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World Street | US yields take a step back, all eyes on Nvidia earnings, Musk's pay package on the radar, and more

22 May , 2024   By : Debdeep Gupta

World Street | US yields take a step back, all eyes on Nvidia earnings, Musk's pay package on the radar, and more

Leafing through global news developments, we have US indices - S&P 500 and NASDAQ Composite ending on a record high overnight, followed by retreating US treasury yields, and investors awaiting Nvidia's quarterly results. Take a deep dive into the May 22 World Street edition!

Bulls on fire!

US markets ended on a positive note overnight, with the S&P 500 and NASDAQ Composite indices setting closes at fresh lifetime highs. Dow Jones, meanwhile, added 0.1 percent on May 21. The rally comes on the back of the earnings season wrap-up. Companies like Nvidia, Target, Analog Devices, and others are slated to report their quarterly results on May 22.

US yields cool off

US Treasury yields edged down overnight as investors assessed the future of inflation and interest rates following comments from several Federal Reserve officials. The yield on the 10-year Treasury fell by over 2 basis points to 4.4 percent, while the 2-year Treasury yield dropped slightly, by less than one basis point, to 4.8 percent.

On the watch

Nvidia is slated to announce its first-quarter earnings on May 22 after the market closes, making it one of the most pivotal reports for investors this year. Analysts predict that Nvidia will show a revenue increase of over 200 percent and a profit surge of more than 400 percent from the same quarter last year, fueled by heightened demand for its chips due to the AI boom.

Shareholders slam Musk's pay package

A coalition of Tesla Inc shareholders, including Amalgamated Bank and SOC Investment Group, has urged peers to reject the $56 billion pay package for CEO Elon Musk, citing his distractions with other companies. They also recommend voting against the re-election of directors Kimbal Musk and James Murdoch. The company has scheduled its annual meeting for June 13.

Soothing gasoline prices

The Biden administration will release 1 million barrels of gasoline from reserves in the Northeast to lower prices at the pump before the Fourth of July holiday and summer driving season. Gasoline futures have surged 19 percent this year due to rising oil prices, driven by OPEC's production cuts and concerns that the Israel-Hamas conflict could escalate and disrupt supplies.

Taming competition

Target is reducing prices on over 5,000 household items by this summer. This includes essentials like milk, bagels, diapers, and pet food. However, there are concerns that this move could negatively impact small businesses struggling to compete with larger chains.

Rates on hold?

The Reserve Bank of New Zealand (RBNZ) will announce its monetary policy decision on May 22 and is widely expected to keep the Official Cash Rate (OCR) at 5.5 percent. While market participants anticipate no change, each of RBNZ's seven annual meetings can differ significantly from the last and potentially cause sharp market reactions.

Softer inflation reports awaited, says Fed Guv Waller

On Tuesday, Federal Reserve Governor Christopher Waller stated that while the April CPI data was a "welcome relief," multiple soft inflation reports are necessary before the U.S. central bank considers cutting interest rates. "In the absence of a significant weakening in the labor market, I need to see several more months of good inflation data before I would be comfortable supporting an easing in the stance of monetary policy," Waller said.

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