Thursday brings us plenty of volatility across the markets, fueled in part by Wednesday’s late developments. The key story came after the U.S. market closed, when NVIDIA released earnings that beat expectations. Despite the strong numbers, the stock slipped, dropping around 4% in after-hours trading, and remains about 2% lower in the pre-market. That initial weakness spilled briefly into the indices, pulling them down, but sentiment shifted quickly. As Thursday’s European session unfolds, indices are back in the green and showing resilience.
From the macro side, Switzerland delivered GDP data early in the morning, which—as is often the case—matched expectations. The main event still lies ahead: preliminary GDP from the United States, expected at 3.1%. This number will likely set the tone for the rest of the trading day, especially with indices already on alert after NVIDIA’s reaction and recent volatility.
Currency markets show a different dynamic. The U.S. dollar is under pressure, with broad weakness visible at the start of the European session. The British pound is also lagging, while antipodean currencies such as the Australian and New Zealand dollars are gaining ground. Swiss franc and Japanese yen are also slightly stronger, adding to the dollar’s struggles.
Commodities are painting a split picture. Oil continues to trend lower, extending its recent streak of weakness. Metals, however, are climbing: silver is trading higher, gold is pushing up as well, both supported by softer dollar conditions. This divergence highlights where traders are seeking refuge as the day’s key U.S. GDP reading approaches.