On Friday, there was a sea of red on trading platforms as fear gripped global markets with stocks, global indices, and commodities all affected. One of the few markets in green was the Euro which traded nearly 1% higher against the US Dollar, reversing some of its recent declines.
Mid-week saw solid gains for growth stocks, and chip leaders Nvidia (NVDA) and Advanced Micro Devices (AMD) broke through to record highs.The recent rally in Nvidia stock appears to be well-deserved since the chipmaker’s sales for the third quarter (which ended October 31) increased by 50% year over year to a record $7.1 billion, owing to record income in the gaming and data center sectors.
Nordstrom and Gap dropped 24% and 29%, respectively, after the two retailers posted disappointing quarterly results and warned of supply chain issues ahead of the critical holiday shopping season in the United States.
On Thursday, Thanksgiving saw a shorter trading day with many traders waiting to see how major producers would react to the US-led emergency oil release.News that the US will add 1.1 million barrels per day (BPD) to the current oil market glut was a negative ripple to what was to follow during Friday’s session.
On Tuesday, Gold prices fell to a three-week low, as the US Federal Reserve Chair Jerome Powell’s re-nomination fueled speculation on quicker rate hikes, boosting the dollar and Treasury yields. Spot gold sank 1.2 percent to $1,787.22 per ounce, its lowest level since November 4.