U.S. Futures Are Barely Changed; The Main Focus for Markets Now Is Nvidia

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U.S. Futures Are Barely Changed; The Main Focus for Markets Now Is Nvidia

Bloomberg05-21

European equities dropped Tuesday, pulling back from recent record highs, as investors retreated to the sidelines to await results this week from Nvidia Corp.The Stoxx 600 index slipped 0.4%, with ...

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Equity futures on the S&P 500 and Nasdaq 100 were barely changed. In premarket New York trading, Palo Alto Networks Inc. slid as much as 8.5% after the security software company issued a disappointing quarterly billings forecast.Investors continued to monitor commodity prices, after the Bloomberg Commodity Spot Index reached its highest level since January 2023, while gold, silver and copper changed hands near records. However, the commodity surge has so far failed to derail conviction that inflation will keep easing, allowing the Federal Reserve and other major central banks to cut interest rates this year.The main focus for markets now is Nvidia — the bellwether for the ongoing artificial-intelligence frenzy — which has powered a large chunk of the S&P 500’s recent earnings. Nvidia’s stock, up more than 90% this year, rose 2.5% in New York on Monday, sending the Nasdaq 100 index to another record high.“The latest batch of growth, inflation, and Fed data has provided the macro support for the markets to keep grinding higher. Nvidia’s 1Q24 earnings this week could boost the micro AI tailwind,” Jason Draho at UBS Financial Services Inc. said in a note.Investors are on alert for potential stumbling blocks facing markets after a blistering rally that’s lifted MSCI’s All-Country equity index close to 10% this year. While the earnings season has been robust so far, a miss from major companies would be a risk, as markets at record highs “might be getting increasingly prone to profit taking,” said Emre Akcakmak, a portfolio advisor at East Capital in Dubai.Several central bank officials are also due to speak on Tuesday, including Fed Governor Christopher Waller. His comments will be closely monitored after Cleveland Fed President Loretta Mester suggested on Monday there was less scope for interest rate cuts than previously expected.With investors awaiting key catalysts, such as the minutes from the latest Fed policy meeting and Nvidia’s results, trading volumes have dropped. The value of share transactions on the New York Stock Exchange slumped to the lowest this year on Monday.In other markets, Bloomberg’s Dollar Spot Index traded flat while bond yields were broadly lower. Crypto prices surged on signs of momentum toward US approval of exchange-traded funds investing directly in second-largest token Ether.Earlier, Chinese shares slipped and a broader Asian equity gauge fell after seven days of gains. Data showed little sign of a turnaround in China’s debt-plagued property sector, with local governments reaping the least revenue in eight years through land sales.Key events this week:Fed’s Thomas Barkin, Christopher Waller, John Williams, Raphael Bostic, Susan Collins, Loretta Mester speak, TuesdayUS existing home sales, WednesdayFed minutes, WednesdayNvidia earnings, WednesdayEurozone S&P Global Services PMI, S&P Global Manufacturing PMI, consumer confidence, ThursdayG-7 finance meeting in Stresa, Italy, May 23-25US new home sales, initial jobless claims, ThursdayFed’s Raphael Bostic speaks, ThursdayUS durable goods, University of Michigan consumer sentiment, FridayFed’s Christopher Waller speaks, FridaySome of the main moves in markets:StocksS&P 500 futures were unchangedNasdaq 100 futures fell 0.1%Futures on the Dow Jones Industrial Average were little changedCryptocurrenciesBitcoin rose 2.1% to $70,974.87Ether rose 4.7% to $3,665.7BondsThe yield on 10-year Treasuries declined two basis points to 4.43%Germany’s 10-year yield declined two basis points to 2.51%Britain’s 10-year yield declined three basis points to 4.14%CommoditiesBrent crude fell 0.9% to $82.93 a barrelSpot gold fell 0.3% to $2,417.81 an ounce","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}