Erik Schafhauser Zürich Erik Schafhauser Zürich Erik Schafhauser Zürich

Morning Brew June 6 2024

Morning Brew 1 minute to read
Erik Schafhauser

Senior Relationship Manager

Summary:  Nvidia rules the world

Good morning

Nvidia rules the world! Yesterday the Market Cap broke above 3 trillion US dollars and Nvidia is now worth more than Apple. The stock is up 147% this year and now worth more than 6% of the S&P. Yesterdays Volume in the stock was nearly as high as the next 9 stocks combined. Yesterday the stock gained 5% to 1226.

Yields fell, further assisting equities, and we had a strong day with the Dow up 0.25%, the S&P 500 +1.2% and the Nasdaq 100 +2.04. The Nasdaq 100 broke the 19k! The GER40 is at 18640, approaching the top end of the range.

10 Year Yields are at 4.3% and the USD Index at 104.15. EURUSD 1.0885, GBPUSD 1.2795 and USDJPY 155.80. The USD Index has technical support at 104, it will be interesting to see if we close the week above of below.

Bitcoin seems to stabilize above the 70k Ethereum is trading at 3850. Gold and Silver rose off the lows, to currently 23368 and 30.40. Oil also gained more than full percent.

The Bank of Canada cut rates yesterday as the first among the G7, today traders are betting the ECB will do the same with a probability of 96% and the focus will be on the press conference by Christine Lagarde. The rate will be released at 14:15, 30 minutes later the press conference will start.

The weeks close will be decided by how ECB and tomorrow’s Nonfarm Payroll (and accompanying data) come out and how they impact sentiment.

The election for the European parliament are starting today and running until Sunday.

Key Data:

- Data: DE Industrial Orders, ECB Rate decision, US Initial Jobless claims.
- Earnings: Nio, DocuSign, Samsara, Meituan

- Data: CH FX Reserves, EU GDP, US Nonfarm Payroll



The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.