Markets Eye Inflation Data and Nvidia Results

2 min read | August 26, 2024 10:45 AM PDT | By Team Kalkine Media

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Markets Eye Inflation Data and Nvidia Results — Image source: Shutterstock

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Nvidia Earnings and Inflation Data in Focus

Key Inflation Metrics to Shape Market Outlook

Anticipation Builds for Nvidia and U.S. Inflation Data

September S&P 500 E-Mini futures are up by +0.11%, while September Nasdaq 100 E-Mini futures are slightly down by -0.10% this morning. Market participants are focused on the upcoming earnings report from Nvidia and the release of the Federal Reserve’s preferred inflation gauge later in the week.

On Friday, Wall Street's major averages closed higher, with the Dow reaching a 3-week high. Workday saw significant gains, climbing over +12% after reporting better-than-expected Q2 results and outlining plans for increased profitability in the coming years. The semiconductor sector also advanced, with Nvidia (NASDAQ:NVDA), Marvell Technology, and Arm all gaining over +4%. Meanwhile, CAVA Group surged more than +19% following upbeat Q2 results and an upward revision in its full-year guidance for adjusted EBITDA and restaurant comparable sales growth. On the other hand, Intuit declined by more than -6%, making it the top percentage loser on the S&P 500 and Nasdaq 100 after providing Q1 adjusted EPS guidance that fell below expectations.

Economic data released on Friday showed U.S. new home sales increased by +10.6% month-over-month in July, reaching a 14-month high of 739K, surpassing expectations of 624K.

Federal Reserve Chair Jerome Powell stated on Friday that it might soon be time to adjust the U.S. central bank's key policy rate. He acknowledged progress on inflation and noted that the cooling labor market conditions are evident. Powell also observed that the economy is expanding at a solid pace, indicating that the timing and pace of rate adjustments will depend on incoming data and evolving economic outlooks. Additionally, Atlanta Fed President Raphael Bostic and Chicago Fed President Austan Goolsbee echoed similar sentiments, suggesting that the focus may shift more toward employment now that inflation is moving closer to the 2% target.

U.S. rate futures currently reflect a 63.5% chance of a 25 basis point rate cut and a 36.5% chance of a 50 basis point rate cut at the Fed’s September meeting.

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