Mixed performance across global markets

By Farah Mourad | 21 February 2024

Market open
  • Wall Street indices closed lower

  • Nvidia's drop impacted the tech sector, while other US mega-cap stocks also traded lower

  • Gold's rebound, contrasts with losses in other commodities such as oil


Yesterday's trading session on Wall Street saw a downturn, with indices closing lower, notably the Nasdaq witnessing the deepest correction among the three main indices. This decline was fueled by uncertainties surrounding tech stocks, exemplified by Nvidia's over 4% drop amid pre-earnings concerns. Additionally, the announcement of Jeff Bezos selling an additional $2.3 billion in Amazon stock added to market jitters, reflecting broader apprehensions within the tech sector.

Meanwhile, Asian indices mostly traded lower today, mirroring the subdued sentiment seen on Wall Street yesterday. Futures in both Europe and the US are currently trading flat, suggesting caution as investors await further developments.


The currency market saw notable performances from the New Zealand Dollar (NZD) and Australian Dollar (AUD), emerging as the best performing major currencies today:

This strength could potentially be attributed to higher-than-expected economic data, including New Zealand's Producer Price Index (PPI) inflation slowing to 0.7% QoQ in Q4 2023 (expected 0.4% QoQ) and Australian wage growth decelerated from 1.3% to 0.9% QoQ (expected 0.8% QoQ).

Conversely, the Japanese Yen remains under pressure today.


Gold continues its rebound, surpassing $2,030 today, markets closely monitoring the next key level at the trendline resistance near $2,051. This resilience in gold is mirrored by strength in other precious metals, such as silver and palladium.

In contrast, energy commodities are experiencing mixed performance, with a 0.1% drop in oil prices.