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American Focus > Blog > Economy > Nvidia Countdown Keeps Stocks in Narrow Ranges: Markets Wrap
Economy

Nvidia Countdown Keeps Stocks in Narrow Ranges: Markets Wrap

Last updated: August 28, 2024 1:56 am
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Nvidia Countdown Keeps Stocks in Narrow Ranges: Markets Wrap
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Nvidia Corp.’s highly anticipated earnings report is on the horizon, and markets are holding their breath as they await the results. US equity futures are showing little movement, while shares are trading in narrow ranges across Asia and Europe.

As one of the most influential stocks in the world, Nvidia’s performance is expected to have a significant impact on risk assets. The $3.2 trillion chipmaker’s results will not only set the tone for the technology industry but also serve as a gauge for AI spending. Analysts are predicting revenue growth of over 70% for the current quarter.

The stakes are high for Nvidia, with the options market indicating a potential 10% swing in either direction following the earnings announcement. The stock has seen a remarkable rally this year, surging about 160% and a staggering 1,000% from its bear-market low in October 2022.

Jun Rong Yeap, a market strategist with IG Asia Pte, emphasized the significance of Nvidia’s results, stating that they will be a pivotal moment for global markets due to the extreme optimism surrounding AI stocks.

In the broader market, the Stoxx Europe 600 index has inched higher, while Asian equities remain subdued, with Chinese shares dipping on the back of weak corporate earnings. US Treasuries are holding steady, and the dollar is showing slight strength.

The Japanese yen has extended losses against the dollar following remarks from Bank of Japan’s Deputy Governor Ryozo Himino, who indicated that the central bank will raise interest rates in line with inflation trends.

In the cryptocurrency space, Bitcoin has slipped below the $60,000 mark amid a broader market retreat that also saw Ether, the second-largest token, experiencing a sharp decline.

See also  Nvidia, the AI chipmaker, just hit another record high

Oil prices are stable after a recent slide that ended a three-day rally, while gold has retreated slightly following a three-day uptrend that brought it closer to its all-time high.

Key events on the horizon include Nvidia’s earnings report, speeches from Federal Reserve officials, Eurozone consumer confidence data, US GDP figures, and a range of economic indicators from Japan and the Eurozone.

In terms of market movements:
– Stocks: The Stoxx Europe 600 is up 0.2%, while US equity futures show little change.
– Currencies: The Bloomberg Dollar Spot Index has risen, with the euro, yen, offshore yuan, and British pound all showing minor fluctuations.
– Cryptocurrencies: Bitcoin and Ether have both experienced declines.
– Bonds: Yields on 10-year Treasuries are stable, while German and British yields have seen slight movements.
– Commodities: Brent crude prices have inched up, while gold prices have dipped.

This article was produced with the assistance of Bloomberg Automation and Abhishek Vishnoi. Stay tuned for the latest updates on Nvidia’s earnings and other market developments.

This content has been rewritten based on the original Bloomberg article and has been seamlessly integrated for a WordPress platform.

TAGGED:CountdownMarketsNarrowNvidiaRangesstocksWrap
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