Nvidia’s Jensen Huang & Fed’s Powell Could Influence Markets This Week

Unexpectedly, the past week concluded with a sense of unease pervading the markets, leaving traders surprised and apprehensive.

Several factors contributed to this unease:

The seemingly unstoppable surge in Nvidia (NVDA) shares hit a roadblock just as the possibility of reaching $1,000 per share emerged.

Major stock-market indices retreated for the second consecutive week, with the Dow Jones Industrial Average experiencing its third consecutive weekly decline.

Oil prices surged by nearly 4%, fueled by growing concerns over the intensity of conflicts in the Middle East and between Russia and Ukraine.

Interest rates began to climb, dashing hopes among homebuyers for a decrease in mortgage rates.

Additionally, inflation reports came in stronger than anticipated, partly due to the rise in oil prices. U.S. gasoline prices have increased by 11% since the beginning of the year, a trend typically observed in anticipation of the summer driving season.

The market pullback was surprising considering the significant rebound observed since the end of October. The S&P 500 surged by 26% to reach an all-time closing high of 5,175 on March 12, before retracing by 1.1%. Such fluctuations are common in markets.

Bitcoin served as a reminder to investors that sentiment can swiftly shift. After climbing by 7.2% from March 9 to reach $73,463 on March 13, the cryptocurrency experienced a 9% decline in less than three days, settling at $66,916. Nonetheless, it remains up by 57% for the year.

The duration of this investor unease may hinge on the market’s reaction to two pivotal events scheduled for the upcoming week:

1. Nvidia’s annual developer conference commences on Monday.
2. The Federal Reserve convenes for a significant meeting on interest rates spanning Tuesday and Wednesday.

The Nvidia GTC AI conference, which kicks off on Monday afternoon in San Jose, Calif., offers insights into various AI-related topics. CEO Jensen Huang is anticipated to deliver the keynote address, possibly unveiling the company’s latest products, including its next-generation B100 GPU tailored for AI and high-performance computing applications.

Josh Alba
Josh Alba
Josh Alba stands at the forefront of contemporary business journalism, his words weaving narratives that illuminate the intricate workings of the corporate world. With a keen eye for detail and a penchant for uncovering the underlying stories behind financial trends, Josh has established himself as a trusted authority in business writing. Drawing from his wealth of experience and relentless pursuit of truth, Josh delivers insights that resonate with readers across industries.
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