Nvidia recovers, Rivian soars, cocoa selloff quickens [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

Nvidia shares jumped almost 7% in a single session, Rivian jumped more than 8.5% yesterday and soared 50% in the afterhours trading after Volkswagen announced that it will invest $5 billion to form a joint venture to develop the ’next generation battery-powered vehicles with leading-edge software’ and FedEx gained 15% after the company announced better-than-expected revenue and earnings.

All in all, yesterday was a good session, except for the Chinese stocks that were already under pressure and saw the downside pressure increase on news that OpenAI will be further curbing China’s access to its software. European stocks that remained under the pressure of French political shenanigans while Airbus was hit by a 9% selloff after lowering its profit outlook for this year by 20% due to supply chain problems.

On the bond side, a $69bn US 2-year note sale saw a good demand and kept the 2-year yield near 4.70%, the US dollar remains upbeat, the EURUSD is offered into 1.0750 while the Loonie continues to remain bid on strong appetite for oil and a stronger-than-expected CPI update.

In commodities, US crude consolidates gains below the $82pb Fibonacci resistance, while cocoa futures extend losses at increased speed.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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