5 Things You Need to Know to Start Your Day: Americas

Good morning. Nvidia’s blowout earnings pump up tech stocks and Fed officials favor higher for longer rates. Here’s what’s moving markets. — [View in browser]( [Bloomberg]( Good morning. Nvidia’s blowout earnings pump up tech stocks and Fed officials favor higher for longer rates. Here’s what’s moving markets. — [Sam Unsted]( Want to receive this newsletter in Spanish? [Sign up to get the Five Things: Spanish Edition newsletter](. Nvidia blowout Nvidia [provided the green light to traders]( for the AI-driven rally to continue, with the chipmaker’s results [blowing past elevated expectations]( and sending its shares soaring. The group’s sales forecast and the results in the last quarter both trounced estimates, providing justification for the dizzying surge in its shares this year and potentially putting to rest worries that the boom was fading. Tech stocks buoyed The Nvidia results are [buoying US stock futures](, with the tech-skewed Nasdaq 100 jumping after posting small declines on Wednesday. Treasuries are little changed and the dollar steady, but volatility in metals markets has continued. Gold has extended its recent slump, silver is following suit and [copper is sliding again]( as the record prices it recently hit deterred buyers in the key Chinese market. Higher for longer Along with Nvidia, the minutes from the Federal Reserve’s latest meeting are being digested, with officials rallying around a [desire to keep interest rates higher for longer](. “Many” policymakers questioned whether policy is currently restrictive enough to get inflation to target and there was willingness among various officials to tighten policy more if needed. Goldman Sachs CEO David Solomon said he [doesn’t expect a rate cut]( from the Fed this year. Breakups DuPont de Nemours is planning to split itself into [three publicly-traded companies](, the latest in a line of industrial conglomerates which have been breaking up into smaller, more focused businesses. The likes of Johnson & Johnson, United Technologies, Danaher and General Electric have followed similar strategies in recent years. Separately, Live Nation is set to be sued by the US Justice Department which wants to [break up the Ticketmaster owner]( for antitrust violations. Coming Up… US PMI data is on the slate later and the calendar of Fed speakers slows, with only Raphael Bostic on the schedule. The earnings lineup is quieter too, topped by medical equipment maker Medtronic and clothing retailer Ralph Lauren, plus accounting software giant Intuit and UGG boots owner Deckers Outdoor after the close. What We’ve Been Reading This is what’s caught our eye over the past 24 hours. - The UK has called an [election for July 4](. - 15 minutes on a trading desk before [a flash crash](. - US watchdog says [five-days in the office]( rules aren’t their fault. - The rise of the [disposable car](. - Warner Bros and ESPN to share the [college football playoffs](. And finally, here's what Joe’s interested in this morning I'm sure that economists are going to be writing papers for decades to come about what caused the huge inflation spike in 2021 and 2022. Fiscal policy, monetary policy, supply chain snarls, general societal disruption... an intelligent person can find a way to implicate any of these factors. That being said, an important thing to bear in mind is that inflation truly has been global in nature. So if you're going to point to any specific policy choice, you have to argue one of two things. Either the policy was more-or-less implemented in every country around the world. Or if it's specifically a US policy decision, then the impact of US policy and US demand is so great, that it creates ripples all around the world. The latter of course is totally plausible. Another thing to note is that not only was inflation was a global phenomenon, the disinflation of the past year is similarly widespread. Here's a chart with a bunch of different CPI measures from around the world. It's kind of a random list, and some measures don't map perfectly to others. But the general point is that the lines are, for the most part, going down. There are some outliers —the US in white has obviously gone sideways for awhile and Mexican inflation has bounced since last fall. But, for the most part, the lines are going down. So if you accept the premise that there's some common factor driving inflation (and it would be weird if there weren't, since the lines all basically peaked around the same time) then it also makes sense to look at measures across a bunch of different countries to see it ebbing, as inflation (at least so far) continues to cool. Follow Bloomberg's Joe Weisenthal on X [@TheStalwart]( [Bloomberg Markets Wrap: The latest on what's moving global markets. Tap to read.]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Five Things to Start Your Day: Americas Edition newsletter. 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