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Breakfast Bites - Tech & AI led rally gives up some gains
Japan at multi-decade high; China speculates on rate cuts; ECB's Centeno says rate cuts may be sooner than May
Ayesha Tariq
January 09, 2024
Rise and shine everyone.
Quite a few things drove the markets yesterday. Tech stocks took the lead after Nvidia announced GeForce RTX SUPER desktop GPUs for supercharged generative AI performance, new AI laptops from every top manufacturer, and new NVIDIA RTX-accelerated AI software and tools for both developers and consumers.
Tech stocks led the rally in the Asian open as well, settling lower. Samsung's preannouncement miss on both top and bottom lines weigh on European chip names and some US semiconductor stocks premarket.
In other news, Fed Speaker Bowman (voting member) discussed rate cuts “should inflation continue to fall closer to our 2 percent goal over time” and Fed Speaker Bostic (voting member) discussed that inflation has come down more than he expected. He also reiterated the expectation of two 25bps rate cuts appropriate by the end of the year. Needless to say, the market saw this as positive, as the selling had also become a little exhausted.
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