Wall Street: deluge of ‘doubled’ records, Nvidia at $138

Tuesday 15th October 2024 11:36 AM

Wall Street seems unstoppable with a new shower of records, in the form of ‘intraday/closing doubles’, with the added bonus of an ‘upward breakout gap’ in a trend that has already been extremely bullish since August 5: already more than 14 % gain for the ‘S&P’ (+0.77% to nearly 5,860 this 10/14)… and 46 annual records.

Also doubled for the Dow Jones (+0.47% to 43,065) which also broke a record beyond 43,135 (its closing record on Friday being 42,863).

The Nasdaq is not to be outdone with a blazing +0.87% to 18,502, or less than 0.7% compared to the record of 18,647 on July 10, in the wake of Marvell +5% and Applied Materials +4, 3%, ASML +3.8% (without forgetting the psychological impact of SpaceX with the smooth recovery of a launcher element weighing nearly 200 tonnes on its starting launch pad).

Note the return of Nvidia to the zenith around $140 intraday and +2.5% to $138.1 at closing. The title saw its ‘capi’ jump to $3.360 billion, just behind Apple (+1.6%) and its $3.52 trillion and ahead of Microsoft with $3.12 trillion.

What will be the next upward relay to send the ‘S&P’ beyond 6,000? The results season, which kicked off last Friday by the major American banks, should also punctuate the next sessions.

On the week’s agenda are, among others, publications from the Dutch semiconductor industry equipment giant ASML (up sharply this evening) and the video-on-demand platform Netflix.

In addition to central banks and results, US retail sales figures, due Wednesday, are also likely to move the markets.

Investors’ eyes will also turn to Beijing, where Chinese GDP figures will be published on Thursday which will give valuable clues on the state of the world’s second largest economy, which is currently the subject of a major recovery plan.

On the bond market, the yield on ten-year US government bonds, which had reached new highs since the end of July last week at 4.11%, set a new record at 4.14% with the ‘full risk- on’ of Wall Street, before returning to 4.11%, while the ’30 years’ stagnated just above 4.40% (a day for nothing).

The price of a barrel of oil and the WTI fell by -4.5% to $72.1 on the NYMEX… the market now excluding a possible counterattack by Israel on Iranian oil installations after the recent strikes by Hezbollah on a military base near Haifa.