Nvidia’s stock rebounded from a three-day decline, offering long investors an opportunity to buy in. This comes after the company lost $430 billion during the sell-off, which pushed it into correction territory. Analysts believe that the drop from record highs was largely due to profit-taking by investors, with little fundamental news to push the stock lower.
Fed Governor Michelle Bowman mentioned the possibility of an interest rate hike in her latest comments, adding to concerns about inflation and its impact on economic growth. Investors are keeping a close eye on commentary from Federal Reserve officials and upcoming economic data, including personal consumption expenditures.
As for other financial markets, West Texas Intermediate and Brent crude oil prices slipped while gold decreased. Bitcoin remained stable at $61,105 at the start of trading, defying expectations for a sell-off. Despite this, some view Nvidia’s next earnings report as a potential buy-the-dip moment for investors looking to take advantage of any further price fluctuations.
