NAS100 Sets Record Highs Ahead of Nvidia’s Earnings
NAS100 Analysis
The disinflation process has slowed down this year, causing the Fed to adopt a higher-for-longer stance, also supported by strong economy and robust labor market. Last week's CPI reading showed moderation though and markets moved to strengthen their bets that the central bank will cut rates twice this year, beginning in September.
NAS100 advances to new record highs and runs its best month of the year, looking towards the 19K mark. On the other hand, Fed officials continued their mostly hawkish remarks this week, showing they are concerned of persistent inflation. On the technical side, The RSI did not follow prices higher, in a divergence that creates risk of a pullback towards the EMA200 (18,050). Daily closes below it would pause the bullish bias, but that would need strong catalyst.
Markets have overlooked the cautious shift of the Fed, largely due to the AI boom that also drove last year's rally. All eyes are now on Wednesday's quarterly results of NVIDIA, the enabler and main beneficiary of the of the AI boom. Its stock gains more than 90% YTD, despite the recent pullback. After the last report in February, NVDA.us has surged more than 12%, pushing NAS100 higher as well, so there is scope for volatility.
The chip designer had then reported record top and bottom lines and an acceleration in revenue growth, to the tune of 265% y/y. This was a result of increased shipments of AI GPUs, which execs believe will continue. For the soon to be reported quarter, they forecast sales of $22 billion [1]. This would mark a slowdown, but would still be staggering increase of around 235% y/y. Investors will once again look closely to whether this relentless pace will continue or cracks will begin to appear.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
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