{"id":63877,"date":"2023-05-31T15:30:37","date_gmt":"2023-05-31T12:30:37","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=63877"},"modified":"2024-07-10T16:55:30","modified_gmt":"2024-07-10T13:55:30","slug":"equities-outlook-us-equities-markets-pin-their-hopes-on-nvidia","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/en\/equities-outlook-us-equities-markets-pin-their-hopes-on-nvidia\/","title":{"rendered":"Equities report: US equities markets pin their hopes on NVIDIA"},"content":{"rendered":"\n

US stock markets moved higher<\/strong>, with the NASDAQ<\/strong> 100<\/strong> and the S&P 500<\/strong> posting gains<\/strong> since last week, yet the DOW JONES 30<\/strong> Index appears to have weakened<\/strong>, following the announcement that a debt ceiling deal<\/strong> had been reached<\/strong>. However<\/strong>, until the debt<\/strong> ceiling bill<\/strong> is passed<\/strong> by congress<\/strong>, market worries<\/strong> tend to persist<\/strong>. In this report we aim to present the recent fundamental and economic news releases that impacted the US stock markets, look ahead at the upcoming events that could affect their performance and conclude with a technical analysis.<\/p>\n\n\n\n

The final stretch for Lawmakers to pass the debt ceiling bill before the US Defaults.<\/strong><\/h2>\n\n\n\n

Since last week, the S&P 500<\/strong> and NASDAQ 100<\/strong> Indexes appeared to be reacting positively<\/strong> to news, that US President Biden<\/strong> and House Speaker McCarthy<\/strong> had reached middle ground<\/strong> in regards to agreeing<\/strong> to terms<\/strong> for raising<\/strong> the US debt<\/strong> ceiling<\/strong>, which would see the ceiling<\/strong> being raised<\/strong> for another<\/strong> 2 years<\/strong>, thus providing some stability<\/strong> for US stock markets<\/strong> in the long run. The debt ceiling included concessions<\/strong> from both<\/strong> parties<\/strong> in order to appease<\/strong> both sides<\/strong> of the isle<\/strong>, who are expected to vote<\/strong> on the bill today<\/strong> in the House of Representatives<\/strong> and should it pass<\/strong>, it will be handed<\/strong> over to Senate<\/strong> before making its way to US President  Biden\u2019s<\/strong> desk to be signed<\/strong> into law. The prospect of the US preventing<\/strong> its self-imposed debt<\/strong> default<\/strong>, which allowed markets<\/strong> to gain<\/strong> momentum<\/strong> and aim for higher<\/strong> ground<\/strong>, as market worries<\/strong> of a recession were decreased<\/strong>. However<\/strong>, following statements<\/strong> that there was significant<\/strong> opposition<\/strong> from both Democratic<\/strong> and Republican<\/strong> lawmakers to vote in favour of the bill, market<\/strong> worries<\/strong> were heightened<\/strong>, as the possibility<\/strong> of a US default was back in play, hence, given the new \u2018X-Date\u2019 set by Treasury Secretary Yellen<\/strong> which may be as soon as June 5th<\/sup>, the equities markets edged<\/strong> lower<\/strong>. However, equity traders may also be concerned with the release of the JOLTS Job Openings figure which is due during today\u2019s American session. However, the highlight<\/strong> of the week<\/strong> for equity<\/strong> traders<\/strong> could likely be the US Employment data on Friday<\/strong>, where the labour market tightness<\/strong> is to be seen, with market analysts<\/strong> anticipating<\/strong> that there is a slight deterioration<\/strong> in the tightness<\/strong> of the employment market, thus potentially weakening<\/strong> the US equities markets<\/strong> as consumers<\/strong> may be faced<\/strong> with less<\/strong> disposable<\/strong> income<\/strong> to spend<\/strong> on goods, should the predicted<\/strong> reduction<\/strong> in average hourly earnings<\/strong>, come to fruition.  In conclusion the possibility of the US defaulting<\/strong> on its debt, as a result of political pushback<\/strong> may have soured<\/strong> the market<\/strong> sentiment<\/strong> around the US equities markets, as we edge closer to the US<\/strong> default<\/strong>.<\/p>\n\n\n\n

NVIDIA(#NVIDIA) temporarily reaches a $1 trillion market valuation.<\/strong><\/h2>\n\n\n\n

The main reason behind NASDAQ 100 spectacular<\/strong> rise<\/strong> the last few days, could have been the earnings report<\/strong> by now chip behemoth NVIDIA<\/strong>, which projected<\/strong> that its sales would rise to $11 billion for the three months ending in July compared to Wall street\u2019s forecast of $7.2 billion. In addition, the company<\/strong> announced<\/strong> that it anticipates<\/strong> that other companies such as Apple<\/strong> (#AAPL) and Google<\/strong> (#GOOG) would potentially<\/strong> use<\/strong> its GPUs<\/strong> to create alternatives<\/strong> to compete<\/strong> against ChaptGPT, boosting market optimism<\/strong> around the company\u2019s<\/strong> future<\/strong> earnings<\/strong>. Furthermore, the AI continued hype surrounding this announcement, facilitated NVIDIA\u2019s meteoric rise<\/strong> to a temporary market valuation of $1 trillion<\/strong> and thus carrying<\/strong> the NASDAQ 100 index<\/strong> on its shoulders<\/strong> to the moon.<\/strong><\/p>\n\n\n\n

Technical Analysis<\/strong><\/h2>\n\n\n\n

#NVIDIA 4Hour Chart<\/strong><\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Support: 386 (S1), 351 (S2), 311 (S3)<\/p>\n\n\n\n

Resistance: 406 (R1), 432 (R2), 457 (R3)<\/p>\n\n\n\n

Looking at #NVIDIA 4Hour chart we observe<\/strong> investors<\/strong> reacting favorably<\/strong> to the earnings<\/strong> report as stock skyrocketed<\/strong> to levels last seen in July 2020, in addition to the company temporarily<\/strong> reaching<\/strong> a $1 trillion market valuation. We hold a bullish<\/strong> outlook<\/strong> bias<\/strong> for NVIDIA and supporting<\/strong> our case is the RSI<\/strong> figure under our 4Hour chart, which is well above<\/strong> the reading of 50 and nearing<\/strong> the level<\/strong> of 100, implying significant<\/strong> bullish<\/strong> sentiment<\/strong> in the market. For our bullish<\/strong> outlook to continue, we would like to see a clear<\/strong> break<\/strong> above<\/strong> the 432 (R2) resistance<\/strong> line with the move<\/strong> towards<\/strong> the 440 (R3) resistance<\/strong> ceiling. For a bearish<\/strong> outlook, we would like to see a clear<\/strong> break<\/strong> below<\/strong> the 386 (S1) support<\/strong> line with the move towards<\/strong> the 351 (S2) support<\/strong> base. However<\/strong>, at this point we would also like to point out, that the RSI indicator<\/strong> being well above the figure of 70 could potentially<\/strong> indicate<\/strong> that the stock<\/strong> is overbought<\/strong> and as such may be due a market<\/strong> correction<\/strong> to lower<\/strong> ground<\/strong>.<\/p>\n\n\n\n

If you have any general queries or comments relating to this article please send an email directly to our Research team at research_team@ironfx.com<\/p>\n\n\n\n

Disclaimer:
This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>\n","protected":false},"excerpt":{"rendered":"

US stock markets moved higher, with the NASDAQ 100 and the S&P 500 posting gains since last week, yet the<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63877","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"\nEquities report: US equities markets pin their hopes on NVIDIA.<\/title>\n<meta name=\"description\" content=\"This report will seek to analyze the state of the US stock markets. 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