Equities: Nvidia stands out as broader tech mood cools – Deutsche Bank

Deutsche Bank strategists have noted that the overall tech stock rally has begun to lose steam, with Nvidia emerging as the sole standout performer. The S&P 500 and Nasdaq both underperformed, with AMD and semiconductor stocks retreating after recent gains. Even Asian technology-heavy markets saw declines. Despite a strong week of corporate earnings and Iran's reported agreement with Oman on a proposed Strait of Hormuz route, oil prices dipped slightly and Treasury yields showed minor declines.

AMD's guidance falling short of expectations and SpaceX's results the previous evening also contributed to the negative sentiment. However, the AI story remains intact, with Nvidia benefitting from positive commentary around its next-generation Rubin architecture and SpaceX's commitment to using Nvidia AI chips. Asian markets led the decline, with SK Hynix and Samsung Electronics suffering the most significant losses.

The Nikkei 225, Hang Seng, and CSI 300 also slipped this morning. Currency markets saw the yen slightly change against the USD. In Europe, the performance was mixed, with some indices reaching fresh all-time highs while others slipped modestly. The Eurozone Retail Sales and US Jobless Claims data will be closely watched in the coming days.