TLDR
- US stock futures were mostly flat Wednesday ahead of two major market events
- The Fed’s preferred inflation gauge, PCE, was due at 8:30 a.m. ET with economists expecting 3.3%
- Nvidia was set to report earnings after the bell, seen as a key indicator of AI spending health
- The Jackson Hole Fed symposium kicks off Thursday, with Chair Kevin Warsh set to speak
- Oil prices fell after Iran and Oman announced a framework to restore shipping safety in the Strait of Hormuz
US stock futures traded near flat on Wednesday morning as investors prepared for two events that could move markets: the release of the July Personal Consumption Expenditures report and Nvidia’s quarterly earnings.
Futures on the Dow Jones Industrial Average edged up 0.1%, while the S&P 500 slipped 0.1% and the Nasdaq 100 fell 0.2% in premarket trading. Tuesday had seen broad gains across the board.
The PCE price index, which is the Federal Reserve’s preferred measure of inflation, was due at 8:30 a.m. Eastern time. Economists forecast a core reading of 3.3%, unchanged from the prior month.
Fed officials have recently warned that further rate hikes remain possible if inflation fails to come down. That has traders on edge heading into the data.
Nvidia in the Spotlight
After the closing bell, Nvidia was set to open its books for the quarter. The chip maker has become a closely watched name for anyone tracking artificial intelligence spending across the tech sector.
Expectations heading into the print were high. Investors have been watching whether companies can show real returns on their heavy AI investments.
Some analysts pointed out that Marvell Technology, which reports Thursday, may actually carry as much weight as Nvidia this week. Marvell has emerged as a newer focal point in the AI chip trade.
Also reporting Wednesday were CrowdStrike, Williams-Sonoma, Okta, and Abercrombie & Fitch.
Jackson Hole and the Bond Market
The Federal Reserve’s annual Jackson Hole symposium begins Thursday. Fed Chair Kevin Warsh is expected to speak about the central bank’s plans on interest rates.
Bond markets were already showing some tension ahead of the event. The 10-year Treasury yield edged up to 4.643% and the 30-year rose to 5.181% on Wednesday morning.
Treasury yields had dipped Tuesday as oil prices fell. That trend reversed early Wednesday.
Oil prices dropped around 2% after Iran and Oman announced a joint framework to restore safer navigation through the Strait of Hormuz. Brent crude fell to $86.75 a barrel and West Texas Intermediate dropped to $80.18.
The combination of the PCE data, Nvidia earnings, Jackson Hole, and movement in oil and bonds made Wednesday one of the busier days for markets in recent weeks.
Investors were waiting to see whether Nvidia’s figures would hold up, and whether inflation showed any signs of cooling further.
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