Are you an investor keeping a close eye on the stock market? If so, you may have noticed that US stocks were mostly lower on Monday, driven by a sell-off in tech stocks led by Nvidia. Nvidia dropped 5% and is down 14% from its record high amid profit-taking after a 143% year-to-date rally.
At Extreme Investor Network, we understand the importance of staying informed about market trends. It’s crucial for investors to pay attention to events like the PCE inflation data set to be released on Friday morning. This data, along with other economic indicators, can provide valuable insights into how the market may perform in the coming days.
According to Wall Street firm Constellation Research, the recent decline in Nvidia stock is simply a result of profit-taking after its significant rally this year. Founder R “Ray” Wang believes this pullback presents a buying opportunity for savvy investors.
With earnings season behind us, investors will now be turning their attention to upcoming economic data releases. Economists are expecting year-over-year Core PCE to be 2.6% in May, which will be compared to April’s reading of 2.7%. Additionally, investors will be closely watching initial jobless claims data, pending home sales, and a second revision to first-quarter GDP to gauge the strength of the US economy.
All of this data will help inform investors about potential moves by the Federal Reserve, with many expecting the first interest rate cut of the cycle to occur in September. Fed President Mary Daly recently commented on the state of the US labor market, suggesting that it may be approaching a turning point.
In commodities, bonds, and crypto news, West Texas Intermediate crude oil saw an increase to $81.68 a barrel, while gold edged higher to $2,345.60 per ounce. The 10-year Treasury yield remained flat at 4.25%, and Bitcoin dropped to $59,713.
Stay informed and ahead of the curve with Extreme Investor Network, your go-to source for all things finance and investing. Be sure to check out our website for more valuable insights and analysis to help you make informed investment decisions.