(Bloomberg) -- European stocks edged higher and US equity futures erased declines as investors assessed Nvidia Corp.’s results, ahead of key economic data still due this week.
Most Read from Bloomberg
Intergenerational Housing Could Help Older Adults Combat Loneliness
As Rural Hospitals Shutter Maternity Wards, Urban Ones Follow
The Stoxx Europe 600 index gained 0.3%, with technology stocks leading the advance. Futures on the Nasdaq 100 Index were down 0.1% after the gauge fell more than 1% on Wednesday. S&P 500 contracts were little changed. Nvidia slumped more than 8% in post-market trading.
Listen to the Bloomberg Daybreak Europe podcast on Apple, Spotify or anywhere you listen.
Nvidia’s underwhelming sales forecast threatens to cool the AI frenzy that has powered global tech stocks for much of this year. But while the guidance underwhelmed, revenue more than doubled to $30 billion in the fiscal second quarter, suggesting demand remains strong.
With the earnings season now officially over, the focus turns back to the macro landscape. The Federal Reserve’s preferred inflation gauge, due Thursday, may help firm up bets on how much and how quickly the central bank will ease policy.
“One should not forget that all semi companies are not exposed to the AI trend as Nvidia, and some have large exposure to handset, auto or industrials,” said Gaël Combes, head of equities at Banque Syz & Co. “An economic slowdown is a risk.”
Treasury 10-year yields steadied after rising one basis point to 3.84% in the previous session. The dollar edged lower after gaining broadly amid speculation investors were buying the US currency for portfolio re-balancing.
Investors are weighing US interest rate cut prospects as Fed Bank of Atlanta President Raphael Bostic said it “may be time to cut” but he’s still looking for additional data to support lowering interest rates next month.
In commodities, oil steadied after a two-day drop, with stock market losses offsetting a drawdown in US stockpiles and supply disruptions in Libya. Gold traded just below its record high, on course for a monthly gain.
Key events this week:
Eurozone consumer confidence, Thursday
US GDP, initial jobless claims, Thursday
Fed’s Raphael Bostic speaks, Thursday
Japan unemployment, Tokyo CPI, industrial production, retail sales, Friday
Eurozone CPI, unemployment, Friday
US personal income, spending, PCE; consumer sentiment, Friday
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.3% as of 8:26 a.m. London time
S&P 500 futures were little changed
Nasdaq 100 futures fell 0.2%
Futures on the Dow Jones Industrial Average rose 0.4%
The MSCI Asia Pacific Index fell 0.1%
The MSCI Emerging Markets Index fell 0.2%
Currencies
The Bloomberg Dollar Spot Index fell 0.2%
The euro was little changed at $1.1127
The Japanese yen was little changed at 144.68 per dollar
The offshore yuan rose 0.3% to 7.1088 per dollar
The British pound rose 0.2% to $1.3222
Cryptocurrencies
Bitcoin rose 0.4% to $59,571.01
Ether rose 0.4% to $2,547.13
Bonds
The yield on 10-year Treasuries was little changed at 3.84%
Germany’s 10-year yield advanced two basis points to 2.28%
Britain’s 10-year yield advanced one basis point to 4.01%
Commodities
Brent crude was little changed
Spot gold rose 0.5% to $2,517.73 an ounce
This story was produced with the assistance of Bloomberg Automation.
--With assistance from Abhishek Vishnoi and Winnie Hsu.
Most Read from Bloomberg Businessweek
Hong Kong’s Old Airport Becomes Symbol of City’s Property Pain
Far-Right ‘Terrorgram’ Chatrooms Are Fueling a Wave of Power Grid Attacks
Losing Your Job Used to Be Shameful. Now It’s a Whole Identity
©2024 Bloomberg L.P.