Nvidia does not warm the markets and tariffs returns
Nvidia’s cautious profit margin guidance cooled equity markets and investors, awaiting tomorrow’s US inflation data, turned their focus back to tariffs. Stocks are still struggling, bonds are still recovering, but volatility is on the rise.
Our intermarket dashboards confirm the presence of risk-off elements, or at least increased investor caution. Commodities fell towards their 50-day average, a useful test to confirm the sideways movement of recent months. Bonds continue to rally.
Nvidia’s mixed results cooled a day in which equity markets were attempting to rally. The chip giant reported better than expected results but warned that the outlook could be less rosy than expected, not least due to tariffs. This left equity markets without a good reason to continue rising. The focus is on the tariffs, with those for Europe about to be announced and the deadline for those for Mexico and China fast approaching.
On the macro front, today’s focus is on the US, with the new GDP estimate for the end of 2014, durable goods orders and the usual weekly update on unemployment benefits.
Our outlook analysis remains bearish for equities, with a little more light in Europe. On the bond front, yields are still pointing lower, but volatility is on the rise. For commodities, the picture is mixed but tends to be negative. Cautious buying signals for the dollar.
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NOTES AND WARNINGS
Data compiled by kbmeter.com. Analysis date: 27 February 2025 - 7:27 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.
