META - Nvidia (NVDA) Falls Below Trendline Fed's Waller In No Rush To Cut Rates | Benzinga
To gain an edge, this is what you need to know today.
Nvidia Falls
Please click here for an enlarged version of the chart of NVIDIA Corp (NASDAQ: NVDA).
Note the following:
- This article is about the big picture, not an individual stock. The chart of NVDA stock is being used to illustrate the point.
- The chart shows that NVDA has fallen below the trendline.
- If NVDA decisively closes below the trendline, that would be a negative for NVDA and tech stocks.
- NVDA is the most important stock for this stock market as Nvidia is the center of the AI revolution. For more details of the chart, please read yesterday’s Morning Capsule.
- The momo crowd is ignoring NVDA’s fall below the trendline.
- The Fed’s Christopher Waller sees no rush to cut interest rates. He sees recent inflation data as disappointing and wants to see better inflation numbers prior to making the first rate cut. Waller said, "[the data] tells me that it is prudent to hold this rate at its current restrictive stance perhaps for longer than previously thought to help keep inflation on a sustainable trajectory toward 2%.”
- University of Michigan Consumer Sentiment will be released at 10am ET. This may be market moving.
- New economic data will be released Friday at 8:30am ET. The market reaction will come on Monday as the market will be closed tomorrow for Good Friday.
- PCE, the Fed’s favorite inflation gauge. Consensus is 0.4% for Headline PCE and 0.3% for Core PCE.
- Personal income. Consensus is 0.4%.
- Personal spending. Consensus is 0.4%.
- Initial jobless claims came at 210K vs. 213K consensus. This indicates that the jobs picture remains strong, especially at the low end.
- Q4 GDP - Third Estimate came at 3.4% vs. 3.2% ...