Summary of Last Session
Stocks, particularly AI-focused tech shares like $NVIDIA Corp(NVDA)$ and $SUPER MICRO COMPUTER INC(SMCI)$ , faced significant declines, with Nvidia dropping 10% and Super Micro plummeting 23%.
$NVDA
The tech-heavy $NASDAQ(.IXIC)$ fell 2%, marking its worst week since November 2022.
Key Events of the Week
- Bond yields rose, contributing to a risk-averse environment and prompting profit-taking in high-flying tech stocks.
Rates
- European electric-vehicle sales decline, highlighting market dependency on government support.
- Rising tension in the Middle East drives oil prices higher, while gold remains near all-time highs amid macroeconomic uncertainties.
Current and Future Market Scenario
Investors are reevaluating future interest rate expectations and monitoring geopolitical tensions, particularly in the Middle East.
Market sentiment is cautious ahead of corporate earnings reports and key economic data releases next week.
US statistics will take center stage: the first estimate of Q1 GDP (Thursday) and March PCE inflation (Friday).
The market will also be interested in the Bank of Japan's rate decision, with rates expected to remain steady, but an updated inflation outlook. April's leading PMI indicators will complete the week.
Corporate results, $Meta Platforms, Inc.(META)$ , IBM, Qualcomm, Boeing, $Microsoft(MSFT)$ , Alphabet and Intel will unveil their results. In Europe, we have SAP, Novartis, Roche, Air Liquide, Hermès, Nestlé, Sanofi, Schneider and TotalEnergies.
Big Tech
Conclusion
Tech sector turbulence, coupled with inflation fears and geopolitical uncertainties, has fueled market volatility, prompting investors to reassess their risk exposure.
Attention turns to upcoming corporate earnings reports and economic indicators for further market direction.
Market conditions are subject to rapid change, and investors should carefully consider all available information before making investment decisions.
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