Saturday, June 15, 2024

Tech Companies See Increase in Stocks Following Nvidia’s Positive Results: Market Wrap

European Stocks and US Futures Rise on Nvidia Earnings Optimism

European stocks and US futures saw a boost following Nvidia Corp.’s positive earnings report, reinforcing optimism about the global artificial-intelligence boom. The Stoxx 600 in Europe increased by 0.3%, led by a surge in the tech sector. Futures on the S&P 500 indicated a 0.5% gain at the Wall Street open. Despite US Treasuries remaining steady after a slight dip, the dollar also traded steadily.

The tech sector’s success continues to drive equity markets, with Nvidia’s strong sales projections from its earnings report contributing to the bullish sentiment. In Asia, a Bloomberg index for chipmakers rose by as much as 1.9% for the fourth consecutive day.

The positive news from Nvidia has not only benefited tech stocks but also impacted Asian semiconductor stocks positively. South Korea recently announced a $19 billion package to support its chip sector, benefiting companies like Samsung Electronics Co. and SK Hynix Inc. At the same time, tech shares in Hong Kong experienced a decline due to a price war between Alibaba Group Holding Ltd. and Tencent Holdings Ltd. over cloud services.

Gold and oil prices faced decline following the drop in prices after the Federal Reserve meeting minutes and signs of weakening demand, respectively. As traders await data on services, manufacturing, and consumer confidence in Europe, the market remains optimistic about the growth and potential of the tech and AI industries.

Key events this week include Eurozone PMIs, G-7 finance meeting, US new home sales, and Fed speakers. The story continues to unfold as market participants closely monitor developments in the tech and semiconductor sectors.

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