The S&P 500 Index closed down 0.02% on Wednesday, while the Dow Jones Industrial Average fell 0.21%. The Nasdaq 100 Index managed a slight increase of 0.05%. This market movement occurred ahead of Nvidia’s earnings report, which analysts anticipate will show nearly double the Q2 revenue from a year prior. The broader US market displayed mixed economic signals, with July personal spending rising 0.2%—above expectations—and personal income increasing by 0.4%. However, capital goods new orders fell short of projections, rising only 0.2%.
Additionally, the July core PCE price index, the Federal Reserve’s preferred inflation measure, rose by 0.2% month-over-month, aligning with expectations. US mortgage applications dropped by 1.0% in the week ending August 21, with the average 30-year fixed-rate mortgage slightly increasing to 6.78%. As of now, there’s a 36% chance of a 25 basis point rate hike during the Fed’s upcoming meeting on September 15-16.
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