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Markets The Nasdaq Composite soared in early-afternoon New York trading, powered by a 3% leap in Nvidia’s stock as anticipation builds for the chipmaker’s eagerly awaited earnings report on Wednesday. After stumbling out of the gate, tech stocks regained their stride, with Nvidia reaffirming its position as the undisputed heavyweight champion of the AI revolution. Across the pond, European markets initially buckled under the weight of mounting geopolitical tensions. Ukraine’s bold decision to deploy U.S.-supplied long-range missiles against Russian targets marked a dramatic escalation in the conflict. Adding fuel to the fire, Russian President Vladimir Putin signed an ominously expanded nuclear doctrine, sending a pointed warning to the West. Investors wasted no time seeking refuge in safe-haven assets, with gold prices climbing and government bonds finding eager buyers as the spectre of heightened conflict rattled sentiment. U.S. Treasuries briefly basked in a rare rally on Tuesday, fueled by whispers that President-elect Donald Trump might choose former Fed Governor Kevin Warsh as his Treasury Secretary. The prospect of a more market-friendly pick to steer U.S. fiscal policy lit a spark in the bond market. Still, the geopolitical “safe-haven bid ” truly set the tone, as nuclear sabre-rattling from Moscow added a dramatic twist. European markets picked up the safety baton early in the session after Russia’s fiery response to Washington’s decision to greenlight Ukraine’s use of U.S.-supplied long-range missiles against Russian targets. Sovereign bonds, gold, and Japan’s yen all surged as investors sought refuge, while the euro drifted lower under the weight of heightened uncertainty. However, as is often the case, escalations in the Ukraine-Russia conflict had little staying power in financial markets. Risk assets shrugged off the latest geopolitical drama in Eastern Europe with remarkable composure, as traders interpreted the maneuvers as desperate gambits rather than deliberate strategic escalations. The market’s…

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Filed under: News - @ November 19, 2024 11:22 pm