NAGA Weekly Recap May 20 – 2024 – May 24 – 2024

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This week concludes with a mixed performance in the markets. Just days ago, we celebrated record highs for stocks and indices like the Dow Jones and Nasdaq. However, today they are experiencing their biggest losses of the year. The primary culprits are inflation data and statements from the Federal Reserve, impacting all asset classes from gold to currency pairs.

Read our weekly review to stay informed on all the latest developments.

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Dow Jones tumbles 600 points, posts worst day since March 2023

Stocks tumbled from record highs as investor anxiety over interest rates overshadowed Nvidia’s ($NVDA) impressive earnings, failing to ignite a broader market rally.

The Dow Jones Industrial Average ($US30) plunged over 1.5%, or 600 points, marking its steepest decline since March 2023. This downturn was exacerbated by a 7% drop in Boeing ($BA) shares following news of postponed plane deliveries, heavily impacting the Dow’s performance.

Investor sentiment was further rattled by the Federal Reserve’s minutes released on Wednesday, which reignited fears about the future trajectory of interest rates.

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Nvidia shares pass $1,000 for first time on AI-driven sales surge

Nvidia ($NVDA) shares surged past the $1,000 mark for the first time in extended trading on Wednesday, following a stellar fiscal first-quarter earnings report that exceeded analyst expectations.

Nvidia’s quarterly results have become a critical barometer for assessing the vitality of the AI boom captivating investors in recent months. The latest strong performance underscores the enduring demand for Nvidia’s AI chips. CEO Jensen Huang revealed that the company anticipates revenue from its next-generation AI chip, Blackwell, later this year, signaling continued growth.

The stock jumped 7% in after-hours trading. Additionally, Nvidia announced a 10-to-1 stock split, enhancing accessibility for investors.

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Gold price edges lower to a two-week low

Gold prices dropped to a two-week low as renewed demand for the US Dollar and diminishing expectations of a September rate cut by the US Federal Reserve applied selling pressure on the precious metal.

Despite this dip, rising geopolitical tensions in the Middle East may bolster gold’s appeal as a safe-haven asset. On Thursday, gold ($XAUUSD) closed below the lower boundary of a five-week rising wedge at $2,384, confirming a bearish break from the formation.

Looking forward, gold prices seem vulnerable as the US Dollar enters a bullish consolidation phase, supported by climbing US Treasury bond yields.

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Pound holds steady after Sunak’s snap election announcement

The pound ($GBPUSD) remained stable against the dollar on Thursday, hovering near two-month highs, following Prime Minister Rishi Sunak’s announcement of a snap general election.

Sterling inched up just under 0.1% against the US dollar to 1.2727, as a six-week election campaign commenced ahead of the July 4 vote. This comes on the heels of data released Wednesday indicating that April’s inflation slowdown was less pronounced than anticipated.

Average polling data suggests that the Labour Party is poised to win and form a government, potentially ending its opposition status that has lasted since 2010.

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