Chile’s main index closes up above 6,700 points, while technology stocks boost Wall Street.

Traders have their eyes on earnings season. This Wednesday, Nvidia's (2.49%) results will be released.

Ignacio Teson•Monday, May 20, 2024•1 min read

Various factors allowed the stock markets of Chile and the United States to close higher on Monday, with attention focused on statements from Federal Reserve members and Nvidia’s results, the latter being a key name behind the current U.S. stock rally.

Chile’s S&P IPSA rose 0.77% to 6,710.41 points. After dividend adjustments, Vapores surged 7.36%, leading both in performance and in traded amounts. High-weighted stocks such as Cencosud (2.47%), SQM-B (1.97%), and Falabella (1.11%) also populated the IPSA’s list of gains.

All this happened on the eve of Tuesday’s May 21st holiday for Navy Day in Chile.

With the closing bell on Wall Street, the Nasdaq Composite advanced 0.66% to new all-time highs, allowing the S&P 500 (0.09%) to surpass its record set last Wednesday by a fraction. On the other hand, the Dow Jones fell 0.49%.

Market participants were attentive to new words from the Fed. “The inflation readings in the first quarter of this year were disappointing,” said Michael Barr, Fed vice chairman of supervision. “It is too early to know if the recent slowing of the disinflation process will be lasting,” said Fed vice chairman Philip Jefferson.

SPX

While the U.S. stock market abandoned its morning highs and the S&P even recorded a loss during the afternoon, the technology sector kept the main stock index afloat.

Traders have their eyes on earnings season. This Wednesday, Nvidia’s (2.49%) results will be released, the chip manufacturer that has positioned itself as the most recent star among high-cap technology companies on Wall Street.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.