Stock markets: a quiet start to the week for Nvidia and Jackson Hole. Milan closes down 0.2 per cent; Wall Street sees mixed trading
The credit sector’s turmoil continues to dominate trading on the Milan Stock Exchange. Tech shares are under selling pressure. Market participants await details of the strategy to economically isolate Iran announced by the White House. Oil prices are falling, whilst gold is rising.
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(Il Sole 24 Ore Radiocor) - The European stock markets have opened quietly at the start of a week that will be dominated by anticipation ahead of the Jackson Hole central bankers’ summit, which begins on Thursday, and the publication of Nvidia’s quarterly results, scheduled for Wednesday. On the one hand, the market expects guidance from the Chair of the US central bank, Kevin Warsh, on the trajectory of interest rates over the coming months and, on the other hand, hopes that Nvidia’s figures will meet the high expectations of investors who have already driven the rally in artificial intelligence-related tech stocks well into uncharted territory. Naturally, developments in the war in Iran remain the focus of attention, with US Treasury Secretary Scott Bessent set to lift the veil on the ‘economic D-Day’ announced by President Donald Trump, as well as the new trade dispute with Canada.
On the Milan Stock Exchange, the FTSE MIB closed the day slightly down amidst a mixed picture across other European stock markets. Ahead of Nvidia’s earnings release, selling pressure weighed on the technology sector, also dragging down the Nasdaq on Wall Street.
Nexi shines, whilst Stellantis and the tech sector underperform
Among the leading stocks on the Milan Stock Exchange, the following stood out: Nexi and Moncler , the latter buoyed by the encouraging performance of the entire European luxury sector, which has been praised by a number of analysts. Inwit also performed well, having been upgraded by Barclays analysts. Prysmian and Avio, as well as a Stellantis, which is suffering both from the sector-wide downturn caused by the new tariffs between the US and Canada and from the fresh warning issued by Volkswagen’s CEO, who described the German carmaker’s situation as ‘more than critical’.
The banking crisis remains in the spotlight, with the moves by Banca Monte Paschi Siena failing to impress the ‘targets’ Banco Bpm and Banca Generali.
Wall Street ends the session mixed. Dow +0.26 per cent, Nasdaq -0.77 per cent
Mixed performance on Wall Street at the close, with selling pressure hitting the technology sector ahead of Nvidia’s results, due on Wednesday.
