US stock futures are mixed this morning as investors brace for a wave of earnings reports and key economic updates. Yesterday, both the S&P 500 and the Dow Jones hit record highs following a quiet trading session due to the bond market closure for a federal holiday. Nvidia’s stock surge, with a new all-time high, powered the Nasdaq Composite to a 160-point gain (+0.9%).
1. Wall Street Banks in Focus:
Tuesday brings crucial earnings reports from Bank of America, Goldman Sachs, and Citigroup. Investors will be closely watching to see how these results impact the financial sector, especially as the Fed is expected to ease interest rates in the near future. Positive results from JPMorgan and Wells Fargo last Friday pushed the KBW Bank Index to its highest since the Silicon Valley Bank collapse in 2022. Analysts are cautiously optimistic about a “soft landing” for the economy, supported by consumer resilience.
2. Nvidia Hits a New High:
Nvidia continues its upward trajectory, with shares closing up 2.4% at $138.07, marking a new all-time high for the AI chipmaker. The company’s growing market cap is inching it closer to surpassing Apple as the world’s most valuable company. However, challenges remain as Nvidia flagged delays in its next-gen Blackwell chips, and the Biden administration considers limiting AI chip sales to certain countries due to national security concerns.
3. Trump Media Surge:
Shares of Trump Media & Technology Group spiked on Monday, reaching a two-month high. The recent surge comes amid rising election odds favoring Trump and news of a new video streaming service from the company. The market is reacting positively to these developments as the November 2024 elections approach.
4. Oil Prices Continue to Fall:
Oil prices are down sharply, with Brent crude dropping 3.8% to $74.53 and WTI falling 3.9% to $70.94 per barrel. This decline follows reports of weak demand from China and OPEC’s continued reductions in demand outlook, as well as easing geopolitical tensions in the Middle East.
Stay tuned for more updates throughout the trading day!
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