📈📊 Market Update: Oil Prices and NASDAQ Performance

Oil Prices

WTI crude oil prices have fallen below $74 per barrel, marking the fifth consecutive session of declines and reaching the lowest levels in four months. This downturn is driven by market concerns over a potential increase in global oil supply later this year. Notably, OPEC+ announced on Sunday an extension of most supply cuts through 2025, but also indicated that voluntary cuts by eight member countries might begin to phase out starting in October. This move could reintroduce over 500,000 barrels per day to the market by December, and up to 1.8 million barrels per day by June 2025.

Technology Sector Boost

In the tech sector, Nvidia (NVDA) saw its shares rise by over 4% following significant announcements at the Computex conference in Taiwan. Nvidia revealed plans for a new generation of artificial intelligence chips expected by 2025 and a next-generation platform called Rubin projected for development by 2026. This news provided a strong uplift for chip stocks, contributing to the overall positive movement in the technology segment.

Stock Market Movements

- Dow Jones Index (US30): Decreased by 0.30%

- S&P 500 Index (US500): Increased by 0.11%

- NASDAQ Technology Index (US100): Increased by 0.56%

- German DAX (DE40): Increased by 0.60%

- French CAC 40 (FR40): Increased by 0.06%

- Spanish IBEX 35 (ES35): Increased by 0.66%

- British FTSE 100 (UK100): Decreased by 0.15%

This latest market update highlights significant movements in both the energy and technology sectors, with oil prices experiencing continued pressure due to supply concerns and the NASDAQ benefiting from advancements in AI technology. Keep an eye on these developments as they can provide insights into future market trends and investment opportunities.