Tech Giants Leading Increase in Global Gains as Inflation Rate Declines

November 2023 was quite memorable for global mega-cap companies. The market capitalization of these companies increased, likely due to a drop in the value of U.S. yields.

Also, the anticipation of possible rate cuts by global central banks has boosted these assets as inflation concerns subside.Apple Inc (AAPL.O) is among the top assets that recorded an increase of 11.2% to a market cap value of $2.95 million in November.

Other Tech Giants Records Impressive Gains, Encouraging Optimism among Investors

Besides AAPL.O, other stocks recorded impressive gains in the past month. For example, Microsoft Corp (MSFT.O) recorded gains.Remarkably, MSFT.O recorded a 12.1% increase in the past month to reach a value of $2.8 trillion.

Also, Nvidia Corp's (NDVA.O) market cap increased by 14.7% to $1.15 trillion. Remarkably, the announcement of a 208% year-over-year revenue increase to $18.1 billion in the third quarter likely aided this increase.

Additionally, Nvidia Corp is optimistic about high revenue in the fourth quarter's financial quarter based on improved supply chain conditions. Also, the rising demand for the company's AI chips is boosting its overall value.Furthermore, the low inflation concerns have boosted banking stocks in the past month.

Mega Bank JP Morgan Chase & Co. (JPM.N) recorded an increase of 12.2% to $451 billion at the end of November.Also, Tesla Inc. was not left out of the rally for the top stocks in the market. The TSLA.O's market value spiked by nearly 20% to a value of $763.2 billion in November 2023.

This is likely due to a price increase for Tesla's Model 3 and Y vehicles in China.Although subsidies were removed in China, it recorded an increase in electric vehicle sales in October, according to a report from market research firm Rho Motion.

Oil Prices Decline as Tech Stocks Soars

While the tech stocks increased, a decline in late November was evident in Crude oil prices. This decline resulted in a drop in the market capitalization of top oil firms.Among these oil firms are Saudi Arabian Oil Co. (222. SE) and Exxon Mobile Corp (XOM.N).

Both firms recorded a drop of 0.3% and 2.9% in their values, respectively. However, crude prices have stabilized today after a 2% decline on Thursday, November 30.

Brent crude futures for February increased by 0.01% to $80.87 per barrel. Also, U.S. West Texas Intermediate (WTI) crude futures increased by 15 cents or 0.2% to trade at $76.11.

So, OPEC+, which produces over 40% of the world's oil, will focus on reduced output as prices declined from around $98 late in September.This comes amid growing concerns over slow economic growth in 2024.

Data from November showed poor demand for the commodity in November.

Also, the U.N. Secretary-General Antonio Guterres advocated for a future where there is no fossil fuel burning entirely.Also, the ongoing Israel-Gaza conflict is likely affecting the oil prices per barrel in the Middle East.

So, as crypto and stocks record gains, crude oil in the commodity market attempts to recover from a decline.

The post Tech Giants Leading Increase in Global Gains as Inflation Rate Declines appeared first on The Tech Report.