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Wire

Intuit's Investor Day Could Support Investor Confidence but Unlikely to Be Near-term Catalyst, RBC Says

Intuit's (INTU) upcoming investor day could help rebuild investor confidence over time, even if the event is unlikely to serve as a near-term catalyst, RBC Capital Markets analysts said in a Thursday note.Intuit's investor day event is scheduled for Thursday.Analysts said that after a disappointing fiscal 2026 tax season and underwhelming fiscal 2027 guidance for Intuit's TurboTax business, investors are looking for concrete evidence pointing to stabilization and reacceleration.RBC said investors will focus on early traction on pricing and packaging changes, updates on Go-To-Market changes, and TurboTax/Credit Karma integration.Analysts said they will be on the lookout for updates on engagement metrics, proof points that AI is driving improvements to conversion or retention, and AI agent monetization in fiscal 2027 and beyond.RBC maintained an outperform rating and a $385 price target on the stock.Price: $318.52, Change: $+5.75, Percent Change: +1.84%

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Update: Equities Fall as Traders Assess Inflation Data
US Markets

Update: Equities Fall as Traders Assess Inflation Data

(Updates with market moves at the end of the day, and other changes, if any.)US stocks declined on Wednesday after a report showed the Federal Reserve's preferred inflation metric held steady well above its 2% target.The Dow Jones Industrial Average fell 0.2% to 53,463.88 following a three-day advance. The Nasdaq Composite edged down 0.1% to 26,130.20, while the S&P 500 settled just below the flatline at 7,675.70.Among sectors, healthcare saw the steepest decline, while industrials paced the gainers.The Fed's preferred inflation measure, which excludes food and energy, held steady at 3.3% year over year in July, as projected. The monthly metric climbed 0.2%."As long as the month-on-month rate continues to come in close to 0.2%, the annual rate of inflation will converge on 2% over time, but the question is how much more patience the Fed actually has," ING Bank said in a report. "Markets continue to price a (25 basis point) rate hike before year-end while economists, in general, still favor an extended pause for policy rates."Markets are currently pricing in a 64% probability that the Fed will keep its benchmark lending rate steady next month, with the remaining odds in favor of a 25-basis-point increase, according to the CME FedWatch tool.US Treasury yields were mostly higher, with the 10-year yield up one basis point at 4.65% and the two-year yield rising 0.9 basis point to 4.21%.In other economic news, US durable goods orders rose more than projected in July, led by strong demand for civilian aircraft, official data showed.Nvidia shares fell 1.6% after advancing by 2.2% in the previous session. The chipmaking giant released its fiscal second-quarter results after Wednesday's closing bell.In other company news, Intuit (INTU) shares fell 3.2%, among the notable declines on the S&P 500, after the tax and finance software maker overnight issued a soft fiscal 2027 outlook.Zoom Communications (ZM) shares slumped 7% as the video communication platform late Tuesday provided a downbeat earnings outlook for its fiscal third quarter following a second-quarter beat.Abercrombie & Fitch (ANF) shares surged about 36% after the apparel retailer raised its full-year outlook as tariff-related refund benefits helped the company post fiscal second-quarter results above Wall Street's estimates.West Texas Intermediate crude oil was down 0.6% at $81.90 a barrel in Wednesday late-afternoon trade, while Brent fell 1.3% to $87.43.Spot gold fell 1.4% to $4,594.49 per troy ounce, while silver lost 0.8% to $68.89 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$INTU$NVDA$ZM
Sectors

Sector Update: Tech Stocks Mixed Late Afternoon

Tech stocks were mixed late Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) easing 0.1%The Philadelphia Semiconductor Index was little changed.In corporate news, Meta Platforms (META) agreed to pay a maximum of $16.68 billion to resolve claims brought by several US states that the tech giant used its platforms to "ensnare" youth and teens, according to a filing in federal court. Meta shares rose 1.2%.Amazon-backed (AMZN) Anthropic will spend $45 billion to rent about 460 megawatts of AI cloud computing power from Nscale's flagship data center in West Virginia over six years, Bloomberg reported. Amazon shares fell 0.4%.Zoom Communications (ZM) shares fell 6.6% after the company provided a downbeat earnings outlook for fiscal Q3 following a Q2 beat.Intuit (INTU) shares dropped 3.9%, a day after the company issued a soft fiscal 2027 outlook.

