Tech & AI Drive Markets as Dollar Weakens
- NexxtGen Markets
- Jun 5
- 3 min read
Good morning, here's the latest Global Financial Markets update from Steve Halls at NexxtGen Markets here in the City of London.
Markets saw mixed movements, with the S&P 500 inching up +0.01%, the Nasdaq gaining +0.32%, and the Dow slipping -0.22%. Tech stocks lifted the market, while job concerns weighed on the Dow and the U.S. dollar continued its decline.
After hours, MongoDB surged +14% and Five Below gained +4%, following strong earnings beats and optimistic outlooks in retail and tech.
Investors are watching Broadcom earnings, as AI stocks and oil prices climb, while Netflix and Walmart prepare for key shareholder meetings. Meanwhile, the ECB’s first rate cut since 2019 could shake up European markets.
Market Movers
Several stocks made big moves last week:
Lyell Immunopharma (LYEL) – +68% surge to $13.33, driven by biotech momentum.
Peloton (PTON) – +12% rise to $7.47, as restructuring efforts gain traction.
MJ Gleeson (GLE.L) – -3% dip to £387, following weaker housing sector data.
Ferguson PLC (FERG.L) – +4% climb to £15,796, as construction demand remains strong.
Broadcom’s AI-Powered Earnings in Focus
Broadcom reports earnings today, with traders expecting a 6.5% move post-report. Shares have soared over 30% in a month, fuelled by AI-driven demand. Analysts remain bullish long-term, but near-term upside may be limited.
Asia Market Overview
Asian markets showed mixed performance, influenced by trade tensions and economic data:
Nikkei 225: +0.99%, driven by optimism over tariff talks and fading U.S. debt fears, despite stronger Japanese inflation.
Hang Seng Index: +1.5%, boosted by tech sector gains and hopes for U.S.-China trade talks.
Shanghai Composite: +0.42%, as investors cautiously monitored trade negotiations.
CSI 300: +0.07%, reflecting modest gains amid uncertainty.
Dollar’s Decline Deepens
The U.S. dollar is down nearly 9%, marking its worst yearly start on record. Investors are reassessing exposure amid trade tensions, hedging strategies, and Trump’s proposed “revenge tax.” Without a strong U.S. growth rebound, the dollar could face a longer, deeper decline.
Netflix & Walmart Shareholder Meetings
Netflix shares hit a fresh high, up 27.5% in three months, as investors await updates on content spending, global expansion, and advertising strategy.
Meanwhile, Walmart hosts its annual meeting, with investors seeking clarity on pricing, supply chain shifts, and consumer behaviour amid inflation and tariff pressures.
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*All prices / quotes correct at the time of writing.
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