S&P 500 performing below target
Last week’s stock rally met sharp inflation increases, with stocks holding steady despite the economic data.
- The materials sector shined
- Most S&P 500 stocks fell
- The US Dollar dipped
- Bond yields rose.
Earnings reports show a strong performance, especially in energy and materials, while tech lags. AI’s rise is set to spike tech demand, though its broader business impact remains unclear.
In Nigeria, the Naira saw volatility, but MTN’s stock looks promising. Northam’s disappointing update raised inventory concerns. Telkom’s mixed results highlighted operational challenges, and Bidcorp is under pressure to deliver strong earnings.
After Chinese New Year, consumer spending on services surged, but tech stocks like Prosus, JD.com, and Alibaba took hits despite seeming undervalued.
With US markets closed – it is Presidents’ Day in the USA – individual company news is driving prices, with expectations leaning towards a market dip.
Top 5 instruments traded on Clarity by value for the last 7 days:
NVDA-NASQ
GOOG-NASQ
SHP-JSE
CLS-JSE
SOL-JSE
