Daily summary: Wall Street loses pressured by US dollar despite euphoria on Nvidia shares

7:01 PM 23 May 2024
  • Nvidia presented great financial results for the first quarter of fiscal 2025, announced a stock split and a dividend increase. In response, the company's shares are gaining more than 10% today. 
  • Nvidia reported revenues of $26.04 billion, a level as much as 5% higher than forecast. In y/y terms, this represents a growth rate of more than 260%. Among segments, the best performer continued to be the key business segment, Data Center, which rose to $22.56 billion and beat market expectations by 6.78%. 
  • Sentiments on Wall Street are mostly weak. The Dow Jones loses 1.3%, the S&P 500 loses 0.4% and the Nasdaq 100 slides 0.12% despite euphoric gains in Nvidia stock prices. 
  • Yields on 10-year U.S. Treasury bonds rose nearly to 4.5% today, and the dollar index strengthened, putting pressure on risky assets; including stocks and cryptocurrencies
  • Oil traded lower. Brent and WTI are losing 0.9% and 0.7%, respectively, with contracts slipping to levels not seen in weeks
  • U.S. gas inventories rose by 78 billion cubic feet vs. 83 billion feet expected increase. Gas prices remain lower, however; NATGAS posts 4.4% drop
  • On the Chicago Commodity Exchange, wheat contracts climbed back into the neighborhood of $700 per bushel
  • Euphoria is seen today in the cocoa market, where contracts have rallied more than 10% today
  • Gold, on a wave of a strong dollar and high yields, continued to sell off for the 3rd day in a row, after historic highs on Monday. Gold is losing nearly 2% today and testing the area around $233 per ounce 
  • The Kansas regional index performed above expectations and overshadowed a noticeably weaker reading of economic activity from the Chicago region
  • The dollar is gaining today on a wave of positive economic data from the US. The PMI for manufacturing rises to 50.9 points, but the biggest surprise comes from the services sector, which rebounds to 54.8 points against expectations of 51.3
  • Unemployment claims fell to 215,000 with the previous reading at 223,000, showing that the US labor market is still tight
  • The dollar is additionally benefiting from the wave of yesterday's hawkish FOMC minutes, which showed that bankers are not ruling out additional hikes if needed
  • PMIs from Europe performed mixed today. On the one hand, better indexes for industry, but worse for the services sector (Germany was the exception). France's PMI index for services falls below 50 points. EURUSD pair was trading near 1.080 levels today
  • China army started today the so-called 'punishment drills' in the Taiwan Strait and around groups of Taiwan-controlled islands beside the Chinese coast in response to 'separatist acts' from Taipei, after Taiwan inaugurated the new president Lai Ching-te.
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