Crude prices hit the brakes on their recent gains this week. Despite promising signals of reduced U.S. supply and a surge in fuel demand from the world’s top oil consumer, concerns about sluggish economic growth took center stage.
Germany, the powerhouse of Europe’s economy, experienced a bumpy road as it slid into a recession during the first quarter. The culprit? Sky-high energy prices that put a dent in consumer spending and industrial production.
Adding to the market’s unease, the looming U.S. debt ceiling posed another obstacle. With a June 1 deadline approaching, the possibility of a U.S. default intensified, with lawmakers showing no signs of an imminent bipartisan agreement.
Joe Heller / Copyright 2023 Hellertoon.com
Some of the biggest movers:
| Company | Symbol | Price | Chg | % Chg |
|---|---|---|---|---|
| ARISTA NETWORKS INC | ANET |  169.06 |
12.86 | (8.23%) |
| BROADCOM INC | AVGO | 787.42 |
58.62 | (8.04%) |
| DIGITAL REALTY TRUST INC | DLR | 99.31 |
7.09 | (7.68%) |
| FORD MOTOR CO | F | 12.24 |
0.86 | (7.51%) |
| MONOLITHIC POWER SYSTEMS INC | MPWR | 521.48 |
33.16 | (6.79%) |
| MICRON TECHNOLOGY INC | MU | 73.79 |
4.18 | (6.00%) |
| PARAMOUNT GLOBAL CLASS B | PARA | 14.87 |
0.79 | (5.60%) |
Insight:
Nvidia’s fiscal first-quarter earnings were a showstopper, leaving analysts speechless and Wall Street scratching their heads. With their data center business driving the numbers sky-high, it seems Nvidia is making the competition green with envy. While Nvidia’s stock price shoots for the stars, rival AMD is left to settle for the kiddie pool of gains, and poor Intel is feeling like it’s stuck in a downward spiral. Looks like Nvidia has turned the AI explosion into an explosive victory!
Powell Industries, Inc. (Nasdaq:POWL) is having a stellar year. As a prominent provider of diverse systems and equipment for electrical applications, they have established themselves as a leading strategic supplier of choice for highly complex, custom, and integrated systems used in energy infrastructure throughout industrial sectors.
You know the drill, investing always comes with some level of risk, so make sure to do your research and consult with a financial advisor before making any big decisions. Remember, stay smart, stay informed, and stay invested!