Market Highlights π‘ - 30 August 2024
US Q2 2024 GDP Growth Robust; Investors Assess Nvidia's Performance, Mixed Movements in Asian Markets
πΊπΈ S&P 500 Index: 0.00% π
πΊπΈ Nasdaq: -0.22% π
πͺπΊ Stoxx 600 Index: 0.78% π
π―π΅ Nikkei 225 Index: 0.05% π
ππ° Hang Seng Index: 0.55% π
π¨π³ CSI 300 Index: -0.27% π
US Stock Market Mixed: The S&P 500 Index ended flat, while the Nasdaq Composite Index fell slightly by -0.2% as investors digested stronger-than-expected GDP figures and the performance of major chipmakers.
US Q2 2024 GDP Annualized Growth Rate at 3%: This is higher than the preliminary estimate of 2.8% and significantly above the 1.4% growth rate of Q1 2024.
US Initial Jobless Claims at 231,000: In line with market expectations and notably higher than the average earlier this year, further indicating a cooling labor market.
Asian Stock Markets Mixed: The Hang Seng Index rebounded by 0.6% towards the end of the session, boosted by better earnings from some major stocks, while the CSI 300 Index fell by -0.3% due to declines in the technology and financial sectors.
Japan's August 2024 Consumer Confidence Index at 36.7: Unchanged from the previous month and slightly below the forecast of 36.9.
π‘ Upcoming Events: π‘
At the end of this week, we will see the release of revised US Michigan Consumer Sentiment Index, PCE Price Index MoM, Tokyo Core CPI YoY, Unemployment Rate, Preliminary Industrial Production MoM, Retail Sales YoY, EU Core CPI and CPI forecast YoY data.
Today's Key Points:
1. Meituan $MEITUAN-W(03690)$
Meituan
2. Dell's $Dell Technologies Inc.(DELL)$ Q2 2024 earnings exceeded Wall Street's expectations because the company has become a leading supplier of servers capable of handling AI workloads, driving an 80% increase in server sales.
Dell
3. Fitch Ratings: "Fitch believes that despite the differing economic goals, tax policies, and spending priorities of Vice President Kamala Harris and former President Donald Trump, the basic fiscal conditions will remain largely unchanged."
Kamala vs Trump
4. According to The Wall Street Journal and Bloomberg News, Apple $Apple(AAPL)$
ChatGPT
Key Takeaway:
The robust U.S. GDP data for Q2 2024 slightly reduced expectations of a 50 basis point rate cut at the upcoming Federal Reserve monetary policy meeting. In the current market, good news is seen as positive news. All eyes will be on the core PCE price index set to be released tonight.
@Daily_Discussion @Tiger_comments @CaptainTiger @MillionaireTiger @TigerGPT
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Here are some news articles and viewpoints related to the market highlights you mentioned:
Nvidia Eyes OpenAI Investment: A Game-Changer?: This article discusses how Nvidia, Apple, and Microsoft are in talks to invest in OpenAI as part of a new funding round, which could push OpenAI's valuation above $100 billion. The involvement of these tech giants in OpenAI's growth is expected to strengthen their dominance in the AI space.
Why Nvidia is a "Disaster" Despite Beating Expectations: This article explores the mixed reaction to Nvidia's earnings release, highlighting some concerns and negative sentiments despite the company beating expectations.
Intensely Competitive China Market Contributes a Lot to Our Revenue: Nvidia CFO: This article discusses Nvidia's focus on the Chinese market and its significance for the company's business. Despite increasing competition and tightening U.S. restrictions on semiconductor exports, Nvidia's data-center revenue in China grew sequentially.
Nvidia Earnings Reaction Roils Asian Stock Markets: This article highlights how the reaction to Nvidia's earnings release affected Asian stock markets, with mixed and muted movements across different exchanges.
Global Markets React to Mixed Signals from Nvidia and Economic Data: This article provides an overview of global market reactions to Nvidia's earnings and discusses the impact of economic data on market sentiment.
Please note that these articles are for informational purposes only and do not constitute investment advice. Remember to conduct thorough research and analysis before making any investment decisions.
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