Latest Research Bundle | 5 June 2023
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In this week's research wrap-up:
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NVIDIA's Moon Landing
The company makes history as it enters the $1T market cap club.
Debt-Ceiling Deal Lifts Markets
With the Senate's approval of the legislation, the cloud of uncertainty surrounding the debt limit has dissipated, providing relief to financial markets.
As the United States farewells the debt-ceiling crisis, global markets have received an encouraging boost.
Also, investors have found solace in the resilience of the robust U.S. labour markets, which steadfastly defy concerns of an impending recession.
NVIDIA Stock is Strongly Overbought
NVIDIA's share price is up a staggering 287% from its October 2022 low to its all-time high of $419.38 posted on Tuesday, which helped the company to reach $1 trillion market cap that day.
Following outstanding earnings update last week the technology stalwart?gapped up strongly, gaining more than 30% in a day; however, it formed an island reversal pattern, which points to a likely consolidation or a pullback in the short term.
DAX Hovers Near All-Time High
While some positive indicators emerged from the economic data in Europe on Wednesday, such as a moderation in inflationary pressures across major economies like Germany and France, the overall sentiment remained dampened by the global economic outlook.
The drop in headline inflation is encouraging and suggests that the disinflationary trend in Germany is gradually broadening.
However, it is unlikely to prevent the European Central Bank?from hiking rates again.
AI Bubble Props Up Market and Big Tech
AI's recent price spikes to overvaluation levels mask market declines as recession nears.
NASDAQ Gains Momentum With the Buzz Around AI
The big tech rally from the onset of the year has further to run as the risk of a U.S. recession drives investors into stocks that offer growth.
Investors have little clarity on interest rates and the economy, which boosts the appeal of stocks with robust cash flows and promising revenue growth, despite having hefty price tags.
The tech-heavy index has erased more than half the losses it saw from its November 2021 high and is gaining more momentum with the buzz around artificial intelligence.
Oil Market Awaiting OPEC+ Meeting for Cues
Oil prices rebounded last week, buoyed by a sense of optimism surrounding the United States' ability to avert a debt default.
This positive sentiment was further supported by a tightening market outlook and a cautionary message delivered by the Saudi energy minister, who hinted at the possibility of additional cuts by the OPEC+ alliance to bolster the market.
However, the sustainability of the rebound remains uncertain due to the growing possibility that the U.S. Federal Reserve will raise interest rates in June, contrary to expectations of a pause, which means that price action is likely to remain within the boundaries of its current trading range in the coming months.
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