Nvidia hits new record highs 15/10/2024

HOT Stories for today
15-10-2024

Markets & today's action:

• Chinese stocks closed Tuesday morning lower as grew about the sustainability of the recent doubt rally. The CSI 300 ended the session with losses after fluctuating, while traders await more clarity on the size of China's anticipated fiscal stimulus.
• In Europe, markets are set for a positive open, following gains on Wall Street. Earnings reports from LVMH and Ericsson are expected, alongside key data releases, including the UK's latest unemployment figures, French inflation data, and the European and German ZEW index of economic sentiment.
• Dow Jones Industrial Average futures were near flat Monday night after the index hit a record, up 55 points (0.1%). S&P 500 and Nasdaq 100 futures also traded flat. On Tuesday, key earnings reports are expected from Goldman Sachs, Citigroup, Bank of America, United Airlines, Walgreens Boots Alliance, and Johnson & Johnson. Investors will watch manufacturing and consumer expectation data while Fed officials Mary Daly, Raphael Bostic, and Adriana Kugler are set to deliver remarks.

Watchlist for today: NVDA, UNH, JNJ, GS, C, SCHW, PNC, STT

Stocks on the move:

• Upstart (UPST, +11.48% ) and Affirm (AFRM, +4.41%) saw sharp gains after Wedbush Securities upgraded both stocks from 'underperform' to 'neutral.' 
• Neobank SoFi Technologies (SOFI) also jumped 11% following the announcement of a $2 billion loan platform agreement with affiliates of Fortress Investment Group to expand its personal loan offerings. 
• Meanwhile, Nvidia (NVDA,+1.17%) shares hit a record high on Monday as Wall Street anticipates earnings season and updates from key customers on their investments in artificial intelligence infrastructure. 
• Shares of Trump Media (DJT) surged over 18% on Monday, continuing the dramatic recovery of the Truth Social parent company from recent stock price lows. This rally has significantly boosted Donald Trump's on-paper net worth by hundreds of millions of dollars.

Bitcoin & Crypto

• Bitcoin (BTC) has surged from $62,000 to $65,000, driven by the liquidation of nearly $80 million in leveraged short positions on Bitcoin and Ethereum (ETH). Some analysts, including those at QCP Capital, suggest this rise could also be tied to historical trends seen in past US election years.
• There's also speculation that former President Donald Trump's crypto-friendly stance is helping fuel optimism. Bitcoin is up 10% this month partly due to its potential influence. Could Bitcoin be setting up for another "Uptober" rally as seen in previous election years?
  Watchlist: Bitcoin: 58,867-65,000, Ethereum: 2320-2750, Solana: 133.50 -152.00

Forex Market

• The EUR/USD pair continues to drift lower for the second consecutive day on Tuesday, dropping to the 1.0890 area, nearing its lowest level since August 8. Bearish traders await a break below the 200-day Simple Moving Average (SMA) before making new moves, especially with key central bank events approaching.
• Meanwhile, the Japanese Yen (JPY) struggles to hold onto modest gains from the Asian session and has hovered near its lowest level since early August. Investors are scaling back expectations for further interest rate hikes by the Bank of Japan (BoJ) in 2024.
  Whatchlits: EUR/USD: 1.0887-1.1.1000, USD/JPY: 147-150.00

Basic Materials

• OPEC has cut its global demand forecast 2024 for the third consecutive time, applying pressure on crude futures in morning trading. US crude oil dropped $1.43, or 1.89%, to $74.13 per barrel. OPEC's latest report now projects demand will grow by 1.9 million barrels per day (bpd) in 2024, down from 2 million in its previous forecast.  Even before the Middle East tensions, the market was weighed down by concerns over softening demand in China and a predicted crude surplus next year.
• Gold (XAU/USD) remains under pressure for a second day, as reduced expectations for a major Fed rate cut have pushed US Treasury yields higher, strengthening the US Dollar and weighing on the non-yielding metal.
  Watchlist: GOLD 2600-2685, US Oil: 70.00-77.60

The TEFS Analyst team wishes you a successful day!