$AMZN$INTU$META$ZM
Update: Equities Fall Intraday After Inflation Report; Nvidia Earnings On Deck
US Markets

Update: Equities Fall Intraday After Inflation Report; Nvidia Earnings On Deck

(Updates with latest market prices and developments.)US benchmark equity indexes drifted lower intraday as traders parsed the latest inflation data while awaiting technology bellwether Nvidia's (NVDA) financial results.The Nasdaq Composite and the Dow Jones Industrial Average were down 0.2% each at 26,093.1 and 53,460.6, respectively, after midday Wednesday. The S&P 500 edged down 0.1% to 7,671.6. The three indexes finished Tuesday trading higher, with the Dow rising for a third consecutive session.Among sectors, consumer discretionary and healthcare saw the steepest declines intraday Wednesday, while industrials paced the gainers.US inflation accelerated sequentially in July, keeping the Federal Reserve's preferred gauge for price increases well above its 2% target, while consumer spending growth eased, official data showed.US Treasury yields were mostly higher intraday, with the 10-year yield up 2.5 basis points at 4.66% and the two-year yield rising 2.2 basis points to 4.23%.Markets are currently pricing in a 60% probability that the Fed will keep its benchmark lending rate steady next month, with the remaining odds in favor of a 25-basis-point increase, according to the CME FedWatch tool.Nvidia shares were down 1.3% intraday, following a 2.2% increase in the previous session. The chipmaking giant is scheduled to report its fiscal second-quarter results after the closing bell Wednesday. The current consensus on FactSet is for non-GAAP earnings of $2.09 a share on revenue of $92.27 billion.In a recent note to clients, Morgan Stanley said Nvidia is expected to post strong second-quarter results, though investors are likely to focus more on its longer-term growth drivers.CrowdStrike (CRWD), Salesforce (CRM), Synopsys (SNPS), HP (HPQ) and Urban Outfitters (URBN) are also scheduled to report results in the after-hours, along with others.In other company news, Intuit (INTU) shares fell 3.5% intraday, among the worst performers on the S&P 500, after the tax and finance software maker overnight issued a soft fiscal 2027 outlook.Zoom Communications (ZM) shares slumped 6.4% as the video communication platform late Tuesday provided a downbeat earnings outlook for its fiscal third quarter following a second-quarter beat.Abercrombie & Fitch (ANF) shares surged 31% intraday Wednesday after the apparel retailer raised its full-year outlook as tariff-related refund benefits helped the company post fiscal second-quarter results above Wall Street's estimates.West Texas Intermediate crude oil was up 0.6% at $82.81 a barrel, while Brent advanced 0.3% to $88.80.The Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, the world's most important chokepoint for crude flows, Bloomberg News reported.Spot gold fell 1.4% to $4,593.34 per troy ounce, while silver lost 1.1% to $68.73 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$CRM$CRWD$HPQ$INTU$NVDA$SNPS$URBN$ZM
Wire

Sector Update: Tech Stocks Mixed Wednesday Afternoon

Tech stocks were mixed Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) easing 0.1%.The Philadelphia Semiconductor index was fractionally lower.In corporate news, Meta Platforms (META) has agreed to pay a maximum of $16.68 billion to resolve claims brought by several US states that the tech giant used its platforms to "ensnare" youth and teens, according to a filing in federal court. Meta shares were up 1.2%.Zoom (ZM) shares fell 6.5% after the video communication platform provided a downbeat earnings outlook for its fiscal Q3 following a Q2 beat.Intuit (INTU) shares dropped 3.6% after the tax and finance software maker overnight issued a soft fiscal 2027 outlook.

