All it took was 5 words... Nvidia's Huang says "demand for chips is great", sparking huge rally in $NVDA and the S&P...
NVIDIA CLOSED THE DAY UP 8%. NVDIA ADDED $220 BILLION DOLLARS TODAY FOR CONTEXT INTEL IS WORTH JUST $80 BILLION NOW THAT MEANS NVIDIA ADDED ALMOST 3 INTELS JUST TODAY 🤯 Source: www.zerohedge.com, GURGAVIN
$ALLY tumbled 17.5% yesterday as auto loan repayments see rising delinquency rates spook investors
More evidence that a growing portion of consumers are increasingly struggling. Source: Markets & Mayhem
Oil prices tumble to their lowest level since December 2021 on global growth worries.
Brent crude dropped <$70/bbl after the Saudi-led OPEC cut its growth projections for the world's appetite for oil. Source: HolgerZ, Bloomberg
2024 S&P Sector Returns...
Utilities $XLU: +22% Consumer Staples $XLP: +17% Tech $XLK: +6% Consumer Discretionary $XLY: +2% Leadership has turned. This is a big shift from 2023.
The global bond rally has regained momentum due to econ concerns in the US and weak figures in the Eurozone.
Value of global bonds rose 0.3% this week to $69.29tn, almost a fresh ATH. Source: HolgerZ, Bloomberg
Markets tend to struggle from now until mid-October during Presidential election years
BofA
Gold is rising because of demand for "fallback money"
Source: Bloomberg
The current drawdowns across the Magnificent Seven:
• $AAPL Apple: 5.0% • $META Meta: 5.2% • $AMZN Amazon: 11.9% • $MSFT Microsoft: 12.3% • $GOOGL Alphabet: 17.7% • $NVDA Nvidia: 20.3% • $TSLA Tesla: 48.6% Source: Koyfin
