Three drivers driving market trends during the second quarter
The S&P 500 rose on Monday, as investors rejoined chip stocks led by NVIDIA (NASDAQ:NVDA) pushing the tech sector higher after recent weakness, in preparation for quarterly earnings data that should provide more insights into the state of technology. Consumption.
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The Nasdaq index ended the session up by 1.05%, while the Dow Jones settled at 35,307.36, without any significant movement, and the S&P 500 rose by 0.57%, to $ 4,489.72.
The US dollar index closed today’s trading near 103.029 against a basket of 6 foreign currencies, while gold fell to 1939.35 dollars for futures contracts, while spot contracts continued to fall to 1907.45 dollars, down by 0.33%.
Regarding oil, Texas crude fell by 0.83% to $82.5, while Brent oil fell to $86.22, down by 0.68%.
Vidya is leading a rally in technology stocks after the decline
The recent decline in the technology sector affected buying from the bottom, especially in semiconductor stocks, as Nvidia rose more than 6% after Morgan Stanley (NYSE:MS) reported that the recent drop in the chip maker’s share price was a buying opportunity.
The confidence from Morgan Stanley came despite continued concerns about stockpiling and waning chip demand as a result of the slowing economy in China.
However, growing demand for AI is expected to drive spending on data centers, Morgan Stanley added, boosting NVIDIA’s growth.
Other companies such as Apple (NASDAQ:AAPL), Meta, Alphabet and Microsoft were also in demand after their recent weakness.
The 10-year Treasury yield is declining ahead of consumption data
The 10-year US Treasury yield jumped to 4.204%, its highest level since November 22, but those gains were short-lived as investors looked to the latest consumption data due on Tuesday.
Retail sales data for July is expected to show that the consumer is still strong. And fresh signs of strength in the US consumer, which accounts for about 70% of economic growth, may further dampen bets that the Federal Reserve is unlikely to resume raising interest rates later this year.
Shares of United Steel Company are rising due to the frenzy of deals; PayPal appoints a new CEO
Shares of United Steel Corporation (NY:X) jumped more than 30% after it rejected a buyout offer worth more than $7 billion by Cleveland-Cleves Inc. (NY:CLF). The steelmaker has outlined plans to review strategic options.
For its part, PayPal Holdings (NASDAQ:PYPL) has appointed Alex Kress of Intuit as its new CEO, replacing Dan Schulman.
“We believe this is an important change in leadership, and it is commensurate with the focus the company is placing on reorienting both sides of its merchant-to-consumer platforms,” Wade Bush said in a note.
Tesla (NASDAQ:TSLA) leads weakness in electric vehicle stocks after cutting prices
Tesla (Nasdaq: TSLA) said it will lower the prices of its Model Y electric vehicles in China, raising fresh concerns about pressure on profit margins. Its share fell by more than 2%.
The action raised fears of a price war in the electric vehicle market, putting pressure on other electric vehicle makers including Rivian Automotive Inc. (Nasdaq: RIVN) and Nikola (Nasdaq: NKLA).
Meanwhile, Nikola (NASDAQ: NKLA) said it will temporarily suspend sales of its electric vehicles after several battery fires. The company has recalled about 209 of its trucks after an investigation revealed a battery refrigerant (DFM:TABR) leak was the likely cause of a fire at its Phoenix headquarters in June.
2023-08-15 09:48:07
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