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Relatively calm market conditions following a long Memorial Day weekend in the US. The biggest outlier on Tuesday was the Nasdaq Composite index, which gained 0.59% to close above 17,000 points for the first time in its history. The move was once again largely thanks to Nvidia stock, which gained another 7% yesterday following Elon Musk’s announcement that his new artificial intelligence venture would depend on Nvidia graphics cards. The project, called xAI, aims to be up and running by autumn next year.
Unfortunately, the Dow Jones Industrial Average had no such crutch to lean on, ending the day 0.55% lower on Tuesday. Equities in general are still very much under pressure from interest rate uncertainty, particularly after Minneapolis Fed president Neel Kashkari said during a presentation in London that an interest rate hike was not formally off the table. The S&P 500, caught between monetary narratives and rising tech stocks, finished the day almost entirely flat.
Very little on the economic calendar today. We will have to wait until tomorrow for US jobless claims, followed on Friday by the all important PCE price index, the preferred inflation metric of the Federal Reserve. Stocks will hope to cap of the end of the month on a positive note before the prospect of delayed interest rate cuts weighs any more heavily on markets.
Silver appeared to make a strong bid to push higher early this week, rising from $30.35 an ounce on the weekly open up to $32.07 by yesterday’s close. Gold rose from $2,334 to $2,360 over the same timeframe.
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