Nvidia (NVDA) gained almost 7% yesterday, ending a three-day slide that saw it shed $400 million in market cap. The chipmaker, along with Microsoft (MSFT) and Apple (AAPL), continue to jostle for position for the world’s most valuable company, an accolade currently worth around $3.35 trillion. The rise in tech stocks allowed the Nasdaq Composite to climb 1.26% on Tuesday, outpacing a modest 0.4% rise in the S&P 500. The Dow Jones Industrial Average, which has been acting at odds with its rival indices in recent sessions, closed the day 0.76% in the red. Of course, none of this does anything to assuage fears that the moves in US indices are merely echoes of a small number of giants. The rank-and-file stocks are often left behind or worse, heading in the opposite direction.
USDJPY continued to hammer against the 160 level over the last few sessions, leaving currency traders wondering what will break first. Either the 160 resistance crumbles or Japanese monetary authorities step in to defend it. We may have an answer before the end of the week, as the publication of the PCE price index forces the market’s hand. The figures will weigh heavily on the Fed’s willingness to enact a rate cut. Should US inflation data continue to prove uncooperative, Fed board members will have no choice other than to maintain the current 5.5% rate and the pressure on the Yen will persist. Whether buoyed by the weak Yen or not, the Nikkei 225 has had a solid week thus far, gaining almost a full percent yesterday and up 1.4% after this morning’s session.
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