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Nvidia finally stole the title of the world’s most valuable company from Microsoft and Apple yesterday following a beautiful 3.5% rally that propelled the share price past $135 a share.
According to Bloomberg, the Magnificent Seven have contributed to more than 60% of the S&P500’s return so far this year. The rest is not doing as well. The S&P500’s equal weight index is stagnating, the reflation trade is weakening along with cautious Federal Reserve (Fed) talk and mixed economic data, there is still a chance that we see a sharp economic slowdown in the US as a result of a...

The S&P500 hit a record high yesterday, its 30th record high since the beginning of this year. The technology stocks led the rally. Big banks revised their PTs up and IMF confirmed that nearly a third of global funds went to the US since the pandemic.
Of course, this much optimism is never good sign and when you start hearing big revisions to price targets, it’s generally time to sell. But sell to go where? The European and the British stocks were supposed to perform well in the reflation context and now they are falling off the race. China is...

Last week was brilliant for the major US indices but gloomy elsewhere. Stocks in the Chinese CSI 300 fell below their 200-DMA and extended losses to more than 5% since the May peak. Japanese stocks took a dive this morning to lowest levels in more than two weeks and stocks in Europe lost 3% during the course of last week as the French election jitters ended in tears for the French CAC 40 which tumbled more than 6% compared to the previous Friday’s close.
Thousands of people took the streets to show their opposition to the far right’s rise –...

Market sentiment was once again very different on both sides of the Atlantic. The European markets remained under the pressure of tense political environment in France, the euro was sold off against the greenback despite softer US yields but the major US indices remained bid on softer-than-expected US PPI data. The divergence between the US and Europe could widen.
Note that there is also a notable divergence within the US stocks: the technology carries the major indices to record highs while sentiment across other sectors remain gloomy.
Elsewhere, oil sees resistance near key Fibonacci level, while the pullback in nat...

The Federal Reserve’s (Fed) dot plot plotted one rate cut for 2024, down from three in March and the Fed revised its inflation forecasts higher. But the Fed’s announcement didn’t get more hawkish than this because the distribution of the dots was much narrower than in March, the dots also suggested 4 rate cuts in 2025 instead of 3, and the Fed tweak its communication slightly: they no longer think that there is a ‘lack’ of progress in inflation toward the 2% goal but a ‘modest further progress’ instead. And the cherry on top, the CPI update that came in...

We have different moods on different continents this week. The European equities remained under the pressure of heating French political tensions on Tuesday, meanwhile, on the other side of the Atlantic Ocean, the major stock indices in the US advanced to fresh records on the back of a strong 10-year auction a day before the latest CPI update and the Federal Reserve (Fed) decision which will likely determine the global market mood for the rest of the month, and a good part of summer.
In the FX, while the US yields are giving back the post-jobs advance, and the softer...

Unimpressive was to investors what Apple revealed about its AI plans at its Worldwide Developer conference yesterday. Apple shares declined nearly 2% yesterday. The S&P500 and Nasdaq both eked out small gains, and energy stocks recovered as oil jumped to $78pb following news that the US imposed fresh sanctions on Yemeni Houthis.
Mood in French streets – and the markets - was chaotic yesterday; the CAC 40 sold off more than the European peers, the French 10-year yield spiked to the highest levels since November, the spread between the 10-year French and German yield spiked past 55bp and the EURUSD...

The sight of the 272K new nonfarm job additions and the fastening wages growth above 4% on a yearly basis smashed the dovish Federal Reserve (Fed) expectations on Friday, and sent the US yields and the dollar higher. We are back to the starting point where the Fed could hardly justify a rate cut when jobs data remains strong and inflation is not easing as fast as it should. Happily, suspense about what the Fed thinks about this won’t last long; the Fed will start its two-day policy meeting tomorrow and announce its latest decision on Wednesday, just after the...

As widely expected, the European Central Bank (ECB) announced a 25bp rate cut when it met yesterday, but raised its inflation target for this and the next year, warned that the road for easing inflation could be bumpy, and ruled out a July rate cut. Still, two G7 central banks announced a 25bp rate cut this week, and marked the beginning of the easing cycle for major central banks and proved to be supportive of reflation flows: oil and metals rebounded. The S&P500 hit a fresh record.
Today, all eyes turn toward the US jobs data. The week was marked...

A technical glitch caused some NYSE stocks to plummet, could crypto avoid these mistakes?

00:00 Intro
00:29 Preview
00:53 Bitcoin
05:10 Ethereum
07:17 Chainlink
09:55 Subscribe & Good bye

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