Our Daily Notes

05/22/2024 11:41 Retailers before the session and AI balance sheets after the session… We will receive Target and TJX’s 2024 Q1 figures according to the calendar year before the US opening. Nvidia and Snowflake will announce their balance sheets with the closing of the session. Nvidia’s past share movements after Q1 figures indicate that a movement of +/- $200 billion may be seen on Thursday. Before announcing Q1 figures last year, its market value was $750 billion. It closed trading at a new record close yesterday with a market value of $2.34T. While the S&P 500 achieved a new record close yesterday with a 0.25% premium, the best two sectors are infrastructure and mandatory consumption. The index is at a record, but there is a “defensive” positioning in sector returns. The S&P 500 is at a record level, but the Russell 2000 index still has not reached its March peaks. More importantly, it is 15% below its 2021 record highs… The S&P 500 is still below its March highs in the equal-weighted index. Ark innovation fund is -13.6% YTD… Result: If there is a negative move in Nvidia after the balance sheet, the risks are obvious… The Fed minutes will be released today at 21:00 GMT. Although products have entered the deflation zone in the UK CPI data, the trouble on the services side continues….