Investors remained on the sidelines ahead of the release of the closely watched alternative measure of inflation. U.S. GDP growth in the fourth quarter was revised slightly lower in the second estimate.
U.S. stocks lacked direction, and investors digested recent economic data and corporate earnings from retailers, technology companies, and a cruise line operator. European markets advanced, and overall private sector credit growth stalled in the eurozone.
Benchmark indexes in the U.S. and Europe lacked direction and traded near record highs, and bond yields stayed elevated across the Atlantic. The Nikkei 225 index closed at a new record high, but indexes in China resumed their downward slide.
Benchmark indexes on Wall Street extended weekly gains, and Treasury yields stayed elevated. The Nvidia-powered market rally extended gains in artificial intelligence-linked tech stocks.
The blowout earnings from Nvidia powered a rally that lifted the indexes in Japan, Germany, France, and the U.S. to record highs. The S&P 500 traded at a new high, and the Nasdaq Composite advanced more than 2%.
Nvidia's blowout results powered another surge in market indexes on Wall Street. Treasury yields advanced after the latest policy meeting minutes showed policymakers worried about lowering interest rates too quickly.
Stocks traded in a tight range with a downward bias on Wall Street ahead of a closely watched earnings report from Nvidia and the Fed's January policy meeting minutes later today. Germany slashed its economic growth outlook for 2024 and 2025.
Investors turned cautious on the stretched valuations of tech stocks and rising nervousness ahead of Nvidia's release of quarterly earnings results on Wednesday.
Benchmark indexes edged lower, and Treasury yields turned down after investors reassessed the interest rate path after two inflation and weak retail sales reports last week. Capital One agreed to merge with Discover Financial, and Walmart agreed to acquire Vizio.
European markets traded sideways, and investors reacted to domestic corporate results. EU passenger car registration rebounded in January, with demand for hybrid and battery-operated vehicles surging in the four largest markets.
Market indexes in New York and Europe advanced, and bond yields edged lower. U.S. retail sales fell more than expected in January. The Euro Area swung to a trade surplus in 2023. Japan's economy slips into a recession in the fourth quarter.
