Editor
The S&P and the Dow end this weekend’s session with new high levels, and tech stocks lose steam after the Nvidia rally.
Wall Street ends this week in a strong position, boosted by Nivida’s strong 4Q earnings reports. Investors see a greater outlook based on this week’s data, and Russia just got served with a fresh sanction by the U.S. and its allies.
This Friday has been a calm and positive session to end the week. Both S&P and Dow futures posed a record high, and Nasadq gained more than 3% this morning. Nvidia’s recognition rally boosted all major tech stocks, particularly the AI companies. Marketers believe that the company rally is the biggest single-session increase for a U.S. company in history. He sees the greater potential of AI models and their impact on the market’s future outlook and receipt processes. Investing Group Leader Victor Dergunov writes in Nvidia Q4: Of course, there will come a time when Nvidia’s AI demand will slow down and growth will become lower than expected, leading to worsening profits and a lower stock price,” he added. “However, that time is not here yet, and when it will arrive, only time will tell. Nonetheless, Nvidia is priced for perfection and needs to continue delivering solid results to keep its share price moving higher.” This rally just chose the best time. With the Fed official moving cautious about cutting interest The market needed this rally in advance of further economic data.
While on Wall Street, the S&P benchmark was up by 0.70%, the Dow Jones Industrial Average rose by 0.13%, and the tech composite was mixed, swimming up and down. The Nvidia rally has been a good boost for tech stocks, yet some stocks lose steam hours after reaching mid-day trading hours. Currently, Nasadq Composite is down by 0.01%, with expectations of ending the session with flat earnings.
At the same time, oil prices were down by an average of 2.5%. The West Texas Intermediate was down by 2.66% to $76.5 per barrel, and Berent crude oil declined by 2.59% to $81.9 per barrel. With today’s data, both contracts are set to end the week around 2% lower. Weak economic readings globally fueled concerns over slowing demand. This includes sluggish demand, which outweighed bets on tighter supplies due to disruptions in the Middle East. Furthermore, expectations of higher-for-longer U.S. interest rates also weighed on prices. All these factors have contributed to lowering oil prices to some degree, which makes the market unstable, especially with the ongoing wars. The Ukraine-Russis war is entering its third year, the Hamas war is going into its fourth month of conflict, and the global community urges Israel to cease fire.
Moving on to the recent updates and reports about the Ukrainian War The U.S. is expected to follow suit today with additional sanctions. Reports indicate that over 500 measures will target Moscow’s military-industrial complex and foreign companies aiding in other goods provision. In essence, these sanctions are also in response to the recent death of opposition leader Alexei Navalny. The U.S. additionally warned of forthcoming sanctions on Iran for its support of Russia. The Biden administration’s request for $60 billion in extra funding for Ukraine awaits clearance by the Republican-controlled House of Representatives.
