20/02/24 Briefing

Wall Street shares lost ground last night as traders awaited today’s Federal Reserve minutes and Nvidia earnings after tonight’s closing bell.

Shares in the semiconductor giant fell 4%, reflecting the weight of expectations after an AI-fuelled rally that has propelled the company to a $1.7 trillion (£1.35 trillion) valuation.

The jitters meant the S&P 500 index retreated 0.6% and the Nasdaq Composite by 0.9%, with other Magnificent Seven stocks also in the red.

Retailer Walmart bucked the trend, closing 3% higher at a fresh record after its fourth quarter results beat expectations.

The weak US session failed to knock the recovery of Chinese stocks as the Shanghai Composite and Hang Seng index are up 1% and 1.8% respectively.

The FTSE 100 index closed nine points higher at 7719 last night and is forecast by IG Index to open today’s session broadly unchanged.