It was a volatile day for US indices yesterday, with the Dow Jones ultimately coming out on top, gaining 0.6% and hitting yet another record high close. The Nasdaq Composite on the other hand took the scenic route to failure, rising after the open only to succumb to selling pressure later on in the day, finishing 0.23% in the red. The S&P 500 closed the day unremarkably flat. The discrepancy can be explained by Nvidia, whose stock plummeted 6.4% yesterday despite beating earnings. Their crime? Not beating earnings by as much as people would have liked. Revenue and profit doubled from last year and yet this was not enough to satisfy investors’ sky-high expectations.
US jobless claims were released in-line with consensus yesterday, almost as if designed to not attract the gaze of the Federal Reserve. Later today, the Fed will have its eye firmly on the publication of the PCE price index, currently expected to hit 0.2% MoM and 2.7% YoY. Significant deviations away from these figures, particularly to the upside, could affect the odds of an interest rate cut during the next meeting. Current bets strongly point to a 25 basis point reduction for the next decision, scheduled for the 17-18th of September.
The Dollar has recaptured some lost ground over the last couple of sessions, although it remains to be seen whether there is any lasting substance to the move. Gold resisted the strength of the greenback, remaining firmly anchored within the price range it has enjoyed all week, closing yesterday at $2,520 an ounce.
Advertencia de riesgos : Productos derivados del trading y productos potenciados poseen un nivel más alto de riesgo.
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