US Futures Gain as Investors Set Sights on Nvidia 3060
- Champ Profit Team
- Aug 23, 2023
- 3 min read
Welcome back to Chump Profit, where we constantly monitor the market to equip you with the insights you need to navigate the complexities of the trading world. Today, we'll unpack what's been happening in the US futures market, with special focus on Nvidia and the broader implications of recent market movements.
Nvidia's Spotlight As one of the leading chipmakers at the center of this year's hype around artificial intelligence (AI), Nvidia 3060 is set to release its earnings report soon. Analysts predict a higher-than-expected second-quarter revenue, and the options market is preparing for about a 10% move following the results.
Given Nvidia’s significant 3% contribution to the S&P 500, the reaction to the stock is bound to have wider ramifications. According to Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, any deviation from spectacular results could lead to a sharp correction in Nvidia's stock price.
Market Dynamics
Beyond Nvidia, here's a look at the notable market trends:
Miners Gaining Ground: Anglo American Plc leads the gains in Europe, with iron ore surging for a fifth consecutive day. Chinese steel mills are expected to increase output, leading to a 12% increase in the steel-making staple since last Wednesday.
US Equities Advanced: Contracts for US equities grew over 0.3%, despite Moody’s and S&P cutting some US lenders amid a “tough” climate.
Treasury Yields on Decline: The 10-year Treasury yields continue to retreat, creating a welcome break from the steep selloff that pushed yields significantly up within a month.
Asian Equities: Mainland Chinese stocks felt some pressure, while Baidu Inc. rallied more than 5% following a reported increase in sales and net income.
Federal Reserve Focus
With Jerome Powell set to speak at the Kansas City Fed’s Jackson Hole Economic Policy Symposium, investors are keenly awaiting clues on the future of interest rates. Given the strong yield increase, the symposium is of great interest, as it could set the tone for policy direction.
European Central Bank and Yuan Moves
The day witnessed a reduction in bets for a September interest rate hike in the euro area, with weak business data from Germany. Meanwhile, the People's Bank of China continued to signal support for the yuan.
Nvidia 3060
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