U.S. Equity Markets ultimately closed mixed on Wednesday with markets chopping to geopolitics on a data light day ahead of NVDA earnings after-hours, although stocks did rally into the closing bell – closing well off lows. There had been some initial optimism in the European morning on reports that Russian President Putin is open to talking about a Ukraine ceasefire with US President-elect Trump. However, risk off was later seen in wake of Bloomberg reports that Ukraine fired a UK storm shadow missile into Russia, weighing on stocks and supporting T-Notes off lows. In stocks, sectors were mixed with outperformance in Health Care, Energy and Materials, while Consumer Discretionary, Technology and Financials lagged. Consumer Discretionary was hit on a woeful Target (TGT) report, which saw the stock close over 20% lower. T-Notes sold off paring some of the geopolitical induced upside on Tuesday, but caught a bid on reports of the aforementioned Ukraine attack on Russia ahead of the 20 Year Treasury Auction. The auction was ultimately very soft, tailing by 3bps, which saw Treasuries head lower into settlement with the curve bear flattening. In FX, the Dollar outperformed with higher yields supporting the move and perhaps a return of the Trump trade dynamic while Antipodes, Euro and the Japanese Yen lagged. Gold was bid despite the upside in yields and the Dollar while crude prices settled lower with notable weakness seen throughout the afternoon. Elsewhere, UK CPI was hotter than expected, but Bank of England Member Ramsden said it was only marginally above the BoE forecast and it has not changed his assessment on the economic outlook. Meanwhile, Fed Governors Cook and Bowman spoke. Cook towed a neutral line and kept all options on the table, while Bowman was her hawkish self-calling for a cautious approach, noting how she sees greater risks to the price stability mandate. She also was concerned that the Fed is recalibrating policy but has not yet reached the inflation goal – stressing the need for Fed flexibility. Collins spoke on the closing bell, largely keeping her options open. I will get more into last night’s post-bell earnings report from Nvidia (NVDA) tomorrow. But the quick-and-dirty report as we go to press this morning is that the AI darling beat Wall Street expectations for quarterly revenue by about $2 billion… and expects to keep growing. The company’s record $35.1 billion of revenue was up 17% from the second quarter. Almost $31 billion came from data-centre revenue, a line item that more than doubled compared to a year prior thanks to strong AI demand. Plus, Nvidia is projecting fourth-quarter revenue of around $37.5 billion. In other words, it was another earnings beat for Nvidia. All is well, they say. More than well, actually. “The age of AI is in full steam,” Nvidia founder and CEO Jensen Huang said in announcing the earnings results. Elsewhere, Oil closed 0.65% lower while despite a stronger Dollar, Gold ended Wednesday with a gain of 0.63%
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