Plus, FedEx Corp is expected to report a fall in profit due to sagging freight demand.
(Partial Video Summary)
Traders watching Fed rate cut timing hints
Angeline Ong: Hello, I’m Angeline Ong and welcome to “Beat the street”, where we get you ahead of the Wall Street open and help you position better so you can decide which way you want to trade this market. First of all, let’s get you through some of the biggest movers. NVIDIA US stocks mixed. The chip giant looks set for a bounce back this Tuesday. And the Fed: traders watch for Fed rate cut timing hints, as Michelle Bowman and Lisa Cook get set to speak. FedEx: well, that company in focus because it’s expected to report a fall in profit due to sagging freight rates.
Now, a very good afternoon to you and welcome to this edition of “Beat the street”, where we get you ahead of the game here at IG before Wall Street starts trading. Here’s a look at the early picture for you. As you can see here, this is a 15 minute chart. Gives you a rough idea of that sideways trajectory that we’re seeing markets move right now. We look at the US 500 and also the US Tech 100. We’re expecting to see a mixed cautious start. And why not? Why not, given we’ve had just so much talk over NVIDIA and whether or not the rally has actually run out of steam.
NVIDIA
Now, just taking a look at NVIDIA for you because this is one of our biggest stories. NVIDIA, as you know, is an all sessions stock and one of the key traded ones here on the IG platform. If you look at my circle there, I’ve shown you the upward tick since the 9:00 start here in the UK. You can trade this as early as 9 a.m. UK time.
This gives you a heads up to the game when the US opens, the cash market opens there. But if you look at where the stock has been recently – changing this to a daily chart -, you can see that fall there and there’s no reason yet, or rather no reason anyone can pinpoint as to why there was a bout of profit taking into Friday’s half year end. NVIDIA, it has to be said, has recoiled by almost 20% since last Thursday’s record high, lopping more than $430 billion of its market value in the process.
Watch the full video for the full NVIDIA and market analysis
