US Inventory Diary｜ Nasdaq rose for 5 consecutive weeks, Nvidia rose 15% in per week (Michael M. Santiago through Getty Photographs)
All three US inventory indexes carried out nicely, and the Nasdaq hit a file excessive. On a weekly foundation, the S&P 500 and Nasdaq have risen for 5 consecutive weeks, however the Dow fell greater than 2% this week and didn’t rise for a sixth consecutive week. Nvidia shares rose additional greater than 2% on Friday and jumped 15% for the week. Some Federal Reserve officers proceed to make hawkish feedback, and the market expectation initially of the 12 months was to chop rates of interest by 150 foundation factors this 12 months, which has been considerably diminished to the present 35 foundation factors. Nonetheless, some main banks indicated that company earnings are passable, and even when rates of interest stay excessive, it is not going to hinder the rise of US shares.
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Market situations on 9 Might (Thursday)
l The Dow Jones index rose 3.94 factors, or 0.01%, to 39,069.20 factors.
l The S&P 500 index rose 36.87 factors, or 0.70%, to five,304.71 factors.
l The Nasdaq index rose 184.76 factors, or 1.10%, to 16,920.79 factors.
l New York oil futures for June supply closed at US$77.80 a barrel, up US$0.93 or 1.21%.
l New York gold futures for June supply ended at 2,335.2 yuan per ounce, down $2 or 0.09%.
l The ten-year US Treasury bond yield closed at 4.4670%, down 0.8 factors.
The Nasdaq rose 1.41% this week, and the S&P 500 rose lower than 0.1% this week Each recorded positive aspects for the fifth consecutive week. The Dow Jones Industrial Common fell 2.35% this week, ending its five-week successful streak.
Nasdaq’s gainer was led by Moderna, with its share worth hovering 25% in per week The second largest gainer was Nvidia, which rose greater than 15% this week on robust efficiency and surpassed US$1,000 for the primary time . Different semiconductor shares rose together with Nvidia, with Analog Units and Qualcomm every rising greater than 8%. Temu’s mother or father firm PDD Holdings additionally rose almost 8%.
FactSet information reveals that up to now this earnings season, 199 corporations within the S&P 500 have talked about synthetic intelligence in convention calls, surpassing the file of 182 corporations set within the second quarter of 2023. Among the many 199 of those corporations, “AI” appeared 11 occasions on common. Talked about no less than 50 occasions in convention calls with 12 corporations together with Meta, Nvidia and Microsoft.
The US Securities and Alternate Fee authorized a rule change Thursday night, opening the best way for an Ethereum ETF Coinbase outperformed considerably on Friday, closing up 8.6%, and Robinhood’s inventory worth rose 6.6%.
Federal Reserve Board Governor Christopher Waller mentioned, “The USA is on an unsustainable fiscal path. If the provision of US Treasury bonds begins to develop quicker than demand, this may imply that costs fall and rates of interest growing debt, placing upward stress on the impartial rate of interest.”
At the moment, exchanges count on the Fed to chop rates of interest for the primary time in December, not November. The market at present expects a fee minimize of simply 35 foundation factors in 2024, in comparison with expectations firstly of this 12 months of a 150 foundation level fee minimize.
Goldman Sachs pushed again its forecast for the Federal Reserve’s first rate of interest minimize between July and September, with Goldman Sachs economist David Mericle writing: “Inflation situations within the US are doubtless to enhance considerably by September, however they won’t be excellent. “
Binky Chadha, chief US fairness and world strategist at Deutsche Financial institution, mentioned so long as the economic system and company earnings develop, the inventory market can stay robust even within the face of upper rates of interest for an extended interval. Chadha final week raised his year-end forecast for the S&P 500 to five,500.
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