News / Uncategorized
[Platinum Insights] (5.25.23)
[Platinum Insights] (5.25.23)
August 22, 2023
Good morning.
Sentiment appears to be mixed on Thursday, as tech stocks look poised for a strong rally, propelled by Nvidia Corp.’s sensational quarterly performance.
Nvidia rallied over 25.50% in premarket trading following its first-quarter beat. Peer Advanced Micro Devices, Inc. moved in sympathy, adding about 8.75%. Most technology stocks are reacting with a move to the upside.
The underlying mood remained one of caution as the debt deal continues to prove elusive between President Joe Biden and the House Republicans. Traders may watch out for any development on this front and also stay tuned to the pricing component of the first-quarter GDP report and housing market data as well as the rising bond yields.
Ratings agency Fitch said on Wednesday it had put the United States’ “AAA” credit rating on negative watch, citing increasing political disputes around the country’s debt limit. Credit rating agency Moody’s said it might reassess its top-notch rating for the U.S. government if lawmakers fail to reach a deal. A prior debt-ceiling standoff in 2011 prompted rival ratings agency S&P Global to lower its rating.
WTI crude futures fell more than 1% to $73.2 a barrel. Gold held its recent decline to below $1,960 an ounce while the yield on the US 10-year Treasury note continued to rise to 3.75%. Yields on lower-maturity bonds which carry a higher risk of default, also experienced significant increases, with the 4-week bill approaching 6% while other T-bills maturing in June yielded more than 7%.
Yesterday was a down day for the major averages, with the Dow Jones Industrial Average on Wednesday posting a fourth straight day of losses. The 30-stock index dropped 255.59 points, or 0.77%. The S&P 500 ended the day lower by 0.73%, while the Nasdaq Composite fell 0.61%.
Have a great day. This information is for educational purposes and is not a recommendation to buy or sell a security
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