"Despite crushing analysts' earnings estimates and giving forward guidance above consensus, Nvidia Corp. initially opened higher amid a rush of retail buying. Still, the bottom fell out as sellers quickly took control. When it was all said and done, the stock closed trading at $184.74, down a stunning 5.5%."
"As expected, the equity market beatdown prompted investors to run to safe-haven trades, and the easiest is always the U.S. Treasury market. Yields were down across the curve as the buyers returned. There is a general anxiety across equities as the non-stop three-year rally is looking very tired."
"Gold continued its upward grind, and as with government bonds, the rush to safe-haven assets always bodes well for bullion. The last trade on Thursday came in at $5,194, up 0.53%, while Silver finished the day flat, with the last print at $88.65, down 0.63%."
Markets experienced significant volatility during a turbulent trading week. Nvidia initially surged on strong earnings and forward guidance but reversed sharply, closing down 5.5% in a classic "buy the rumor, sell the news" pattern. The Nasdaq declined 1.18% while the Dow and S&P 500 posted modest gains. The Russell 2000 outperformed with a 0.58% gain. Investor anxiety over the three-year equity rally prompted a flight to safety, with Treasury yields declining across the curve. The 10-year note closed at 4.01% and the 30-year at 4.66%. Energy markets remained stable despite geopolitical tensions regarding Iran, with oil prices holding firm. Gold continued climbing as a safe-haven asset, while natural gas declined.
Read at 24/7 Wall St.
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