Beat the street: PPI; retail sales; Tesla; NVIDIA
A hotter-than-expected producer price reading has dented hopes of the Fed cutting interest rates in the coming months. US consumer spending is cooling, data showed. Tesla slips after UBS cut the EV maker’s price target.
Investors eye NVIDIA's AI chip sneak preview in the coming week.
(AI Video Summary)
PPI data showing slight increase
In today's edition of "Beat the street," hosted by Angeline Ong, she shares important information for traders before the Wall Street market opens. She says that the volatility index remains steady, but the Producer Price Index (PPI) data shows a slight increase, which traders are closely watching. They believe there may be interest rate cuts in the near future, and this could have an impact on stocks, especially those in the tech industry.
Nasdaq 100 triangle pattern
IG analyst, Shaun Murison, talks about the Nasdaq 100 forming a triangle pattern, indicating that the overall upward trend will continue. He predicts that there might be a breakout to reach a target of 19,000. However, if the pattern breaks downward, traders will wait for weakness before making any new investments.
NVIDIA conference approaches
NVIDIA, a prominent tech company, is in the spotlight due to its upcoming developer conference. People are eagerly anticipating the unveiling of new products and flagship items. NVIDIA's stock has seen significant growth and is on its way to becoming the second most valuable company on Wall Street, surpassing even Apple.
Updates on TikTok in the US
In other news, former Treasury Secretary Mnuchin is planning to form an investor group to purchase TikTok. This is because the US House of Representatives passed a bill requiring TikTok's Chinese owner to sell its US assets or face a possible ban.
Tesla stock price challenges
Tesla's is also facing some challenges as UBS has lowered its price target and delivery forecast for the first quarter due to slow demand and competition in China. As a result, Tesla's stock price has been declining since July 2023.
Robinhood updates
On a positive note, Robinhood, a popular trading platform, has reported strong growth in assets under custody for February. This is the second month in a row that assets have exceeded $100 billion, leading to an increase in their market shares.
Updates on oil
Additionally, oil prices are on the rise after the International Energy Agency revised its demand growth forecasts and reduced projections for non-OPEC supply.
Overall, the market is expected to rebound, with minimal changes following the release of the PPI and retail sales data.
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