(ABM FN-Dow Jones) The Amsterdam stock exchange is expected to open slightly higher on Tuesday. Futures on the AEX index were trading 0.2 percent in the green about an hour before the gong.
On Monday, the AEX index was still slightly lower by 0.1 percent to a closing price of 907.49 points. The ‘chippers’ weighed on the price formation, in the run-up to the figures of chip giant Nvidia on Wednesday after trading on Wall Street.
Nvidia is growing spectacularly thanks to massive investments in artificial intelligence, and the company was even briefly the most valuable company in the world in June, measured by market capitalization.
On Wall Street, tech investors took a wait-and-see approach Monday night, with Nvidia falling more than two percent. Tech exchange Nasdaq also closed just under one percent in the red, while the more traditionally composed Dow Jones index kept its feet dry, with a modest gain of 0.2 percent.
In addition to Nvidia’s numbers, U.S. investors are also looking ahead to Friday’s release of PCE inflation figures, which are key to the Federal Reserve’s policy.
“The market still has solid fundamentals,” said Spartan Capital Securities economist Peter Cardillo, “even with rising tensions in the Middle East.” However, “Nvidia’s results will be the most closely watched,” he said, but the “biggest spectacle” for markets will likely be Friday’s inflation update.
October crude futures closed 3.5 percent higher at $77.42 a barrel on the New York Mercantile Exchange on Monday, amid rising tensions in the Middle East. The futures fell by a few tenths of a percent in Asian trading this morning.
Asian markets were mostly slightly lower this morning, with Hong Kong and Seoul losing a few tenths of a percent. Tokyo was slightly in the green.
In China, industrial production was reported to have grown 3.6 percent year-on-year in the first seven months of 2024, compared to 3.5 percent growth in the first six months of this year.
Investors today are keeping an eye on the Case Shiller house price index and US consumer confidence in August.
Company news
There was no relevant news this morning about companies listed on the Damrak.
Wall Street closing prices
The S&P 500 index fell 0.3 percent to 5,616.84 points on Monday, the Dow Jones index gained 0.2 percent to 41,240.52 points and the Nasdaq closed 0.9 percent lower at 17,725.76 points.
Source: ABM Financial News