$INTU$META$ZM
Research

Wolfe Research Downgrades Intuit to Peer Perform From Outperform

Intuit (INTU) has an average rating of overweight and mean price target of $425.93, according to analysts polled by FactSet.Price: $344.52, Change: $-12.95, Percent Change: -3.62%

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Wire

Intuit's Fiscal 2027 Revenue Outlook Soft as Growth Stabilization Remains Uncertain, UBS Says

Intuit's (INTU) fiscal 2027 guidance reflects a reset, rather than confirmed stabilization, with caution around slowing new-customer growth, decelerating TurboTax momentum and softer small-business logo additions, UBS Securities said in a note Wednesday.Intuit attributed the slowdown to its own execution rather than macro weakness, pointing to a shift toward mid-market expansion that pulled focus from core small-business customers, the bank said, adding that a similar new-logo slowdown has emerged elsewhere this earnings season among small-business-exposed software companies.UBS called the deceleration in TurboTax Live growth assumptions prudent but flagged risk from AI-related competition around Expert Assist, noting key pricing test results are not expected until September and October, which limits visibility.The investment firm sees potential upside to the Global Business Solutions revenue guide, adding that it wants further evidence that Intuit can stabilize growth before turning more constructive on the stock.UBS maintained its neutral rating on the stock, with a price target of $360.Shares of Intuit were down 4.1% in Wednesday afternoon trading.Price: $342.78, Change: $-14.68, Percent Change: -4.11%

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Wire

Top Midday Stories: Meta to Pay Up to $16.68 Billion to Settle Teen Harm Case With States; Victory Capital to Buy First Eagle for $7 Billion

All three major US stock indexes were down slightly in late-morning trading Wednesday, as market participants took in the latest inflation data and prepared for Nvidia (NVDA) to release its earnings results after markets close.The personal consumption expenditures index, a measure of inflation, rose by 0.2% in July, faster than the 0.1% gain expected in a survey conducted by Bloomberg as of 6:10 am ET and following a 0.1% drop in June. The July figure keeps the year-over-year rate at 3.7%. The core PCE index, which excludes food and energy prices, increased by 0.2%, as expected and following a 0.1% gain in June. The year-over-year rate remained at 3.3% in the month.Separately, US gross domestic product rose by 1.5% in Q2, unrevised from the advance estimate released last month and matching the consensus estimate from a Bloomberg survey as of 6:10 am ET.In company news, Meta Platforms (META) has agreed to pay a maximum of $16.68 billion to resolve claims brought by several US states that the tech giant used its platforms to "ensnare" youth and teens, according to a Wednesday filing in federal court. The consent agreement's injunctive relief also requires Meta to take several steps to regulate children's usage of its social media platforms, including daily limits and nighttime blocks. In a separate release, Meta said the agreement includes a payment of about $18 billion to be distributed in annual installments over a 10-year period. Plaintiff states will receive about $12.7 billion over the decade, while the remaining roughly 30%, or $5.3 billion, will be released if Alphabet's (GOOG, GOOGL) YouTube and TikTok "implement a one-hour Daily Limit, Night Mode, and Age assurance measures," and they each pay an amount equal to the 30% figure. Meta shares were up 2.1% around midday. Alphabet's Class C and Class A shares were down 1.1% and 1.2%, respectively.Victory Capital (VCTR) signed a definitive agreement to acquire First Eagle Investments from Genstar Capital and First Eagle employees for about $7 billion, Victory said Wednesday. Victory will pay about $4.4 billion in cash, $2 billion in newly issued shares and will assume $575 million of First Eagle's existing 7.25% senior secured notes due 2032, the company said. The deal is expected to close in Q1 2027, at which point Genstar will own a 14.6% stake in Victory, the company said. Victory Capital shares were up 6.3%.Intuit (INTU) reported fiscal Q4 adjusted earnings late Tuesday of $4.03 per diluted share, up from $2.75 a year earlier and above the FactSet consensus of $3.58. Fiscal Q4 revenue was $4.35 billion, up from $3.83 billion a year ago and above the FactSet consensus of $4.27 billion. For fiscal Q1, the company expects adjusted EPS of $2.44 to $2.48 on revenue of $4.29 billion to $4.31 billion. Analysts polled by FactSet expect $4.04 and $4.35 billion, respectively. For fiscal 2027, Intuit expects adjusted EPS of $22.88 to $23.12 on revenue of $23.28 billion to $23.51 billion. Analysts expect $27.34 and $23.70 billion, respectively. The company raised its quarterly dividend to $1.38 per share from $1.20, payable on Oct. 16. Intuit shares were down 4.5%.Boston Scientific (BSX) identified a cybersecurity incident that affected some of its IT systems and led to global disruptions in operations, the company said Wednesday in a regulatory filing. Boston Scientific shares were down 4.7%.Amazon (AMZN), Microsoft (MSFT) and Alphabet's Google are in talks with Chinese AI startup Moonshot AI over revenue-sharing deals for hosting Moonshot's Kimi K3 model, Reuters reported Wednesday, citing sources familiar with the matter. Separately, Amazon plans to expand fulfillment capacity, same-day delivery and its logistics network in Canada despite escalating trade tensions between the US and Canada, Business Insider reported Wednesday, citing internal company documents. Lastly, Amazon's AWS unit is acquiring DuckLabs, the Amsterdam-based company behind the open-source analytical database DuckDB, for an undisclosed sum, Amazon said. The deal is expected to close shortly, Amazon said. Shares of Amazon were down 0.6%, and Microsoft was up 0.7%.Price: $582.24, Change: $+12.19, Percent Change: +2.14%

