Nvidia has been one of the key tech companies benefitting from AI gains this year. So, whether or not the gains can continue does remain to be seen as the Fed will carefully weigh up incoming inflation data and note that US jobs data is coming out later today at 13:30 UK time. A big miss here could move markets sharply, so Nvidia’s seasonal pattern is worth noting.
Over the last 15 years, August has been the strongest month of the year with substantial gains of over 6% on average. So, will Nvidia find buyers again this year or will Nvidia stocks start falling on concerns over a slowing US economy?
Major Trade Risks: The biggest risk here has to do with the market reaction to the US labour data today, as well as news from Nvidia which could significantly move markets.
HYCM clients can access the Seasonax product in order to analyse over 25,000 currency pairs, indices, commodities, as well as individual stocks. Please contact your account manager for a free trial. Certain products & services mentioned herein may or may not be available to all clients depending on which HYCM Capital Markets Group entity their trading account(s) adheres to.