Market Watch: Nvidia Leads Premarket Surge; Bitcoin Remains Volatile.

Market Watch: Dow futures contract fell by 0.1%, while S&P 500 futures edged up by 0.1% and Nasdaq 100 futures increased by 0.4%.

Stock futures are mixed due to a drop in AI-exposed chipmaking stocks, including Nvidia, but shares point higher in premarket trading. GameStop’s stake falls into red, and Bitcoin price dips.

Nvidia shares rose

Nvidia shares rose in premarket U.S. trading after a loss for three consecutive days, erasing over $430 billion in market value. Despite this, Nvidia has surged by 138% year-to-date, making it one of the best-performing stocks on the Nasdaq 100 index.

GameStop Slips

Keith Gill’s position in meme-stock influencer GameStop was briefly pushed into the red due to a drop in GameStop shares, which had spiked following Gill’s return to social media. The stock closed at $23.65, above Gill’s purchase price.

Bitcoin fell

Bitcoin fell 2.5% in the past 24 hours to $60,908.5, due to regulatory fears, risk aversion, and reports of the German government selling confiscated tokens from a piracy website. The US Commodity Futures Trading Commission is investigating Jump Trading over its crypto trading activities, and Jump President Kanav Kariya is leaving the firm.

Economic Calendar

• 7:00  Fed’s Bowman Speech
• 8:30  Chicago Fed National Activity Index
• 9:00  Case-Shiller Home Price Index
• 9:00  FHFA House Price Index
• 10:00  Consumer Confidence
• 10:00  Richmond Fed Mfg. Index
• 12:00  Fed’s Cook Speech
• 1:00 PM  Results of $69B, 2-Year Note Auction
• 1:00 PM  Money Supply
• 2:15 PM  Fed’s Bowman Speech

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Recent data indicating a possible cooling in the U.S. economy have alleviated some persistent inflation concerns, fueling hopes that the Federal Reserve will start to bring interest rates down from more than two-decade highs as soon as September. Along with the Dow, the benchmark  and tech-heavytouched record marks last week.

The durability of the strength on Wall Street will likely be tested by a fresh batch of corporate results this week, including quarterly returns from artificial intelligence darling Nvidia (see below). Durable goods and consumer sentiment data will also be in focus as markets hunt for more evidence that growth is moderating enough to give the Fed justification for rolling out rate cuts this year.

Recent data indicating a possible cooling in the U.S. economy have alleviated some persistent inflation concerns, fueling hopes that the Federal Reserve will start to bring interest rates down from more than two-decade highs as soon as September. Along with the Dow,

The durability of the strength on Wall Street will likely be tested by a fresh batch of corporate results this week, including quarterly returns from artificial intelligence darling Nvidia (see below). Durable goods and consumer sentiment data will also be in focus as markets hunt for more evidence that growth is moderating enough to give the Fed justification for rolling out rate cuts this year.

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MFitch Ratings has downgraded China’s credit rating outlook to “Negative” from “Stable” due to concerns over growing public debt and slowing growth in the world’s second-largest economy. The agency affirmed China’s rating at A+, citing increasing risks to China’s public finance outlook. Concerns over slowing economic growth have grown in recent months, with Fitch expecting gross domestic product growth to fall to 4.5% in 2024.

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U.S. inflation data for February is expected to provide insights into the future direction of Federal Reserve monetary policy. The overall consumer price index (CPI) is expected to match the previous month’s pace of 3.1% annually, with the core CPI expected to slow to 3.7% from 3.9% in January. However, the month-on-month gauge is expected to shed light on price gains momentum.

Fed officials have made cooling inflation the main objective of interest rate hikes, which have brought borrowing costs to over two-decade highs. They suggest cuts may be coming later this year, but need more evidence that price growth is sustainablely easing back down to their 2% annualized target. Analysts at ING believe inflation is likely too hot for comfort.

U.S. inflation data for February is expected to provide insights into the future direction of Federal Reserve monetary policy. The overall consumer price index (CPI) is expected to match the previous month’s pace of 3.1% annually, with the core CPI expected to slow to 3.7% from 3.9% in January. However, the month-on-month gauge is expected to shed light on price gains momentum.

Fed officials have made cooling inflation the main objective of interest rate hikes, which have brought borrowing costs to over two-decade highs. They suggest cuts may be coming later this year, but need more evidence that price growth is sustainablely easing back down to their 2% annualized target. Analysts at ING believe inflation is likely too hot for comfort.