**U.S. stocks overnight | Powell continues to attack the prospect of interest rate cuts, European and American stocks fall, Nvidia (NVDA.US) bucks the trend and hits new highs**
European and American stock markets fell on Monday, with U.S. bond yields rising, as traders revised expectations for a near-term U.S. interest rate cut. Federal Reserve Chairman Jerome Powell continued to express opposition to the prospect of a near-term interest rate cut in an interview last Sunday, stating “The danger of acting too early is that the work is not completely done.”
As a result, as of the close, the Dow fell 274.30 points, the Nasdaq fell 31.28 points, and the S&P 500 index fell 15.80 points. However, Nvidia (NVDA.US) bucked the trend and closed up 4.79%, setting a new high with a market value of US$1.7 trillion. On the other hand, Tesla (TSLA.US) shares fell to their lowest level since May after German company SAP removed Tesla from its list of auto suppliers.
Most major European stock indexes fell, with Germany’s DAX30 index falling slightly, Britain’s FTSE 100 index falling by 0.04%, and France’s CAC40 index falling by 0.03%.
In the Asia-Pacific Stock Market, the Nikkei 225 Index rose 0.54%, South Korea’s KOSPI Index fell 0.92%, Indonesia’s Jakarta Composite Index fell 0.55%, and Vietnam’s VN30 Index rose 1.92%.
In the foreign exchange market, the U.S. dollar index DXY, which measures a basket of six major currencies, rose 0.52% to 104.47, while in the cryptocurrency market, Bitcoin fell 0.57% to US$42,326.8 and Ethereum fell 0.11% to US$2,286.23.
International crude oil prices closed higher on Monday, with WTI March crude oil futures closing up $0.50, or 0.69%, and Brent crude oil futures for April delivery closing up 66 cents, or 0.85%.
In addition, the Institute for Supply Management (ISM) reported that U.S. service industry growth accelerated in January. Fed survey showed that U.S. banks tightened credit standards in the fourth quarter, but that credit demand for industrial and commercial loans has improved. Major bank ratings also made headlines, with Piper Jaffray cutting Tesla (TSLA.US) target price, and Goldman Sachs and Bank of America increasing Nvidia (NVDA.US) target price.
However, the financial community issued a warning that the content, data, and tools in this article do not constitute any investment advice, and are for reference only. They emphasized that the stock market is risky, so caution must be exercised when investing.