To The Moon

Overview

Global markets displayed mixed performances on August 28, 2024, with US stocks declining as investors awaited critical earnings reports, particularly from Nvidia $NVIDIA Corp(NVDA)$  . While European markets showed resilience, Asian markets presented a varied picture as they digested new inflation data from Australia.

US: Waiting on Earnings

The US market ended the day on a weaker note. The Dow Jones $DJIA(.DJI)$  fell by 159.08 points (-0.4%) to 41,091.42, and the S&P 500 $S&P 500(.SPX)$  dropped by 33.62 points (-0.6%) to 5,592.18. The Nasdaq$NASDAQ(.IXIC)$   saw the sharpest decline, losing 1.1% to close at 17,556. Investor caution prevailed as they awaited Nvidia’s earnings report, which could set the tone for tech stocks moving forward.

Europe: Positive Momentum

European markets fared better, with the German DAX rising 0.5% and the French CAC adding 0.2%. The UK's FTSE 100 remained flat at 8,343. The positive momentum was led by gains in the chemical and insurance sectors, suggesting a focused investor interest in specific industries amid broader uncertainty.

Asia: Mixed Reactions to Inflation Data

Asian markets displayed mixed results, influenced by Australia's higher-than-expected July inflation figures. The Shanghai Composite Index fell 0.4%, and Hong Kong's Hang Seng Index $HSI(HSI)$  dropped 1%. However, Japan's Nikkei 225 managed to edge up by 0.2% to 38,371, reflecting a more resilient sentiment in the Japanese market.

Outlook and Insights

As we move forward, market participants will closely monitor Nvidia's earnings to gauge the health of the tech sector. In Europe, the focus will likely remain on sector-specific performances, particularly in chemicals and insurance, while in Asia, inflation data will continue to be a key factor influencing investor sentiment.

Global markets may experience heightened volatility as economic data, corporate earnings, and geopolitical developments unfold. Investors should remain cautious and consider diversifying their portfolios to manage potential risks during this uncertain period.