The Nasdaq hovers near 17,581 ahead of earnings

AI tech giants set to announce earnings today.

By Nadia Elbilassy | @Nadia Elbilassy | 30 January 2024

Market close
  • S&P 500 achieves multiple record highs, reaching 4,929.31 points, driven by recent gains in mega-cap and chip stocks.

  • European shares hit a two-year high, influenced by positive Wall Street earnings.

  • Gold remains in a narrow range, while copper prices show strength due to China's stimulus measures.

On the Market Watch!

Tech giants

Several tech giants are poised to announce their latest quarterly earnings after the closing bell in New York tonight.

The S&P 500 has achieved multiple record highs, fueled by recent gains in mega-cap stocks and chip stocks. The index reached another intraday record of 4,929.30 points yesterday, building on a double-digit rally observed in the last two months of 2023.

European shares climbed to their highest levels in two years, propelled by a positive Wall Street session driven by a series of favourable earnings reports, with more anticipated this week.

Gold and Copper

Gold prices remained within a narrow range today, whilst already marking the second consecutive week of declines on Friday as traders remained cautious amid expectations for further guidance on U.S. interest rates.

On the other hand, copper prices were poised for a robust weekly performance following additional stimulus measures introduced by leading importer China. This has fueled optimism that demand for the red metal will continue to be strong.

Spot gold continued to hover near $2033, despite safe-haven demand boosting other instruments like the dollar on the back of geopolitical tensions expanding, even in the US related to Texas.