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19 Feb 2024 : Market Resilience Amid Inflation Surge

S&P 500 performing below target

Last week’s stock rally met sharp inflation increases, with stocks holding steady despite the economic data.

  • The materials sector shined
  • Most S&P 500 stocks fell
  • The US Dollar dipped
  • Bond yields rose.

 

Earnings reports show a strong performance, especially in energy and materials, while tech lags. AI’s rise is set to spike tech demand, though its broader business impact remains unclear.

In Nigeria, the Naira saw volatility, but MTN’s stock looks promising. Northam’s disappointing update raised inventory concerns. Telkom’s mixed results highlighted operational challenges, and Bidcorp is under pressure to deliver strong earnings.

After Chinese New Year, consumer spending on services surged, but tech stocks like Prosus, JD.com, and Alibaba took hits despite seeming undervalued.

With US markets closed – it is Presidents’ Day in the USA – individual company news is driving prices, with expectations leaning towards a market dip.

Top 5 instruments traded on Clarity by value for the last 7 days:

NVDA-NASQ
GOOG-NASQ
SHP-JSE
CLS-JSE
SOL-JSE

 

Information correct at time of publishing. It is important to conduct thorough research and analysis using a combination of fundamental and technical analysis techniques to make informed trading decisions.

Additionally, consider your risk tolerance, investment objectives, and time horizon when assessing company performance for trading. This content is not meant as financial advice.
Picture of Petro Wells

Petro Wells

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A South-African independent investment platform backed by a major bank.

A South-African investment platform backed by a major bank.