Stock markets: Europe down amid Fed uncertainty. Nvidia soars on Wall Street
Nasdaq rises, whilst the Dow Jones lags behind. Anticipation is building ahead of the Fed Chair’s speech scheduled for Friday. Oil prices are rising again
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(Il Sole 24 Ore Radiocor) - Results above expectations and the optimistic outlook of the tech giant Nvidia are driving tech shares higher and having a greater impact on the US than on Europe, which is less exposed to the sector. Consequently, European stock markets are largely down (with the exception of Frankfurt, which is up thanks to the surge in Infineon Technologies ) despite the rise in the technology sector, whilst on Wall Street the Nasdaq is performing well, driven by buying in Nvidia and the sector, the S&P 500 is rising whilst the Dow Jones is lagging behind.
Whilst it is still coming to terms with Nvidia’s forecasts, the market is beginning to focus on the annual symposium of central bankers in Jackson Hole, which began today and will see, on Friday, Fed Chairman Kevin Warsh’s debut. The head of the US central bank will give his assessment of the economy’s performance, in light of the latest figures showing robust growth and inflation still well above the 2 per cent target (PCE inflation rose more than expected).
Meanwhile, oil is rising again, following the previous day’s falls, with optimism regarding the talks between the US and Iran and the full reopening of the Strait of Hormuz has waned, as negotiations have reached an impasse. Yields on government bonds in Europe are rising, whilst those on Treasuries are largely unchanged.
Nvidia drives buying on the Nasdaq; tech stocks take centre stage on Wall Street
Buying on the Nasdaq; the S&P 500 is performing well but the Dow Jones is weak, It is Nvidia’s record results that are setting the tone for the day, reinforcing optimism that this year’s rally in artificial intelligence-related shares is set to continue. Nvidia beat analysts’ expectations and is forecasting strong revenue growth (+70% in the 2028 financial year, well above the 44% estimated by the market). Revenue and net profit for the second financial quarter more than doubled.
But buying activity is boosting the entire chip sector, with Arm, Marvell Technology and Micron Technology seeing strong buying interest. Salesforce is also soaring, buoyed by the best quarterly results in its history and the expansion of its partnership with Anthropic. Okta is also rallying after beating analysts’ expectations and reporting strong demand driven by artificial intelligence.
