Mid-Week Wrap: 22 May 2024
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Market Mood
Global equities are demonstrating substantial economic strength, with US and global stocks reaching all-time highs and international markets at their highest levels since early 2022. This progress persists despite high interest rates and negative sentiment surveys about the US economy, while the VIX has dropped to its lowest since 2019. Copper prices are surging, indicating a perceived global economic rebound with minimal risk. Additionally, Nvidia Corp. reported impressive fiscal first-quarter results, with revenue tripling to $26 billion and profits exceeding expectations, driven by strong spending on AI computing.