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Nvidia (NASDAQ: NVDA) is one of the best-performing semiconductor stocks this year. The stock recovered from the recent retracement and gained more than 8% on Monday, its biggest one-day % gain since May after the HSBC analysts reiterated a buy recommendation and hiked the stock's target price ahead of the second-quarter earnings results.
“We see Nvidia likely to beat its previous guidance as our fiscal year 2024 sales are now up 9% ahead of consensus estimate and company guidance,” HSBC analyst Frank Lee said. “We continue to see strong demand that continues to outpace supply, especially with regard to AI GPU shipments” – Lee added.
The computer graphics card maker stock has risen around 210% this year. Nvidia is set to announce its second-quarter financial results on Wednesday, August 23 after the markets close. The company is expected to post quarterly earnings of $2.07 per share and revenues are expected to be $11.04 billion.
EQUITIES
The major US indices started the new week on a positive note and Wall Street ended higher on Monday boosted by tech stocks rally. The upside sentiment was also boosted by a smaller margin-than-anticipated rate cut by the People’s Bank of China (PBoC) on Monday. Considering the recent pullback, the overall market sentiment remains mixed after the recent credit rating downgrade from Moody’s and S&P Global.
On the earnings front, Macy’s and Lowe’s are amongst those reporting the last quarter's financial results today.
OIL
Crude oil futures are under pressure despite the softer US dollar as the fears of a slowdown in the China economy have pressured crude oil prices. The sentiment in the oil market has been fairly volatile as prices have been stuck in a range for the last couple of days after the strong rally. Moving ahead, the upside momentum is expected to be less as investors are anticipating broader measures to stimulate the economy in the coming months.
CURRENCIES
In the currency market, the US dollar remained the weakest currency pair so far today after the US dollar index struggled to settle above the top trendline and has already rejected the level on lower timeframes. Meantime, the New Zealand dollar was the clear outperformer in the currency space during the early Asian session against the US dollar and other currency pairs.
GOLD
Gold price rebounded back to above the psychological resistance $1900 zone. Moving ahead to the North American session, the gold traders should closely monitor the release of US existing home sales data and FOMC Members Bowman and Goolsbee's speech. For the long-term direction of the gold price, we should wait for Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday.
Economic Outlook
On the data front, German producer prices (PPI) inflation fell again in July. Producer prices in Germany declined by 6.0% yoy in July 2023, reversing from a 0.1% rise. On a monthly basis, producer prices fell 1.1% in July, the third straight month of drop, compared with forecasts of a 0.2% drop.
Moving ahead today, the important events to watch:
US – Existing home sales: GMT – 14:00
Technical Outlook and Review
EURUSD: The currency pair needs to stay above 1.0900; otherwise. 1.0860/50 may be visible soon again. On the upper side, 1.0940 is the key resistance zone to watch, if the pair breaks and closes above this area again then the next resistance area to watch is around 1.0970.
The important levels to watch for today: Support- 1.0890 and 1.0860 Resistance- 1.0940 and 1.0970.
GOLD: For today, if the metal continues to trade above $1900 in the coming hours, the metal is likely to extend its rebound toward the next resistance which stands at the $1907/08 level. Conversely, a confirmed break above the $1890 support again can open the way for more downside in the direction of the $1885/80 mark.
The important levels to watch for today: Support- 1893 and 1885 Resistance- 1903 and 1908.
Quote of the day – “I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms, and you make all your money by playing the trend in the middle. Well, for twelve years, I have been missing the meat in the middle, but I have made a lot of money at tops and bottoms.” – Paul Tudor Jones.
Read more - https://gulfbrokers.com/en/daily-market-report-707
“We see Nvidia likely to beat its previous guidance as our fiscal year 2024 sales are now up 9% ahead of consensus estimate and company guidance,” HSBC analyst Frank Lee said. “We continue to see strong demand that continues to outpace supply, especially with regard to AI GPU shipments” – Lee added.
The computer graphics card maker stock has risen around 210% this year. Nvidia is set to announce its second-quarter financial results on Wednesday, August 23 after the markets close. The company is expected to post quarterly earnings of $2.07 per share and revenues are expected to be $11.04 billion.
EQUITIES
The major US indices started the new week on a positive note and Wall Street ended higher on Monday boosted by tech stocks rally. The upside sentiment was also boosted by a smaller margin-than-anticipated rate cut by the People’s Bank of China (PBoC) on Monday. Considering the recent pullback, the overall market sentiment remains mixed after the recent credit rating downgrade from Moody’s and S&P Global.
On the earnings front, Macy’s and Lowe’s are amongst those reporting the last quarter's financial results today.
OIL
Crude oil futures are under pressure despite the softer US dollar as the fears of a slowdown in the China economy have pressured crude oil prices. The sentiment in the oil market has been fairly volatile as prices have been stuck in a range for the last couple of days after the strong rally. Moving ahead, the upside momentum is expected to be less as investors are anticipating broader measures to stimulate the economy in the coming months.
CURRENCIES
In the currency market, the US dollar remained the weakest currency pair so far today after the US dollar index struggled to settle above the top trendline and has already rejected the level on lower timeframes. Meantime, the New Zealand dollar was the clear outperformer in the currency space during the early Asian session against the US dollar and other currency pairs.
GOLD
Gold price rebounded back to above the psychological resistance $1900 zone. Moving ahead to the North American session, the gold traders should closely monitor the release of US existing home sales data and FOMC Members Bowman and Goolsbee's speech. For the long-term direction of the gold price, we should wait for Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday.
Economic Outlook
On the data front, German producer prices (PPI) inflation fell again in July. Producer prices in Germany declined by 6.0% yoy in July 2023, reversing from a 0.1% rise. On a monthly basis, producer prices fell 1.1% in July, the third straight month of drop, compared with forecasts of a 0.2% drop.
Moving ahead today, the important events to watch:
US – Existing home sales: GMT – 14:00
Technical Outlook and Review
EURUSD: The currency pair needs to stay above 1.0900; otherwise. 1.0860/50 may be visible soon again. On the upper side, 1.0940 is the key resistance zone to watch, if the pair breaks and closes above this area again then the next resistance area to watch is around 1.0970.
The important levels to watch for today: Support- 1.0890 and 1.0860 Resistance- 1.0940 and 1.0970.
GOLD: For today, if the metal continues to trade above $1900 in the coming hours, the metal is likely to extend its rebound toward the next resistance which stands at the $1907/08 level. Conversely, a confirmed break above the $1890 support again can open the way for more downside in the direction of the $1885/80 mark.
The important levels to watch for today: Support- 1893 and 1885 Resistance- 1903 and 1908.
Quote of the day – “I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms, and you make all your money by playing the trend in the middle. Well, for twelve years, I have been missing the meat in the middle, but I have made a lot of money at tops and bottoms.” – Paul Tudor Jones.
Read more - https://gulfbrokers.com/en/daily-market-report-707
