Should you look past ugly Nvidia results?! | MarketTalk | Swissquote

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US stocks now join the treasury selloff, and the US dollar pushes higher on the back of the increasingly hawkish Federal Reserve (Fed) bets.
The preliminary PMI in the US came in better than expected for February, and the services PMI ticked above the 50 mark, into the expansion zone, for the first time since last July.
The strong economic data further fueled the Fed hawks. But this time, the stocks sold off as well, despite the strong economic data. The weak outlook from Walmart and Home Depot left the no-landing bets under the dark shadow of higher US yields.
The S&P500 dived 2% on Tuesday, below the minor 23.6% Fibonacci retracement on the latest October to February rally, and below the 4000 psychological mark.
Today, the FOMC minutes will be closely watched. We know that the Fed officials will sound concerned with the strong jobs market and will point at the resilience of the economy to continue hiking the rates. That could further weigh on equity appetite.
Fed hawks are supportive of the US dollar, however.
Elsewhere, the Reserve Bank of New Zealand (RBNZ) hiked its interest rates by 50bp today, after a three-month break and Nvidia will be reporting Q4 earnings after the bell. Nvidia results may look ugly, but long-term investors could look beyond the potentially ugly results:
Here is why: https://medium.com/@swissquote.education
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