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A week of records on the American stock exchange
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A week of records on the American stock exchange

created Forex Club17 May 2024

The mood on the markets is calming down significantly before the weekend. This week brought increases in American indices along with inflation data, which made the scenario of a Fed interest rate cut more probable in investors' minds. However, there are still no strong signals pushing the indices in one of two directions, and today's session we see a slowdown in the momentum from the previous days.

The S&P 500 and Nasdaq 100 indexes currently record values ​​close to the closing prices from the previous session, and slight increases can be seen in the Dow Jones index, which is gaining 0,1% so far.

In Europe, the mood also seems calm. DAX in the first half of the day it continued to decline, but from the second part of the session we see improvement. Currently, the price is approximately 0,1% below the closing price from yesterday's session.

Artificial intelligence is the pillar of the bull market

Stock markets currently remain in limbo. The thing that would most likely snap them out of this would be new information about the Fed's policy direction. It is clear that investors remain uncertain and the indexes are in an unstable balance. In recent quarters, an important factor that put a question mark on further increases in the index were Nvidia's results, which strongly indicate the directions of further changes in the entire market. Now, the impact of the company's results will probably not be as crucial for the market as in previous quarters, but we can still expect that the company will be a compass about the current condition of the most closely watched pillar of the bull market, which is artificial intelligence.

Today it is still a hot topic meme companies. Although the star of this week's hottest, GameStop, continues to decline by 27% and thus seems to be sending a signal about the end of the speculative short squeeze, Faraday Future Intelligent continues to ride the wave of speculation. The company is up another 66% today, up 4,400% in just one week. This is the largest one-week increase in the history of companies listed on the New York Stock Exchange. Similarly to other companies from the "meme" basket, it is difficult to predict when and at what level the growth will end before the bubble bursts, dragging down the company's quotations.

Source: Tymoteusz Turski, XTB

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