Overnight the S&P 500 latched onto positive comments around the war and oil’s ~5% fall, ending the session up +1.1% back within striking distance of its all-time high before Nvidia (NASDAQ: NVDA) reported earnings after the close. Bond markets have spooked investors of late, and the Minutes from the latest Fed meeting showed that most officials expected interest rate hikes down the line if the Middle East conflict continued to exacerbate inflation, saying: “A majority of participants highlighted, however, that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2% – no surprises BUT a huge incentive for President Trump to end the conflict asap.
NVIDIA (NASDAQ: NVDA) beat on revenue and guidance, plus added $US80bn to its buyback, more than the market cap of ANZ Group (ASX: ANZ). In the after-market, the stock was trading down by 1.2%, such were the expectations of the giant chip maker.
- We can see the S&P 500 continuing to surprise on the upside this year with plenty of stocks currently being negatively impacted by the war. If that ends, the 8000 level is not out of the question.
