Market Overview Analysis by Ipek Ozkardeskaya covering: Nasdaq 100, S&P 500, Qualcomm Incorporated, NVIDIA Corporation. Read Ipek Ozkardeskaya's latest article on Investing.com
See, at his latest post-FOMC press conference, Federal Reserve President Jerome Powell stated that the Fed’s next move will probably not be a rate hike—a statement that brought joy to investors. But apparently, he was referring to a hawkish discussion among Fed members during a meeting where many questioned whether the 'high-for-longer' rhetoric was restrictive enough to tame inflation, and if hiking rates might be a better idea.
Nvidia jumped 6% in the afterhours trading – but note that the kneejerk reaction has been softer than one would expect. The stock price will certainly reach $1000 per share, but whether it can maintain that level is uncertain. Seemingly, investors got used to blowout results, and even a comfortable beat is not enough to spark joy. That’s worrying for the future earnings announcements for Nvidia, but it’s promising for the extension of the rally toward other names.
Speaking of chips and central banks, the Bank of Korea kept its policy rate unchanged for the 11th consecutive meeting today, and revised its growth forecasts higher. The Korean won gave a little positive reaction to the news but that’s not what I want to focus on. I want to bring up the fact that the country also announced a $19bn worth of support package for its chipmakers to narrow the gap with the international competition.
S&P 500 Qualcomm Incorporated NVIDIA Corporation
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