Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
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US stock markets largely continued their ascent yesterday, pushing the Dow Jones index to a new record high close by the end of the session. One notable exception was Nvidia (NVDA), which lost 3% following a bout of profit-taking. The AI narrative was challenged once again on Tuesday, this time by Softbank, which admitted that the group had sold its entire stake in the chipmaker, amounting to $5.8 billion. The rise in tech stocks this year can be attributed in large part to the hype surrounding artificial intelligence, but a growing number of investors are now asking whether current valuations are justified. In this situation, a rotation out of big tech and into a broader array of stocks may be on the cards. In the same vein, Advanced Micro Devices (AMD) and Taiwan Semiconductor Manufacturing Company (TSM) were also down yesterday, after the latter posted its slowest growth figures in 18 months.
The US government is drawing closer to reopening. Later this afternoon, the House of Representatives will likely vote on the same proposal that passed the Senate earlier in the week. If approved, the only remaining step will be for President Trump to sign the bill, which would effectively end the longest shutdown on record. It may take a while before the missing economic data makes its way to the surface, but eventually, markets will have a lot of new information to digest. The next Fed meeting is four weeks away and interest rate traders are still leaning in favour of another 25-bps rate cut, but not by much. Poor jobs data could certainly increase those odds.
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