Investors are eagerly awaiting the release of the monthly non-farm payrolls report in the US to gain insights into the Federal Reserve’s potential interest rate cuts. Expectations suggest an increase of 185,000 jobs, which would indicate a slight improvement from the previous month. Concerns have arisen over potential rate cuts due to a strong economy, but recent data on slowing inflation and a cooling labor market have eased some anxiety. The Federal Reserve is not expected to lower rates next week, but markets are anticipating cuts by the end of the year.
Stock futures in the US are trading slightly higher as investors approach the monthly jobs report with caution. Major indices are on track for a winning week, but attention is focused on the upcoming Federal Reserve meeting and potential interest rate cuts.
Nvidia, a leader in artificial intelligence, has experienced a surge in short positions despite its stock’s remarkable performance over the past year. The company’s market capitalization recently exceeded $3 trillion, making it the second most valuable company on Wall Street. Short positions in Nvidia have increased substantially, reaching $34.4 billion and representing around 1% of the company’s total market capitalization.
GameStop, known for its volatile trading, continues to experience fluctuations as online influencers impact its stock price. An influencer known as “Roaring Kitty” announced plans for a live stream, causing the stock to rise significantly. GameStop shares have been influenced by individual investors on platforms like Reddit, resulting in notable fluctuations in its stock price.
Crude oil prices are facing a third consecutive week of declines due to concerns about rising supply. OPEC+ discussions regarding potential production increases have contributed to market uncertainty, with crude oil benchmarks poised to post weekly losses of around 2%. Saudi Energy Minister Prince Abdulaziz bin Salman has mentioned the possibility of pausing or reversing production increases if deemed necessary to stabilize the market.
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