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MarketBeat Minute(2023-05-29)

MarketBeat Minute

English - May 29, 2023 14:00 - 1 minute - 720 KB - ★★★★★ - 3 ratings
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Equity markets advanced last week despite a hot read on inflation. The PCE price index was hot and accelerated from the previous month. The data points to another FOMC interest rate hike and contradicts the idea the FOMC may pause or even cut rates soon. The takeaway is that economic pressure will continue to build, and more banks are likely to fail. Additionally, the cost of credit will continue to rise and squeeze consumers.

The hot story in stocks is NVIDIA. The company's results prove the dawning of the AI age and point to solid results from other companies next quarter and this year. While the chip-makers will be at the forefront of the revolution, the companies that stand to gain the most are the traditional tech services companies like Microsoft, Apple, Amazon, and Google.