Will Apple and Amazon drive the markets? Or will the pivot point be NVIDIA?
After mixed tech earnings from the likes of Meta and Alphabet, investors are now waiting on Apple and Amazon’s results for clues on the next moves for global stock markets.
Rick Bensignor, President of Bensignor Investment Strategies, tells IGTV’s Angeline Ong why the answer will come in the back half of May when ‘weathervane stock’, NVIDIA, reports.
(AI Video Summary)
Market resilience despite unexpected inflation numbers and poor Meta earnings
Rick Bensignor discusses the market's positive reaction to early financial figures, which were in line with expectations, causing the S&P futures to rise by 55 points. He highlights the resilience of the market in the face of unexpected inflation numbers and poor earnings from Meta, noting institutional buying as a sign of underlying strength. Bensignor suggested the Federal Reserve is unlikely to cut rates before the US elections, citing the overall health of the economy despite challenges like high auto loan defaults.
More tech earnings reports expected
Bensignor also mentions the anticipation surrounding upcoming earnings reports from major companies like Apple and NVIDIA, especially NVIDIA's potential impact due to the AI revolution. He concludes that the market is expected to remain volatile without significant movement until these reports are released.
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