Nvidia finally stole the title of the world’s most valuable company from Microsoft and Apple yesterday following a beautiful 3.5% rally that propelled the share price past $135 a share.

According to Bloomberg, the Magnificent Seven have contributed to more than 60% of the S&P500’s return so far this year. The rest is not doing as well. The S&P500’s equal weight index is stagnating, the reflation trade is weakening along with cautious Federal Reserve (Fed) talk and mixed economic data, there is still a chance that we see a sharp economic slowdown in the US as a result of a painful tightening cycle.

Data yesterday showed that retail sales in the US barely increased in May, last two month figures were revised to the downside and core retail sales even fell 0.1% from the month earlier. Industrial production on the other hand jumped more than expected. Across the Atlantic, inflation in the UK hit the Bank of England’s (BoE) 2% inflation goal and fueled speculation that the BoE could announce a surprise rate cut when it meets tomorrow. Sterling’s kneejerk reaction was surprisingly positive, however. There is little chance that tomorrow will bring a rate cut in the UK, but the thought of it could keep sterling bulls under control until tomorrow’s MPC decision.

This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stays below 1.0500 after soft EU wage data

EUR/USD stays below 1.0500 after soft EU wage data

EUR/USD trades in a tight trading range below 1.0500 on Tuesday. The data published by the ECB showed that Negotiated Wage Rates rose at a softer pace in Q4 than they did in Q3, making it difficult for the Euro to stay resilient against its rivals.

EUR/USD News
GBP/USD holds above 1.2600 amid cautious markets

GBP/USD holds above 1.2600 amid cautious markets

GBP/USD holds steady above 1.2600 in European trading on Tuesday, helped by a fresh bout of US Dollar selling even as markets remain cautious amid trade war fears. Atention turns to BoE Chief Economist Pill's speech and US Consumer Confidence data for further impetus. 

GBP/USD News
Gold edges lower as Trump’s administration plans to toughen chip controls over China

Gold edges lower as Trump’s administration plans to toughen chip controls over China

Gold price edges lower on Tuesday along with yields and equities, heading back to $2,930, and looks heavy with an overall market rout. The Trump administration seeks to toughen its semiconductor restrictions on China.

Gold News
Bitcoin edges below $90,000, ending its long streak of consolidation

Bitcoin edges below $90,000, ending its long streak of consolidation

Bitcoin (BTC) continues to trade in red, reaching a low of $88,200 during Tuesday’s early Europen trading session and hitting the lowest level since mid-November after falling 4.89% the previous day. 

Read more
Five fundamentals for the week: Fallout from German vote, Fed's favorite figure stand out

Five fundamentals for the week: Fallout from German vote, Fed's favorite figure stand out Premium

Statements, not facts, are set to dominate the last week of February. Further fallout from Germany's elections and new comments from Trump on trade may overshadow most figures –but not the Fed's favorite inflation figure.

Read more
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

Majors

Cryptocurrencies

Signatures

Best Brokers of 2025