Morning Report 15 Feb 24: Stocks hold their nerve following yesterday’s CPI inspired selloff

US sharemarkets rose on Wednesday after a sell-off in the prior session on a hot inflation report. Nvidia briefly overtook Alphabet's market capitalisation, days before the poster child of AI boom is due to report its fourth quarter results. Nvidia's shares were up 2.5% while the Google-parent rose 0.6%. Megacap Meta Platforms and other chip stocks like Advanced Micro Devices and Qualcomm gained between 2.6% and 4.2%. Uber jumped 14.7% to notch a record high, boosted by a US$7 billion share buyback plan. Lyft surged 35.1% after the ride-hailing platform's profit beat estimates and it said it would generate positive free cash flow for the first time in 2024. But Airbnb slipped 1.7% even as the company beat on revenue expectations in its latest quarter. Apple extended losses into a third day, down 0.5%. Akamai Technologies slipped 8.2% after the cloud platform provider missed analyst expectations for fourth-quarter revenue.

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