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HomeUncategorizedMarket Watch: Stock Futures Flat as Nvidia's Market Cap Exceeds $3 Trillion

Market Watch: Stock Futures Flat as Nvidia’s Market Cap Exceeds $3 Trillion

Market Watch: S&P 500 futures contract and Dow futures were basically steady, while Nasdaq 100 futures had increased by 26 points or 0.1%.

Stock futures rise amid labor demand slowdown in the US economy, while Samsung shares surge amid Nvidia’s CEO’s comments on supply.

Nvidia’s market capitalization

Nvidia’s market capitalization surpassed $3 trillion, making it the world’s second most valuable company. The artificial intelligence chip designer has seen a surge in demand for its AI-optimized chips, with demand increasing as businesses invest heavily in AI integration. Nvidia unveiled plans for its new “Rubin” chip, targeting a “one-year” release cycle. The company also reported a 262% spike in revenue in May and announced a 10-for-one stock split. Apple is expected to announce more details about its AI plans at its developers conference next week.

Lululemon gains

Lululemon Athletica shares rose by over 9% after the company reported a first-quarter profit and sales that exceeded expectations. The Canadian company reported a quarterly per-share income of $2.54, ahead of Wall Street expectations, and net revenue of $2.21 billion. Lululemon’s strength in mainland China offset flat top-line returns in the Americas. The company also signed off on a $1 billion stock buyback program.

ECB decision

The European Central Bank (ECB) is expected to cut interest rates at its meeting on Thursday due to signs of easing inflation in the euro zone. ECB President Christine Lagarde believes price pressures are under control, and Chief Economist Philip Lane believes the decision will be made based on recent data. Investors are betting on a quarter percentage point reduction in the benchmark deposit rate.

Economic Calendar

  • 7:30 Challenger Job-Cut Report
  • 8:30 International Trade in Goods and Services
  • 8:30 Initial Jobless Claims
  • 8:30 Productivity and Costs
  • 10:30 EIA Natural Gas Inventory
  • 4:30 PM Fed Balance Sheet

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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.

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