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[TRIAL] 🇬🇧 SmartTrader™ - Fundamental Trading Signals; Consistently Profitable & 100% Transparent

21 Nov 2024 11:46

📊 SmartTrader Insights: Wednesday Markets Wrap 🗒

📆 Wednesday, November 21

❗️ Stocks down slightly on fears of further Ukraine & Russia escalation; Nvidia & Bitcoin dominate headlines

► European markets are pressured by geopolitical concerns after Russia fired an intercontinental ballistic missile for the first time in this war during an overnight attack over the city of Dnipro. The message that Russia wants to send is that it is has greater capabilities than previously displayed and is considered by many as Russian escalation in this ongoing war. The Euro Stoxx 600 trading lower (- 0.25%). Nvidia reported yet another very strong earnings report but it's revenue forecast disappointed some investors. European equities showed limited exposure compared to tech-heavy Asian counterparts. Investors continued to monitor geopolitical risks, including potential further escalating tensions in the Russia-Ukraine war.

► US markets were cautious as Nvidia's very strong third quarter results and almost 100% year-on-year revenue growth failed to positively surprise extremely high market (shadow) expectations. Despite delivering strong results, Nvidia’s revenue guidance (which, however was also above analysts expectations) led to a 2.5% drop in its shares, which weighs on Wall Street (S&P 500 at -0.3% / Nasdaq -0.4%). Production and engineering costs of the chips will weigh on profit margins according to Nvidia CEO Jensen Huang - which was the small little negative detail in a very strong earnings report that caused some selling. However, SmartTrader Chief Analyst Robert Lindner emphasised that Nvidia's (and the general) AI growth story remains intact and a stronger dip can serve as an entry point for medium to long-term investors.

► Bitcoin hit a new record of $97,000, benefiting from ongoing speculation over President-elect Trump’s plans to establish a dedicated White House cryptocurrency role. Treasury yields softened as markets awaited initial jobless claims and further commentary from Federal Reserve officials.

► Asian equities fell broadly, with Japan’s Nikkei down 0.9% and Hong Kong’s Hang Seng declining 0.44%. The JPY strengthened by 0.6% after comments from the Bank of Japan, while geopolitical uncertainties further clouded sentiment across the region. Nvidia's tempered outlook rippled through the region, dragging down suppliers such as Taiwan Semiconductor (-1.5%) and SK Hynix (-1.4%). India’s Sensex tumbled 0.67%, driven by sharp losses in Adani Group stocks after US prosecutors filed bribery charges against Gautam Adani.

► Oil prices rose nearly 1.5%, with WTI crude trading at around $69.5/barrel after recent declines, as investors weighed escalating geopolitical tensions in Ukraine and ongoing tensions in the Middle East against the build-up in US crude inventories, which shows that the market may be oversupplied. Gold prices saw their fourth consecutive daily gain and are now trading at around $2,665/ounce, supported by falling US Treasury yields and a flight to safety in the face of mixed market sentiment and rising geopolitical tensions.