(Bloomberg) — European stocks rose slightly and U.S. stock futures erased declines as investors assessed Nvidia Corp.’s results ahead of key economic data due this week.
Most Read from Bloomberg
The Stoxx Europe 600 index rose 0.3%, led by technology stocks. Nasdaq 100 futures were down 0.1% after the index fell more than 1% on Wednesday. S&P 500 futures were little changed. Nvidia shares fell more than 8% in after-market trading.
Listen to the Bloomberg Daybreak Europe podcast on Apple, Spotify or wherever you listen.
Nvidia’s disappointing sales forecast threatens to cool the artificial intelligence craze that has powered global tech stocks for much of this year. But while the forecast was disappointing, revenue more than doubled to $30 billion in the fiscal second quarter, suggesting demand remains strong.
With earnings season officially over, the focus is once again on the macroeconomic landscape. The Federal Reserve’s preferred inflation gauge, due out Thursday, could help bolster bets on how quickly the central bank will ease policy.
“We shouldn’t forget that not all semi-industrial companies are as exposed to AI as Nvidia, and some are significantly more exposed to mobile, automotive or industrials,” said Gayle Combs, head of equity at Sies & Co. “An economic slowdown is a risk.”
The yield on the 10-year U.S. Treasury note was steady after rising one basis point to 3.84% in the previous session. The dollar fell after broad-based gains amid speculation that investors were buying the greenback to rebalance their portfolios.
Investors are considering the possibility of a U.S. rate cut, with Atlanta Federal Reserve President Raphael Bousik saying “it may be time to cut,” but he is still looking for additional data to support a rate cut next month.
In commodities, oil prices steadied after two days of declines as stock market losses offset a drop in U.S. inventories and supply disruptions in Libya. Gold traded just below record highs, on track for a monthly gain.
Main events this week:
-
Eurozone Consumer Confidence, Thursday
-
US GDP, Initial Jobless Claims, Thursday
-
Fed’s Raphael Boucek speaks Thursday
-
Japan Unemployment, Tokyo CPI, Industrial Production, Retail Sales, Friday
-
Eurozone CPI and Unemployment, Friday
-
US Personal Income, Spending, CPI; Consumer Sentiment, Friday
Some key movements in the markets:
Stocks
-
The Stoxx Europe 600 index was up 0.3% by 8:26 a.m. London time.
-
S&P 500 futures were little changed.
-
Nasdaq 100 futures fell 0.2%.
-
Dow Jones Industrial Average futures rose 0.4%.
-
The MSCI Asia-Pacific index of stocks fell 0.1%.
-
The MSCI Emerging Markets Index fell 0.2%.
Currencies
-
The Bloomberg Dollar Index fell 0.2%.
-
The euro was little changed at $1.1127.
-
The Japanese yen was little changed at 144.68 yen to the dollar.
-
The offshore yuan rose 0.3% to 7.1088 against the dollar.
-
The pound rose 0.2% to $1.3222.
Cryptocurrencies
-
Bitcoin rose 0.4% to $59,571.01
-
Ether rose 0.4% to $2,547.13
Bonds
-
The yield on the 10-year US Treasury note was little changed at 3.84%.
-
The yield on the German 10-year bond rose by two basis points to 2.28%.
-
The yield on 10-year British bonds rose one basis point to 4.01%.
Goods
-
Brent crude was little changed.
-
Spot gold rose 0.5 percent to $2,517.73 an ounce.
This story was produced with the help of Bloomberg Automation.
–With assistance from Abhishek Vishnoi and Winnie Hsu.
Most Read from Bloomberg Businessweek
©2024 Bloomberg LP
Comments are closed, but trackbacks and pingbacks are open.