Stocks rebound after Nvidia earnings - 22.2.2024

The Dollar weakening is intact currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped 0.1% Wednesday.

Both EUR/USD and GBP/USD slowed their advancing yesterday as the Confederation of British Industry survey results indicated UK manufacturers’ sentiment improved in February. Both euro and Pound are higher against the dollar currently. USD/JPY reversed its sliding while AUD/USD slowed its climbing on Wednesday with both the yen and the Australian dollar higher against the Greenback currently.

The US stock index futures are higher currently ahead of Department of Labor unemployment claims report at 14:30 CET today. The three main US stock indexes ended mixed on Wednesday in the range from -0.3% to 0.1% led by technology shares following release of Federal Reserve minutes which indicated most members voiced concern about moving early with interest rate cuts.

European stock indexes futures are higher currently after indexes closed marginally lower yesterday with auto shares leading gains. Asian stock indexes futures are mostly higher today with Hong Kong’s Hang Seng Index leading gains buoyed by advances in semiconductor stocks after Nvidia reported better than expected results and provided higher than expected revenue guidance.

Brent is edging lower presently. Prices rose yesterday before the American Petroleum Institute (API) report after market close US crude inventories rose by about 7.2 million barrels for the week ended February 16. US Energy Information Administration will report US crude stocks today at 17:00 CET. The US oil benchmark West Texas Intermediate (WTI) futures rose 1.1% but is lower currently. Brent crude added 0.8% to $83.03 a barrel on Wednesday.