Expectations were sky-high for Nvidia’s fourth quarter earnings report on Wednesday; they were soundly beaten anyway. The chipmaker revealed adjusted earnings per share of $5.16 on revenue of $22.1 billion, a considerable step ahead of analysts’ predictions. Shares in the company rose 16% over the course of the following trading session, triggering a market-wide buying frenzy. The Nasdaq Composite gained almost 3% on Thursday as many other technology companies were buoyed by Nvidia’s success. The S&P 500 and Dow Jones Industrial Average did not get left out either, finishing the day 2.11% and 1.18% higher respectively, both indices establishing fresh all-time highs.
Speaking of new all-time highs, we finally have it, a very special one: after 34 long years, the Nikkei 225 has finally broken its former record. Dating back to the 29th of December 1989, the Japanese index set a daily close at 38,915 Yen. Yesterday, the 22nd of February 2024, the index gained 2.19% to close the day at 39,098. Almost brings a tear to the eye. Robust corporate earnings and a weak Yen have been the main drivers behind the impressive rallies seen in Japanese markets this year.
In light of all the excitement, the main event of the week, the FOMC minutes, was a relatively muted affair. We did not hear anything we have not heard a hundred times before. Caution continues to be the theme for central banks everywhere, no one willing to move until inflation is firmly under control. The DXY barely moved at all on Wednesday, losing a mere 0.05%, a result it would match the following session. Everyone is too busy focusing on stocks.
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