Marketbites: NVIDIA Booms on Bullish AI Vision
MARKET PERFORMANCE:
Portfolio Manager Commentary:
Stocks closed higher amid volatile trading Thursday as investors remained concerned about the path of the Federal Reserve’s rate hikes. The major averages are still on pace to end the week on a downturn, with the S&P 500 on track for its worst weekly performance since Dec. 16.
Nvidia shares closed up over 14% yesterday after the chipmaker reported a beat on the top and bottom line. Analysts are also bullish on the company’s AI vision. Nvidia’s AI play is “accelerating in a way that will have disruptive implications” for both its competitors and “the world at large,” Rosenblatt Securities’ Hans Mosesmann said in a Wednesday note.
Investors will be closely watching the personal consumption expenditures report, which will be released this morning at 8:30. The PCE report is a key inflation measure used by the Fed in examining the impact of their rate increases on the economy. New home sales and consumer sentiment data will also be released this morning.
Chart of the Day:
One commodity to watch out for in trading is natural-gas prices which are in the midst of a historic decline. Natural-gas prices have dropped more than 65% since mid-December and this week hit their lowest level since 2020’s pandemic lockdown, leading producers to dial back drilling in a dramatic turn in the market for the heating and power-generation fuel.
Source: WSJ
Invest With Us
Download and invest with us in the Avidus app! Avidus is your "in" to directly owning a portfolio of remarkable companies. Leave Wall Street & Robo-advisors behind!
