Hala,
Happy Emirati Women’s Day to our incredible female traders and investors! Your strength, intelligence, and resilience continue to inspire us all. Here’s to breaking barriers and achieving greatness every day! 🇦🇪 🩷💪🌟
amana’s Take
- Markets in a Holding Pattern Amid Uncertain Data and Anticipation: Interest rate markets are stabilizing as Fed guidance aligns with expected rate cuts this year and next. U.S. data was mixed, with consumer confidence up but other indicators, like the Richmond Fed surveys, signaling a slowdown. U.S. yields stayed flat, German Bunds rose slightly, and the dollar hit a year-to-date low. Asian markets traded lower, with China underperforming. Investors are watching Nvidia’s earnings and China’s bond issuance plans.
- Nvidia’s Market Impact Looms Over Global Markets:Nvidia’s upcoming earnings are highly anticipated, with investors expecting a significant impact. The company’s value has surged to nearly $3.2 trillion in under two years, raising expectations for extraordinary results. The earnings could trigger major market movements, with options trading hinting at a 10% stock swing. Asian trading was light, and European equity futures were flat. Sterling remained strong, benefiting from a weakening dollar as U.S. rate cut expectations surpass those in Britain
Stock Market Update
📈↗️ US stocks tiptoed higher on Tuesday as traders awaited AI darling Nvidia’s much-anticipated earnings report. The S&P 500 rose 0.16% to 5,625.80, the Nasdaq 100 climbed 0.33% to 19,581.52, and the Dow gained 0.02% to 41,250.50 — its second record close in a row.(1) Seems like Nvidia’s about to steal the show. 🧐🎉
📊📶 Meanwhile, Mideast stocks closed mixed as regional tensions took their toll. Abu Dhabi eased 0.2% to 9,334, while Dubai added 0.4% to 4,343.(2) ↗️↘️
🎪📈 Nordstrom’s Stock Jumps 5% in Earnings Juggling Act
Nordstrom’s juggling act paid off this quarter, with the American luxury department store tossing up a 5% boost in shares after surpassing Wall Street’s earnings expectations.(3) While Nordstrom has successfully kept several balls in the air, including cost-cutting and efficiency measures, it’s clear the company is cautiously eyeing the ones that might drop — namely, softening demand for luxury goods. Despite the earnings win, Nordstrom issued a cautious outlook for the year, signaling that the show isn’t over yet. 🎪🎱
📊 Juggling the Key Stats:
- Earnings: 96 cents per share, beating the expected 71 cents. 📈
- Revenue: $3.89 billion, just shy of the $3.90 billion forecasted. 📉
- Nordstrom Rack Sales: Up 8.8%, with comparable sales rising 4.1%. 📊
- Guidance: Adjusted EPS now projected between $1.75 and $2.05, with sales expected to fluctuate between -1% to +1%. 🎯
🎟️ Keeping All the Balls in the Air
As Nordstrom keeps its earnings and operations in motion, it’s also focused on growing its off-price Rack banner to keep up with consumer demand for deals. With 11 new Rack locations already opened this fiscal year and more on the way, Nordstrom is proving it can juggle the pressures of the market while still keeping a strong performance in the spotlight. 🎟️📈
Closer to Home
- 🤩 Khalda Petroleum struck liquid gold in Egypt’s Western Desert, tapping a well that’s gushing 7,165 barrels of oil per day. Looks like Egypt hit the jackpot! 💰🌍
- ✂️ Jadwa Investment trimmed its 2024 inflation forecast to 1.7% from 2%, as Saudi Arabia’s non-oil sector keeps the economy cruising.(5) Seems the Kingdom’s economy is steady and thriving! 🌟 foreign banks snagged 9.1%.(6) UAE banks are on a roll! 🤑
- 🥛 Saudi-based Almarai kept its spot as the fourth most valuable dairy brand worldwide. With a 16% YoY boost in brand value to $3.9B, it’s milking success like a pro! 🐄💸
What Else Is Trending
- 💰 Cryptos took a tumble on Tuesday as Asia futures pointed lower, sparking a wave of liquidations on the Bybit exchange. Bitcoin fell 5.9% to $59,421, and Ether slid 4.5% to $2,469.(7) Buckle up, it’s a bumpy ride in crypto land! 🎢
- 🛢️ Meanwhile, oil prices slipped on fears of slower economic growth in the US and China, denting demand. Brent fell 2.3% to $79.55 a barrel, while WTI shed 2.4% to $75.53.(8) Guess the oil market’s on a bit of a diet! 🍔
- 🪙 Lastly, spot gold gleamed 0.3% brighter on Tuesday, hitting $2,524.94 as a weaker dollar boosted its shine.(9) Looks like gold’s got its sparkle back — bling bling! ✨
💬Quote of the Day
“We’re confident in our outlook for the remainder of the year and look forward to sustaining the momentum we’ve built.” — Nordstrom CEO Erik Nordstrom
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Sources:(1) (3) (7) CNBC, (2) (8) (9) Reuters, (4) (5) (6) Zawya
