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FTSE and European stocks higher and US stocks mixed as Nvidia rally ends

ftse New York, United States. 21st Feb, 2024. Traders work on the floor of the New York Stock Exchange (NYSE) on Wall Street in New York City on Wednesday, February 21, 2024. US stocks began the day lower on Wednesday while anticipating the earnings report from AI stock Nvidia (NVDA) along with the release of Federal Reserve update that could set hopes for interest rates. Photo by John Angelillo/UPI Credit: UPI/Alamy Live News
The FTSE 100 and European stocks were trading higher at the end of the week. (UPI, UPI)

The FTSE 100 and European stocks rose by the close on Friday, after a mixed day of trade following bumper banking and tech results. US stocks were mixed as Nvidia slipped back after a multi-billion dollar rally on Thursday.

  • The FTSE 100 (^FTSE) was trading around 0.3% higher by the close of the week. Germany's Dax (^GDAXI) ticked up 0.3% and the Cac (^FCHI) in Paris rose 0.7%.

  • The Stoxx 600 (^STOXX) rose 0.4%.

  • US indexes were mixed by late morning on Friday. The S&P 500 (^GSPC) was almost flat and the Nasdaq (^IXIC) fell 0.4%. The Dow (^DJI) rose 0.3%.

  • Global markets have been surging off the back of barn storming results from artificial intelligence darling Nvidia (NVDA), whose value grew $277bn after a quarterly report.

  • The moves in Europe came after Standard Chartered bank (STAN.L) was among lenders reporting a 19% bump in full-year profits on Friday, with pre-tax profits for its final quarter of 2023 hitting $1.1bn, and $5.1bn for the full-year.

  • Its share price surged 6.8% at the opening bell, following the announcement of another $1bn share buyback scheme. It is looking to return $5bn to shareholders over the next three years, it said in the report. Stock traded as much as 8.4% higher on Friday.

Follow along for live updates:

  • US rally is back on

    Here's some commentary from Axel Rudolph from IG on that:

    "Risk on sentiment in the wake of stellar Nvidia earnings helped the Nikkei 225, CAC 40 and all three major US indices top their record highs. They did so as German business morale improved slightly and Euro area inflation expectations edged up ahead of next week's second estimate of US Q4 GDP growth, PCE inflation and Germany’s consumer price inflation (CPI) readings which may take some of the wind out of the equity rally's sails. After all the Dow and S&P 500 have seen 17 weeks of gains bar two from their October lows."

  • US stocks set to open in the green

    Major US indexes are rallying again, and look set to start off today's session around 0.2% up. Yesterday they closed at record highs off the back of AI optimism.

  • Trending tickers: latest investor updates on Nvidia, Standard Chartered, Moderna and Walmart

    From our very own Pedro Goncalves, here are our trending tickers for the day: Latest investor updates on Nvidia, Standard Chartered, Moderna and Walmart.

    Track them here as US markets open.

  • Oil prices fall

    Oil prices are lower today, weighed down after the US Federal Reserve hinted on Thursday that any rate cut could be delayed by two more months as it monitors data on the economy.

    Brent crude (BZ=F) was tracking almost 1.8% lower, at $82.21 a barrel, while crude (CL=F) hit $72.12 per barrel, down 1.9% on the day. Both are heading for weekly declines after two days of gains.

    Prices had risen off the back of continued conflict in the Red Sea as Houthis sustain pressure near Yemen.

  • FTSE fallers

    The FTSE is being balanced out by these stocks:

    WPP 📉 down 3%

    Glencore 📉 down 1.6%

    International Airlines Group 📉 down 1.6%

    Vodafone 📉 down 1.6%

    Ocado 📉 down 1.5

  • FTSE risers

    The FTSE 100 is almost flat right now but is particularly being supported by these stocks:

    Standard Chartered 📈 up 8.2%

    HSBC 📈 up 1.6%

    JD Sports 📈 up 1.5%

    Haleon 📈 up 1.1%

    BAE Systems 📈 up 1.1%

  • UK energy bills set to fall

    The energy price cap is topping headlines in the UK this morning, as energy bills are set to fall to their lowest point in two years under a new price cap.

    Ofgem's ruling means the typical annual energy bill will fall to £1,690, down £238 a year for an average household.

    Bills peaked around two years ago as energy prices ramped up amid the full-scale invasion of Ukraine by Russia.

    The news of falling bills will provide some comfort to the Bank of England and the Treasury, who have spent months fighting to get inflation under control.

  • Overnight in the US

    The three major US stock indexes saw stonking daily gains on Thursday, each closing in on all-time highs after Nvidia's results. The megacap chip maker finished 16.4% higher, adding $277bn in stock market value in one session.

    Nvidia said that revenues surged by 265% to $22bn (£17.4bn) in the three months to 28 January, compared to a year earlier.

    The tech-heavy Nasdaq (^IXIC) rose an overall 3% by the closing bell on Thursday. The S&P 500 (^GSPC) was 2.1% higher and the Dow (^DJI) rose 1.2%.

  • Overnight in Asia

    The Nikkei (^N225) is the success story in Asian markets on Friday, as it closed 2.2% higher off the back of the AI boom. Nvidia and strong tech stock results have buoyed market sentiment around the world — with the Nikkei reaching record highs of 39,098.68 points by the closing bell.

    The Tokyo index has also been propped up by macroeconomic factors such as easing concern about the Chinese economy and fresh optimism that Japan has overcome its struggles with falling prices. The yen has also fallen — typically a sign that investors are looking to take on more risk.

    Over in Hong Kong, the Hang Seng (^HSI) was flat. The SSE Composite (000001.SS) rose 0.6%.

  • Good morning

    Hello from London, I'm back on the live blog today, bringing you the market-moving news from around the world. The reduction of the consumer energy price cap is top of UK headlines this morning. Over in China second hand homes are selling for 4.9% less. Let's get to it.

Watch: Tokyo investors toast the Nikkei's record high