Gains in Dollars & Stocks Holding Up to Nvidia – Europe Market Wrap
Stocks held solid and the Dollar rallied as investors awaited an update on Nvidia’s earnings, which have driven market gains this year.
Futures for the S&P 500 and Nasdaq 100 were little moved. Nvidia gained 0.6% in premarket trade, while its Magnificent Seven counterparts were neutral. Stocks in Europe were strong after days of losses, with France’s benchmark rebounding. The Dollar rose 0.4%, rising versus all major currencies.
Bonds were steady after long-term debt from the United States to France and the UK fell on Tuesday, with the 10-year Treasury yield remaining unchanged at 4.27%.
In recent days, markets have been rattled by a variety of factors, including French political uncertainty, the Trump administration’s attacks on the Fed, and new trade threats. However, investors are now focusing on Nvidia’s results, which are scheduled to be released after the bell. The chipmaker is likely to shed light on the long-term viability of significant AI spending, as well as how the US-China competition limits progress.
In a reminder of the lingering tariff threat to global trade and inflation, Trump’s 50% tariff on most Indian imports went into effect Wednesday, penalising the country for purchasing Russian oil. In Europe, the EU intends to push through legislation by the end of the week to eliminate all tariffs on US industrial goods, a Trump demand before Washington lowers levies on the bloc’s vehicle exports.
