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New Highs As Nvidia Reverses Losses, But Story Broader Than AI

US STOCKS
  • The S&P 500 e-mini sees a quick further gain to a session high of 5228.0, but remains below yesterday’s 5240.25 and the bull trigger at 5257.25 (Mar 8 high).
  • Nvidia has been steadily paring earlier losses and has now turned positive, buoyed by plans to take a larger share of an annual market opportunity of $250bn in data centers.
  • The broader story is different to yesterday when AI-driven strong gains in Alphabet and Apple (Gemini engine and iPhones), instead with the Nasdaq 100 now underperforming.
  • E-minis: S&P 500 +0.2%, Nasdaq 100 -0.1%, Dow +0.7% and Russell 2000 +0.4%.
  • Within the S&P 500, energy (+1.0%) leads with further gains for crude, followed by consumer discretionary (+0.65%) and utilities (+0.6%). Communication services lag (-0.7%) along with minor losses for real estate and materials.

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