Asian markets may experience volatility as global participants eagerly await significant upcoming events. Key risk factors include the release of the FOMC Minutes and Nvidia‘s earnings on Wednesday. The tech sector in Asia could outperform as investors anticipate positive outcomes and buy into the AI/Semiconductor sector ahead of Nvidia’s report. In the US, the tech-heavy Nasdaq led the market today, bolstered by Nvidia’s stock, which rose 2.5%. Nvidia’s stock also benefited from several price target increases by various brokerages.
The commodity sector is also in focus amid strong demand and a weaker USD. Metals are leading the way, with spot gold, silver, and copper reaching all-time highs before retreating from their peak levels. Tech-related and investor demand is driving the surge in the metal sector, potentially boosting single-name stocks and ETFs in the short term. Copper, silver, and aluminium are now being referred to as the ‘new oil’ due to the tech/AI-driven demand.
