Wednesday saw record highs for global stocks, propelled by a surge in tech shares that elevated AI chipmaker Nvidia to the top of the world’s valuation hierarchy. Meanwhile, the dollar stagnated as weak US retail sales data hinted at a potential rate drop this year. Nvidia overtook Microsoft thanks to a spike in US tech stocks, which immediately increased the stock prices of Asian chipmakers.
Futures for US stock indexes also increased; the tech-heavy Nasdaq 100 saw a gain of 0.23%, while the S&P 500 saw an increase of 0.1%. The STOXX 600 declined 0.1% in Europe. According to data that preceded the pound’s increase, the Bank of England’s 2% target for British inflation was reached in May for the first time since 2021.
This is hardly disruptive, with inflation in the US at 2.7% if you take PCE and inflation in the UK at 2%,” Lombard Odier economist Samy Chaar remarked, citing the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation indicator. It lends validity to the notion that the Bank of England should take action by August at the latest, and the Fed should follow suit in September,” he remarked. While the euro increased by 0.1% to $1.0747 but was still down 1% in June, sterling, which has lost about 0.2% of its value this month, last traded at $1.2728, up 0.15%.
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