Chilean Market Falls 1%, Drops Below 6,400 Points Amid Increased Uncertainty in Emerging Markets
The Chilean stock market retreated while Wall Street gained some ground during Tuesday’s session.
Traders were closely watching Nvidia’s upcoming results, which could validate the bets on Artificial Intelligence (AI), as well as U.S. economic figures to gauge the pace of interest rate cuts.
The S&P IPSA dropped by 0.97% to 6,379.46 points, with Oro Blanco (-4.41%), Cencosud (-1.99%), and CMPC (-1.94%) leading the losses. Major stocks like Falabella (-1.88%), Copec (-1.23%), and Banco de Chile (-1.21%) also contributed to the negative return of the local index.
“We have a low-volume market today, where Latam alone represents 37.5% of the traded volume. Investors are on the lookout for various economic data that are of external origin.”
The second reading of the GDP and key inflation data are among the upcoming reports in the U.S.
There is uncertainty regarding the movements that will be generated on Friday due to the MSCI rebalancing in Chile, referring to the index provider and its selection of local companies. “In other words, important data is generating short-term uncertainty,” summarized one analyst.
There was selling pressure on stocks across Latin America in general. The Mexican market index fell by 1.14%, shaken by domestic political events.
Anticipation for Nvidia
The Dow Jones Industrial Average (0.02%) managed to achieve a second consecutive all-time high, albeit marginally. Meanwhile, the tech-heavy Nasdaq Composite and the broad S&P 500 both recovered by 0.16% from the previous day’s losses.
There is anticipation ahead of Nvidia’s (1.46%) second-quarter financial results, which will be released after the markets close on Wednesday.
Stock indices strengthened in positive territory, and short-term rates hit session lows after 1 p.m., following a $69 billion two-year Treasury bond auction that was well received.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals