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NAGA Weekly Recap February 19 - 2024 – February 23 - 2024
23 February 2024
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Maxim Bohdan
This week has been packed with events. For instance, we received signals that the Federal Reserve does not intend to lower the key interest rate until May 2024. Meanwhile, earnings season is wrapping up, and Nvidia has led the pack. The company's stocks have reached new highs, while oil prices are on the decline. More details on these developments in our recap.
Both the S&P 500 and Dow Jones closed at record highs
The Dow Jones Industrial Average and other major stock indexes rallied, buoyed by a strong earnings report from chipmaker Nvidia ($NVDA). The artificial intelligence leader soared by double digits on the stock market today as investors also reacted to surprise jobless claims numbers.
At the same time, the $SPX500 jumped about 2.2% to 5094.
Amid the ebullience, an assessment of the Fed's next move appeared to be on the back burner. The central bank's latest minutes showed most officials want to tread carefully on rate cuts, seeing risks in moving too quickly.
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Nvidia ($NVDA) tops Meta record with $277 billion surge in value
Nvidia Corporation's remarkable surge to an all-time high marked the largest single-session increase in market value ever recorded, surpassing Meta Platforms Inc.'s ($FB) historic gain just three weeks prior.
With shares jumping 16%, Nvidia added around $277 billion in market capitalization, pushing its total market value close to $2 trillion, eclipsing Meta's $197 billion gain earlier in the month.
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Oil prices decline as Federal Reserve delays rate cuts
Oil prices experienced a decline following statements from a U.S. Federal Reserve official suggesting a postponement of interest rate cuts for at least two additional months. However, indications of strong demand and supply worries may contribute to price support in the near term.
Brent Crude ($UKOUSD) futures saw a 0.5% decrease, settling at $83.29 per barrel, while U.S. West Texas Intermediate ($USOUSD) crude futures dropped to $78.21.
Federal Reserve Governor Christopher Waller's proposal to defer interest rate cuts is aimed at evaluating whether recent inflation increases signify a pause in the progress toward price stability or merely a temporary obstacle.
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Rising US yields support US Dollar as risk rally loses momentum
After hitting its lowest point in three weeks, the US Dollar (USD) Index rebounded, buoyed by increasing Treasury bond yields, ultimately closing flat on Thursday and stabilizing near the 104.00 mark.
The risk rally, propelled by soaring technology stocks, initially weakened the USD against its major counterparts. However, as the rally lost momentum, rising US yields lent support to the greenback, signaling a shift in market sentiment.
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This concludes our weekly recap. Have a great weekend and see you next week! 👋
IMPORTANT NOTICE: Any news, opinions, research, analyses, prices or other information contained in this article are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. Past performance is not an indication of possible future performance. Any action you take upon the information in this article is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this article.
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