Market Latest Nvidia (NVDA) Surge Helps The Nasdaq 100 Post A Fresh Record High

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5/29/2024 5:26:43 AM

(MENAFN- DailyFX) – Nvidia (NVDA) Surge Helps the nasdaq 100 Post a Fresh Record High Skip to Content

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May 29, 2024 Market Latest – Nvidia (NVDA) Surge Helps the Nasdaq 100 Post a Fresh Record High May 28, 2024 Japanese Yen Latest Forecasts – USD/JPY, GBP/JPY and EUR/JPY May 28, 2024 Australian Dollar Holds Up Against USD Despite Tepid Retail Sales Data
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May 28, 2024 Technical Analysis: EUR/USD and GBP/USD Rejected at Resistance. What Now? May 28, 2024 British Pound Sentiment Analysis and Outlook: GBP/USD, EUR/GBP, GBP/JPY May 28, 2024 Dax and Nasdaq 100 target previous highs, while Dow consolidates
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Host: Duration: min 09:20:52 widgets/economicCalendar._abbr () Actual Forecast PreviousRevised EUR/USD Bearish
1h Last updated:May 29, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Technical Analysis: EUR/USD and GBP/USD Rejected at Resistance. What Now? 2024-05-28 23:30:00 Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY; Eurozone Inflation, US Core PCE 2024-05-26 20:00:00 Oil - US Crude Bullish
1h Last updated:May 29, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Crude Oil Bounces Back But Looks Rangebound Before OPEC's June Meet 2024-05-23 11:00:28 US Crude Oil Hands Back Early Gains As Demand Doubts Resume Control 2024-05-15 11:00:35 Wall Street Bearish
1h Last updated:May 29, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Dax and Nasdaq 100 target previous highs, while Dow consolidates 2024-05-28 10:30:00 Dow Sustains Losses but Nasdaq 100 Hits New High and Nikkei 225 Recovers 2024-05-23 12:30:41 Gold Mixed
1h Last updated:May 29, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold Consolidates, Silver Continues to Outperform, US Inflation Data Key 2024-05-28 08:08:35 Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY; Eurozone Inflation, US Core PCE 2024-05-26 20:00:00 GBP/USD Mixed
1h Last updated:May 29, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Technical Analysis: EUR/USD and GBP/USD Rejected at Resistance. What Now? 2024-05-28 23:30:00 British Pound Sentiment Analysis and Outlook: GBP/USD, EUR/GBP, GBP/JPY 2024-05-28 18:00:00 USD/JPY Bullish
1h Last updated:May 29, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Japanese Yen Latest Forecasts – USD/JPY, GBP/JPY and EUR/JPY 2024-05-28 14:30:17 Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY; Eurozone Inflation, US Core PCE 2024-05-26 20:00:00 MoreView More

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Nvidia (NVDA), Nasdaq 100, US Dollar Charts and Analysis
Nvidia (NVDA) Weekly Chart
Nasdaq (NDQ) Weekly Chart
US Dollar Index Daily Chart
Nvidia (NVDA), Nasdaq 100, US Dollar Charts and Analysis

Nvidia now worth USD2.8 trillion after latest rally.
US dollar and gold tread water ahead of Friday's Core PCE release.
Recommended by Nick Cawley Get Your Free USD Forecast Get My Guide
For all economic data releases and events see the DailyFX Economic Calendar
Nvidia's stock surged by 7% overnight as the AI chip behemoth continues its relentless post-earnings rally. This rally has catapulted Nvidia to a market capitalization of just over $2.8 trillion, cementing its status as the third-largest company in the world by market capitalization. The AI titan is now closing in on tech mega-stocks Apple ($2.9 trillion) and Microsoft ($3.2 trillion).
Nvidia's chips have become indispensable workhorses for powering cutting-edge artificial intelligence applications, fueling insatiable demand, and propelling the company's stratospheric ascent. The chip giant's rally has been nothing short of blistering since breaching the $500 level at the start of 2024, with the late-March/early-April sell-off retraced quickly as the stock continues defying gravity.
Nvidia (NVDA) Weekly Chart
Nvidia has a 7.2% weighting in the Nasdaq 100 and last night's rally helped the tech index hit a fresh closing high.
Nasdaq (NDQ) Weekly Chart Recommended by Nick Cawley Building Confidence in Trading Get My Guide
Charts via TradingView
The US dollar is treading water, with traders sidelined and hesitant to take any new positions ahead of this Friday's pivotal US Core PCE inflation release. Persistent stickiness in US inflation has forced financial markets to drastically recalibrate rate cut expectations for 2024, with only a single 25 basis point cut now fully priced in, a far cry from the six cuts anticipated at the end of last year.
Minneapolis Fed Reserve President Neel Kashkari yesterday said that the US central bank should wait for 'many months of positive inflation data' before looking to cut rates', adding that if inflation remains elevated, rate hikes cannot be ruled out. Kashkari's comments underscore the Federal Reserve's unwavering commitment to bringing down inflation, even at the potential cost of short-term economic pain. With price pressures proving more persistent than initially anticipated, policymakers appear steadfast in their determination to restore price stability, regardless of the implications for financial markets.

The US Dollar Index is flat in early turnover with a slight downside bias. Initial support is seen at 104.44 (200-dsma) ahead of 104.37 (38.2% Fibonacci Retracement).
US Dollar Index Daily Chart
Chart via TradingView
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