Global Stocks Soar on Nvidia Success, Yen Weakens: Market Update

Nvidia Record Surge Drives Global Stock Markets Higher, Yen Struggles: Market Analysis

Feb 23, 2024 - 02:00
Feb 23, 2024 - 02:00
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Global Stocks Soar on Nvidia Success, Yen Weakens: Market Update
Global Stocks Soar on Nvidia Success, Yen Weakens: Market Update

Stock markets globally are witnessing substantial gains this week, buoyed by Nvidia's exceptional performance, while the yen remains weak against other currencies.

European markets are set to open higher, with EUROSTOXX 50 futures up 0.1% and FTSE futures gaining 0.2%. U.S. futures, on the other hand, remain mostly flat.

Nvidia's remarkable surge of 16.4% has added a staggering $277 billion to its market value. This surge has sparked a broader rally in technology stocks worldwide, pushing major indices like the S&P 500, the Dow Jones Industrials, Europe's STOXX 600, and Japan's Nikkei share average to record highs.

Despite a pause in some regional tech shares, the MSCI Asia-Pacific ex-Japan IT index remains at its highest level since March 2022, gaining 0.3%.

China's Shanghai Composite index briefly surpassed the psychologically significant 3,000-point mark before retracing to trade 0.3% higher. However, Hong Kong's Hang Seng index slipped 0.2%.

In the currency markets, the yen stands little changed at 150.59 per dollar, above the critical 150 level. The Australian and New Zealand dollars surged to nine-year highs against the yen, while the euro approached a 15-year high.

Oil prices experienced a slight dip after earlier gains due to ongoing tensions in the Red Sea and a significant increase in U.S. crude inventories.

Meanwhile, the spot gold price remains stable at $2,022.22.

Overall, global markets continue to ride the wave of Nvidia's success, with investors closely monitoring developments in various sectors.

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