- US indices are trading near yesterday's close as investors await Nvidia's earnings report, which is due out tomorrow. Nvidia is down over 1% on the day but is currently up 0.1%. The Nasdaq is up 0.05%, while the S&P 500 is up 0.11%.
- Analysts estimate that Nvidia's sales grew more than 240% last quarter, but its 90% stock price gain year-to-date has many wondering how much longer the rally can last. On the other hand, some valuations suggest that the company's stock could reach over $1,000 per share.
- Federal Reserve Board member Christopher Waller said he needs "several more" months of good inflation data to start cutting interest rates. Meanwhile, the EURUSD has stabilized near 1.0850, and the yield on the 10-year US Treasury note has fallen to around 4.40%.
- The Norwegian krone hit a two-month high against the euro, while the Canadian dollar lost ground after core inflation fell for the fourth straight month. The Canadian dollar's weakness was also supported by falling oil prices.
- Oil is down over 1% today, with WTI falling below $78 per barrel. However, oil has recouped some of its losses by the end of the session. Losses have been reduced to around 0.5%.
- Gold is down today but remains above $2420 per ounce. Gold is down 0.2%.
- Macy's Inc. handily beat earnings estimates last quarter, prompting the department store operator to raise its outlook for the rest of the year. Palo Alto Networks shares, on the other hand, fell after the company issued lackluster billings guidance.
- The RBNZ will release its interest rate decision tomorrow. No change is expected, but given the weakness of the economy, there could be a dovish tone and a hint of cuts later in the year. If the RBNZ is dovish, AUDNZD could break back above 1.10.
- Ethereum is up over 20% since yesterday, breaking above 3800 amid speculation of SEC approval for an Ethereum ETF. The first possible decision is May 23rd. Bitcoin is nearing $72,000 today.
- German PPI inflation deepens decline to -3.3%
- Hungary's central bank cuts rates to 7.25% as expected
Nvidia is close to all-time high a day ahead of earnings release. Source: xStation5
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