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.Oil retraced a recent spike on Middle East tensions as gloom on Chinese demand returned to the fore and Brent crude futures traded just below $80 a barrel.

The results at the "so-called 'most important company in the world,'" stand between Wall Street and fresh record highs, noted Capital.com analyst Kyle Rodda, and set the tone for the sector. E-commerce shares stabilised in Hong Kong - where the Hang Seng slipped 0.5% - after taking a kicking following downbeat remarks from discount online retailer PDD Holdings earlier in the week.

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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Nvidia stock falls more than 5%, reversing Wednesday’s rally as chip stocks lead market lowerChip stocks led a tech-fueled sell-off.
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Stocks stop short of record peaks as Nvidia earnings loomGlobal stocks were poised near record highs on Wednesday, with the next move riding on results at chipmaking market darling Nvidia, while sterling notched a ...
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