Tags: stocks | nvidia | bitcoin

Nvidia Disappoints, Bitcoin Nears $100K

Nvidia Disappoints, Bitcoin Nears $100K
(AP)

Thursday, 21 November 2024 06:08 AM EST

The prospect of slowing sales growth at AI juggernaut Nvidia and simmering worries over geopolitical tensions are keeping investors on edge but bitcoin keeps marching upward, undeterred, towards $100,000 on bets that Trump 2.0 will be crypto-friendly.

Futures indicate that stock markets are set for a subdued open as investors digest Nvidia's projection of its slowest revenue growth in seven quarters. For investors used to the AI darling blowing past all estimates, the numbers proved disappointing.

At 6:05 EST, S&P futures were down 0.34%, Dow futures were down 0.15%, and Nasdaq futures were down 0.47%.

The forecast will likely weigh on suppliers and the broader markets given Nvidia's place at the center of all things AI, which has driven most of the market gains in recent months.

Indian conglomerate Adani Group was in the spotlight after its chairman Gautam Adani was indicted in New York over his suspected role in a $265 million bribery scheme, according to U.S. prosecutors.

The fallout for the Adani empire, which was rocked by a short-seller attack in February 2023, was immediate, with shares in the conglomerate's listed companies tumbling between 10% and 20%. Its dollar bonds also fell.

In the currency markets, the dollar remained on the front foot, with the dollar index hovering close to a one-year high touched last week.

The dollar has been on the rise since Donald Trump's decisive victory early this month as investors expect his proposed tariffs will likely be inflationary, keeping U.S. rates higher for longer.

The talk of the town though remains bitcoin, which is up about 40% in the two weeks since the election as investors expect the Trump administration to set friendlier regulations for the crypto sector.

The biggest cryptocurrency touched a record high of $97,798 in Asian hours, with $100,000 not far off.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
The prospect of slowing sales growth at AI juggernaut Nvidia and simmering worries over geopolitical tensions are keeping investors on edge but bitcoin keeps marching upward, undeterred, towards $100,000 on bets that Trump 2.0 will be crypto-friendly.
stocks, nvidia, bitcoin
300
2024-08-21
Thursday, 21 November 2024 06:08 AM
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