Retreat in US yields and Nvidia’s Earnings Provide Come Calm: SPDR S&P Semiconductor, Nikkei 225, Silver

Downside surprises in US flash purchasing managers index numbers have reflected a sharper moderation in demand for both the manufacturing and services sectors, which may challenge hawkish bets. This follows after bond yields turned lower in Europe on weaker-than-expected PMI readings as well. Thenow seems to be eyeing a reclaim of its 50-day moving average , which has given way just last week.

Bullish bets on Nvidia have also paid off. While its valuation has been lofty , its outperformance on all fronts continue to show no signs of slowing inmomentum, which provides the much-needed justification. Both its top and bottom-line have smashed expectations, while this quarter’s revenue guidance was also revised upwards – 27% higher than estimates. To top it off, the company has authorised $25 billion in share buybacks.

Ahead, the next highlight on the calendar will be Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, which will be due tomorrow . Until then, sentiments may continue to bask in the US AI/tech optimism, while keeping an eye on US jobless claims and durable goods orders, where any softer read may be looked upon to further cool tightening bets.

Perhaps one to watch may be the SPDR S&P Semiconductor ETF, which has seen a bounce off a support confluence lately . The February 2023 high at the 210.90 level will be an immediate resistance to overcome ahead, in order to pave the way to retest the 222.64 level next. A strong positive follow-through may be needed however, given that any turn lower could still run the risks of a potential head-and-shoulder formation.

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