NVIDIA stocks surge 165% in 2023; chipmaker dominates AI

Significant events to watch:

-CANADA (CAD): GDP (MOM)

-EUROZONE (EUR): CPI YOY

-USA (USD): NFP

CANADA (CAD): GDP (MOM) – Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. Canada releases fresh GDP data on a monthly basis.  Canada’s monthly GDP declined to 0.1%, lower than the forecast of 0.2%.

The report is due Wednesday, 24 May 02:00 GMT

EUROZONE (EUR): CPI – The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation. Europe’s year on year CPI reached 7% during the last period.

The report is due Thursday, 1 June 09:00 GMT

USA (USD): NONFARM PAYROLL – Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity. NFP reached 253K, better than the forecast of 180K.

The report is due Friday, 2 June 12:30 GMT

Risers and Fallers

-Nasdaq (+2.19%)

-Crude oil (+1.45%)

-Tesla Inc. (+4.72%)

-NVIDIA Corp. (+2.54%)

Nasdaq – The Nasdaq increased 2.19% on Friday, reaching a daily high of 13,0001.91 before closing at 12,975.69. The increase in the US debt ceiling was a booster for stocks on Friday.

Crude Oil –  Crude oil increased 1.45% on Friday, reaching a daily high and low of $73.05 and $71.49, respectively. Crude oil was trading at $72.87 at the close.

Tesla Inc. (NASDAQ: TSLA) –  Tesla’s stock price increased 4.72% on Friday. T Tesla has been on a bullish wave this month, gaining 17.56% month to date.  The stock is trading at $193.17.

Nvidia Corp. (NASDAQ: NVDA) – It’s been a good month for technology stocks; Nvidia gained 2.54% on Friday. Furthermore, the stock gained 40.35% during the last month. The stock is trading at $389.46 per share.

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