Portugal Colonial - Dollar strengthens, stocks mostly flat over lack of triggers

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Dollar strengthens, stocks mostly flat over lack of triggers

Dollar strengthens, stocks mostly flat over lack of triggers

Global stocks were mostly flat or lower Wednesday while the dollar strengthened ahead of an eagerly anticipated report from artificial intelligence giant Nvidia that showed it crushed its earnings expectations.

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Following a down day in Tokyo and on European bourses, equities had a choppy session in New York, with the S&P 500 finishing flat.

"Now that the initial post-election euphoria has faded, it is clear that markets are struggling for a catalyst to provoke a new rally," said market analyst Chris Beauchamp at online trading platform IG, referring to the US presidential poll.

One day after Walmart impressed investors with a bullish report ahead of the US holiday shopping season, Target lost more than one-fifth of its market value as the retailer projected flat comparable sales in the coming quarter.

The war in Ukraine has also burst back into the thoughts of traders this week after the outgoing administration of US President Joe Biden allowed Ukraine to use deep-strike weapons against targets in Russia, ramping up tensions.

The Nvidia earnings were released after US markets closed on Wednesday.

The chip company made a $19 billion profit on record high revenue in the last quarter as demand continued for its hardware to power artificial intelligence.

Shares fell 1.4 percent in after-hours trading, despite the strong earnings, with some analysts fretting about an ebbing in profit margins compared to the prior quarter.

The US dollar firmed against rivals as futures markets slash the odds of a Federal Reserve interest rate cut next month.

On Tuesday, US President-elect Donald Trump named China hawk Howard Lutnick as commerce secretary, bolstering expectations that the Republican's administration will make good on a pledge to enact tough tariffs on Beijing and other countries.

Lutnick has expressed support for a tariff level of 60 percent on Chinese goods, alongside a 10-percent tariff on all other imports.

With Lutnick's appointment, "we’re all set for another tit-for-tat trade war between the two superpowers," said a note from Forex.com analyst Matt Simpson.

Surveyed economists now see a greater risk of a resurgence in US inflation next year, said Simpson, adding "odds of Fed cuts next year continued to diminish."

- Key figures around 2145 GMT -

New York - Dow Jones Industrial Average: DOWN 0.3 percent at 43,408.47 (close)

New York - S&P 500: FLAT at 5,917.11 (close)

New York - Nasdaq Composite: DOWN 0.1 percent at 18,966.14 (close)

London - FTSE 100: DOWN 0.2 percent at 8,085.07 (close)

Paris - CAC 40: DOWN 0.4 percent at 7,198.45 (close)

Frankfurt - DAX: DOWN 0.3 percent at 19,004.78 (close)

Tokyo - Nikkei 225: DOWN 0.2 percent at 38,352.34 (close)

Hong Kong - Hang Seng Index: UP 0.2 percent at 19,705.01 (close)

Shanghai - Composite: UP 0.7 percent at 3,367.99 (close)

Euro/dollar: DOWN at $1.0545 from $1.0596 on Tuesday

Pound/dollar: DOWN at $1.2652 from $1.2682

Dollar/yen: UP at 155.45 yen from 154.66 yen

Euro/pound: DOWN at 83.33 pence from 83.54 pence

Brent North Sea Crude: DOWN 0.7 percent at $72.81 per barrel

West Texas Intermediate: DOWN 0.8 percent at $68.87 per barrel

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T.Resende--PC