One word - Nvidia - sum up US overnight trade as the AI giant accelerated on the back of a gamma-squeeze.
NVDA is now the 3rd biggest cap stock in the world.
Source: Bloomberg
That is an addition of almost USD$500 billion since earnings last week!
And as NVDA soared...
Source: Bloomberg
the major indices tumbled from Friday's cash market close. The Dow is the biggest loser, followed by Small Caps. Nasdaq tried desperately to hold on to a green close while the S&P faded. The ubiquitous last minute ramp made things look a little better on the day.
NVDA was not the only thing rising overnight though - oil prices surged back above $80 (WTI), Gold jumped back above $2360, Bitcoin spiked back above $70,500 overnight (before fading on Mt.Gox moves), the US dollar ripped higher, and US Treasury yields soared after two auctions and some stronger than expected macro data (home prices at record highs and conference board confidence, and inflation expectations, rising).
Finally, back to NVDA, this is probably nothing...
Source: Bloomberg
...because it's different this time.
Happy Wednesday!
I'm now off to pick up a new car! Well someone has to keep the Australian economy going!
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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.
