The S&P 500 Index ($SPX) is down 0.02% today, while the Dow Jones Industrial Average ($DOWI) has decreased by 0.23%, and the Nasdaq 100 Index ($IUXX) is down 0.10%. This decline follows a mixed economic report, where July personal spending rose 0.2%—above the expected 0.1%—and personal income increased by 0.4%, exceeding forecasts of 0.2%. However, July capital goods orders, a measure of business investment, grew by only 0.2%, falling short of the anticipated 0.7%.
Additionally, the core PCE price index for July, the Federal Reserve’s preferred inflation measure, rose 0.2% month-over-month, matching expectations, while the 10-year T-note yield is currently at 4.66%. Investors are focused on Nvidia’s earnings report, expected to show nearly double the revenue from last year amidst growing AI spending, as forecasts indicate a 39% chance of a 25 basis point interest rate hike at the next FOMC meeting on September 15-16.
In corporate earnings news, Intuit fell more than 4% after lowering its forecast, while J.M. Smucker shares rose over 3% due to positive earnings results. Overall, 86% of S&P 500 companies that reported have beaten earnings expectations, with earnings growth projected at nearly 32% for Q2, significantly higher than earlier estimates.
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