Global stocks surged after Nvidia's earnings beat expectations. This indirectly eased concerns about AI's overvalued valuation. Asian and European markets recovered from a series of losses, while Wall Street futures posted significant gains.
Nvidia's strong earnings outlook helped stabilize market sentiment after a $3 trillion slump that hit the global tech sector. European and Asian tech stocks rose, led by TSMC, ASML, and Infineon.
In currency markets, the yen continued to slide to a ten-month low after reports that Japan is planning a massive stimulus package. Concerns about fiscal financing have weighed on government bonds and pushed yields to record highs.
Traders are now focusing on the delayed U.S. jobs report for the next monetary policy signal. The probability of a December rate cut by the Fed has increased after a report that November jobs data will not be released until after the FOMC meeting.
Brent crude oil prices rose slightly, while gold was volatile. Crypto assets also rebounded after a massive sell-off, with Bitcoin rising nearly 2% before falling again.
