US stocks opened higher today, demonstrating resilience despite Nvidia's earnings results, which were negatively received by the market. Nvidia reported record revenues of $30 billion for the three months ending July 28, exceeding analyst expectations of $28.7 billion and marking a 122% year-over-year increase. However, despite this impressive performance, Nvidia's shares fell by 6% in after-hours trading as investors expressed concerns that the company's rapid growth rate may be beginning to slow. Broader market sentiment was lifted by robust macroeconomic data that underscored the continued strength of the US economy. Q2 GDP growth was revised upward from 2.8% to 3.0% YoY, driven by strong consumer spending. Additionally, corporate profits rebounded last quarter, further alleviating concerns of an impending recession. In response to the positive economic data, the dollar index climbed to 101.5, while the 10-year US Treasury yield rose to 3.88%, signalling increased investor confidence.
A day of moderate moves was seen across the base metals complex today as markets struggled to find direction. Copper weakened on the open following the inflow of stock on the LME exchange but struggled below the $9,200/t level, prompting the metal to trade slightly above it at $9,244/t. Aluminium opened below the $2,500/t level and edged slightly lower during the day, down to $2,457.50/t. Lead weakened to $2,035.50/t, while zinc remained broadly unchanged at $2,878/t.
Despite the stronger dollar and rising Treasury yields, precious metals posted gains today. Gold rebounded from yesterday's losses, trading at $2,524/oz, while silver advanced to $29.6/oz. Oil prices also moved higher, with WTI and Brent crude trading at $76.3/bbl and $80.2/bbl, respectively.
All price data is from 29.08.2024 as of 17:30
