Mixed earnings reports and pessimism in the technology sector drove losses in US stocks on Tuesday. The Nasdaq Composite led the way, falling 0.92% on the day; the Dow Jones and S&P 500 closing 0.17% and 0.60% lower respectively. Nvidia was a major contributor to the losses, falling 6% ahead of its earnings report set to be released after market close on Wednesday. Many investors are worried the stock may be overvalued on a price-to-earnings basis.
Only a matter of hours now before the Federal Reserve publishes the minutes from the FOMC meeting. Hopes and expectations of sudden interest rate cuts were dashed last week after higher-than-expected inflation numbers. The data showed that the US economy might not yet be ready to return to monetary easing, prompting fears that high interest rates will have to continue for longer.
Some downward movement in the DXY yesterday ahead of the FOMC release, the Dollar losing 0.31% against the basket of currencies. The move contributed to a timid yet optimistic start to the week for gold, which closed yesterday’s session at $2024 an ounce. Bitcoin continued to orbit around the $52k level throughout the past week, content to remain tightly range bound for the time being.
Early trading in the Asian session saw the Hang Seng Index surge over 3% to its highest level since the 2nd of January, spurred on by hopes of continued government support to restore confidence in Chinese markets.
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