Stocks Record Gains, Tech Sector Leads Rally Amid Nvidia's Impressive Earnings

Global Markets Report

February 25, 2024

Key Developments:

• Global shares rose on Wednesday, driven by a rally in technology stocks and strong sales from Nvidia, the world's largest company by market capitalization.
• Nvidia reported a 73% jump in quarterly revenue to $68.1 billion, exceeding Wall Street estimates of $66.2 billion.
• The Dow Jones Industrial Average rose 0.63%, the S&P 500 rose 0.81%, and the Nasdaq Composite rose 1.3%.
• Technology and financial stocks led the gains, while software stocks posted gains in the U.S. and Europe on the back of AI-related announcements.

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Market Performance:

Bond Yields:

• U.S. 10-year notes: 4.058% (up 2.5 basis points)
• German 10-year Bunds: 2.71% (up 0.2 basis point)

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Currencies:

• Euro: up 0.3% at $1.1806
• Pound: up 0.47% at $1.3551
• Japanese yen: down 0.31% against the dollar to 156.38
• Swiss franc: down 0.14% against the dollar to 0.773

Commodities:

• Oil prices: little changed, with U.S. crude settling down 0.32% to $65.42 a barrel
• Gold: up 0.4% to $5,168.44 an ounce