Pre-Market Report – Wednesday 29 May: Nvidia Hits Record | CPI Today
Wall Street ended mixed overnight in an uneventful day of trading. The NASDAQ closed above 17,000 for the first time ever, up 0.59% supported by gains in Nvidia +7.0%, reaching a $2.8 trillion market cap boosting other chip stocks and the PHLX Semiconductor Sector index 1.86%. The Dow slipped 217 points (-0.55%), and the S&P 500 ended flat +0.02% following a sharp rise in treasury yields, with the 10Y treasury note advancing 8.1bps to 4.54% after an auction of 5Y and 2Y notes triggered a selloff. In economics, US consumer confidence improved unexpectedly, with the consumer confidence index rising to 102 in May from an upwardly revised 97.5 in April, remaining within a relatively tight range for more than two years. Nothing new on the narrative front from the Fed, Kashkari said he would need to see “many more months of positive inflation data” before contemplating rate cuts and stated the Fed should not rule anything out when asked about potential rate hikes.
ASX to fall. SPI Futures down 46 points (-0.59%).
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