ANDIKA BULLETin 24 MAY 2024

There can be only one!

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.

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...

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).

Hardly an obvious scenario for rate-cutting... but then again, it is an election year and Biden is down big time...

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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