Stocks stop short of record peaks as Nvidia earnings loom

SINGAPORE - Global stocks were poised near record highs on Wednesday, with the next move riding on results at chipmaking market darling Nvidia , while sterling notched a 2-1/2 year high as traders bet that Britain will lag the U.S. in cutting interest rates.Nvidia's market value has ballooned thanks to its dominance of the computing hardware behind artificial intelligence. The stock price is up some 3000% since 2019 and with a market capitalisation of $3.

"The company’s revenue and sales guidance is a barometer of AI capex, with inferences to be drawn about the health of the other mega-cap tech names," he said.China's biggest sportswear maker, Anta, was the top gainer and shares were up 8.5% after better-than-expected profits and $1.3 billion buyback.

Interest rate futures price 100 basis points of U.S. rate cuts this year and last week Fed Chair Jerome Powell endorsed an imminent start to cuts saying"the time has come". The tone contrasts with caution at the Bank of England, which has helped sterling become the top-performing G10 currency with a 4.1% gain for the year-to-date.

"In our view, the BoE is likely to only cut rates once a quarter going forward," she said, against a forecast for four consecutive 25 bp cuts from the Fed from September to January.

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Intel's 21.5% share plunge drags global chip stocks; Nvidia falls 3.5% in premarket tradingAsian stocks including Samsung and TSMC closed lower as European chip firms including ASML also dropped.
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Something concerning is going on with chip stocks ahead of Nvidia earningsThe stock market’s back near record highs, but a key space that drove it to those levels earlier in the year is still a way’s off.
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