Good afternoon and welcome to Markets Desk.
The dollar index climbed to a one-and-a-half-year high today, up nearly two thirds of a percent, as a two percent surge in crude oil prices stoked fresh inflation fears. Traders are pricing in the possibility that the Fed may need to keep tightening, and that rate expectation is doing the heavy lifting for the greenback right now.
Staying with the inflation theme, that hotter than expected CPI print is also rattling equity markets, with a morning rebound fading fast. One fund manager making the rounds today is Christopher Davis of Hudson Value Partners, who is urging caution on Nvidia specifically, arguing that better value opportunities exist elsewhere in tech before chasing momentum names at current levels.
And speaking of tech wealth, Jensen Huang, Michael Dell, and Larry Ellison collectively added roughly thirty billion dollars to their net worth as tech stocks surged again. The catalyst was AI neocloud company CoreWeave, which reported better than expected earnings Tuesday and reminded investors that enterprise demand for AI infrastructure remains very much intact.
That's the tape. Markets Desk, signing off the floor.
