(News Bulletin 247) – What Wednesday’s rebound did, Thursday’s relapse undid it, and the 48-hour balance sheet even turned out to be negative with the S&P500 dropping 1.35% to 4.376, the Nasdaq sinking in the red by -1.87% at 14,464 (below 14,500, you have to start being vigilant) while the Nvidia share, which was close to $500 (new record) at the opening, only gained 0.1% towards $471.6 closing.
Note the heavy decline of some of its competitors such as AMD (-7%), Marvell Tech (-6.85%), Intel (-4.1%).
The Dow Jones limits the breakage a little with -1.1% towards 34,100… but the nervousness is back: the ‘VIX’ jumps by +7.5% towards 17.2 and is approaching the danger zone which is located around 18.
The bond markets did not bring any comfort and did not benefit from a ‘risk-of’ either: the US T-Bonds deteriorated by +4Pts towards 4.240% (the ‘2 years’ shows 5.005%) whereas that the Fed is preparing to abandon its rate hikes (and possibly lower them in 2024) according to a broad consensus of 89% (in favor of a status quo in mid-September).
Markets are now awaiting Jerome Powell’s speech in Jackson Hole on Friday in the hope of finding new clues about the possibility of a less restrictive monetary policy.
The Dollar strengthens with a gain of +0.4% against the Euro, towards 1.0815; Gold recovers +0.3% to $1,921, Bitcoin drops -1.3%.
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