US, European stocks shrug off Nvidia slump to rise on rate hopes
==========
On August 29, 2024, Germany's DAX index reached a record high as US and European stock markets rose despite a drop in Nvidia shares. Nvidia reported sales of US$30 billion and profits of US$16.5 billion, but shares fell 6.4% on August 30 after an initial 8% drop in after-hours trading. The broader market remained resilient as most companies beat earnings forecasts. Federal Reserve Chair Jerome Powell indicated readiness to cut rates, with the US economy growing at an annual rate of 3.0% in Q2 2024. Germany's inflation rate slowed to 1.9% in August, supporting expectations for a rate cut by the European Central Bank. The DAX closed at 18,912.57 points, up 0.7%. Asian tech shares suffered, with SK Hynix and TSMC among the biggest losers.
#Stocks #Nvidia #Dax #FederalReserve #Ecb #Inflation #Earnings #Economy #InterestRates #MarketTrends
https://www.nst.com.my/business/corporate/2024/08/1098637/us-european-stocks-shrug-nvidia-slump-rise-rate-hopes
Oddbean new post about login | logout