NVDA smashed earnings and guidance out of the park and shares exploded over 10% higher...
Which takes the AI-darling above USD$2.5 trillion market cap for the first time.
Source: Bloomberg
With around a 0.75% decline in S&P500 stocks, total US market cap fell by around $500 billion, while NVDA alone added $230 billion...
Source: Bloomberg
And so while NVDA was charging to ever more impressive highs, everything else wet the bed with stocks down hard, oil & gold tanking, crypto clubbed like a baby seal, bonds battered, and only the US Dollar managed gains, recovering from overnight weakness.
Gold had a particularly bad session declining over USD$80 to spot now of USD$2,330
Finally, US inflation indicators just keep surprising to the upside (and now growth is getting a pump).
Source: Bloomberg
Hardly an obvious scenario for rate-cutting... but then again, it is an election year and Biden is down big time...
Source: Bloomberg
so anything goes for the apolitical Fed. The powers to be want to keep their preferred Muppet as President.
Happy Friday!
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Andy is the founder of ANDIKA Pty Ltd, a licensed securities & derivatives dealer. He's the author of fiction and non-fiction books and has been a University lecturer on risk and investment.
