📆 Monday, February 19
► European stocks took a breather, with the Stoxx Europe 600 barely moving after a notable surge last week that almost reached record highs. The tech sector faced the brunt of the late Friday sell-off, dropping by 1%, amid expectations that central banks might adopt a cautious approach to interest rate reductions. AstraZeneca saw a notable jump, exceeding 3%, following promising trial results for its lung cancer treatment, Tagrisso.
► While US markets remain closed for Presidents’ Day, global stocks showed mixed reactions to the recent selloff in Treasuries, prompted by unexpectedly strong economic data and hawkish policymaker statements. The shift in expectations has significantly reduced bets on Federal Reserve rate cuts for 2024, adjusting from over 150 basis points to around 90 basis points. In the coming week, significant earnings announcements are anticipated from industry giants Nvidia and Walmart, with the potential to widely influence investor sentiment within their respective sectors. Nvidia, having surged over 45% year-to-date, stands out as the AI phenomenon of the year. Meanwhile, Walmart is recognized as one of the year's most reliable defensive investments. Additionally, Walmart is set to undergo a three-for-one stock split, which will take effect at the end of trading on Friday.
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