26 November 2024
intercom-session-iojaybix cc 8 March 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
Description
__hstc cc 7 March 2023
__hssrc

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
Description
hubspotutk cc 7 March 2023

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
Description

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence
Language