Bonds have also been hit with interest rates on the benchmark 10 year ticking higher to close last week just shy of 4.25%.
While earnings season is all but over, we do have one big name reporting this week, along with a host of economic data points, capped by the annual Fed meeting at Jackson Hole. On Wednesday after the close, AI darling Nvidia is scheduled to report. The excitement and hype around AI has benefitted Nvidia as their chips play a central role in the field. Shares of Nvidia closed Friday just under $433 and the stock has an expected move for the week of +/- $50.
Another company that I’m watching is Arm Ltd. Arm is another player in the chip space While not yet public, the company is expected to file for a public offering with an IPO date sometime in September. The listing would mark the largest IPO since Rivian went public in 2021. Arm is aiming to raise somewhere between $8 and $10 billion which would give it a market cap of $60 to $70 billion.
On the economic front, there are a few key reports scheduled, with existing home sales being one. I’m very interested to see how the housing market is holding up in the wake of rising interest rates, with many expecting mortgage rates to hit 8%. Then on Friday, we’ll hear from Federal Reserve Bank Chairman, Jerome Powell, at the conclusion of the Jackson Hole meeting.
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