Equity markets have struggled for a second day as more Western missiles are used inside Russia, while in the US all eyes turn to Nvidia’s results, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Stocks turn lower again
Yesterday afternoon’s recovery in stock markets has been waylaid by news that Ukraine has now used British missiles against Russian targets, while tech stocks have been further hit by some pre-Nvidia earnings nerves. Now that the initial post-election euphoria has faded, it is clear that markets are struggling for a catalyst to provoke a new rally. US markets in particular have done well in recent months, but another period of consolidation seems likely.
Nvidia to set the tone for the rest of the month
The largest company in the world reports earnings tonight, and it could well be a volatile session for Nvidia stock. The last set of earnings helped to precipitate a substantial selloff in markets; a miss tonight could turn the current period of indecision into a definitive pullback for the AI sector, as well as for the broader market.
Source: https://www.fxstreet.com/news/stocks-unsteady-for-a-second-day-202411201757