$AMZN$BSX$GOOG$GOOGL$INTU$META$MSFT$NVDA$VCTR
Wire

Intuit's Forward Growth Expectations Reset Lower After Strong Fiscal 2026, Oppenheimer Says

Intuit (INTU) is facing lower fiscal 2027 and long-term growth expectations after a strong fiscal 2026, though Oppenheimer expects a gradual rebound, continued margin expansion and strong free cash flow.The company generates substantial free cash flow sufficient to finance internal investments and acquisitions, according to the note Wednesday.Oppenheimer lowered its fiscal 2027 earnings per share and revenue estimates to $23 and $23.4 billion from $27.39 and $24.02 billion previously.Intuit lowered its long-term revenue growth outlook for its Global Business Solutions segment and the Consumer segment growth outlook.The company could deliver a multi-year double-digit adjusted EPS compound annual growth rate through mid-single-digit Consumer segment revenue growth, double-digit revenue growth in its Global Business Solutions unit and a mid-30% adjusted operating margin, according to the note.Oppenheimer reiterated its outperform rating on the stock and cut its price target to $380 per share from $406.Price: $344.02, Change: $-13.45, Percent Change: -3.76%

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Wire

Intuit's Low-Cost Customer Push May Pressure Growth, BofA Says

Intuit (INTU) is planning to improve its underlying trends by focusing on customer acquisition actions through more free and low-cost offerings, which may pressure near-term growth and profitability, BofA Securities said Wednesday.Intuit's weak fiscal 2027 guidance reflects trends that appear misaligned with investor expectations. Rather than higher-value Assisted offerings driving growth, TurboTax is losing share to lower-cost AI-based alternatives, according to the note.Fiscal Q4 had several bright spots, as Assisted Tax, Money, and Mid-Market grew 34% collectively, accounting for 30% of revenue. The brokerage believes Intuit's value lies in its proprietary data, domain expertise, and human-assisted offerings, the note added.Management expects TurboTax growth of just 2.2%, compared with Street estimates of 6.8%, reflecting share loss to lower-cost AI alternatives and the impact of 2026 new customer weakness on 2027 upgrades, the brokerage said.Management also lowered its long-term growth target for Global Business Solutions to 10% to 15% from 15% to 20%, the brokerage added.BofA downgraded Intuit to Neutral from Buy and lowered its price target to $360 from $400.Price: $344.20, Change: $-13.26, Percent Change: -3.71%

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Wire

Intuit's 2027 Revenue Guide Reflects Pricing Strategy Reset, Morgan Stanley Says

Intuit's (INTU) lower-than-expected fiscal 2027 revenue guide is due to the company's efforts to rebuild customer growth and market share through lower do-it-yourself tax and low-end QuickBooks pricing, Desktop migration pressure, and a more balanced contribution from volume and mix, Morgan Stanley said in a Wednesday research report.The uncertainty remains whether lower entry pricing and elevated customer acquisition investment can help restore DIY tax and low-end QBO client growth without impairing the long-term growth algorithm, analysts wrote.The DIY growth model in TurboTax, which was built on pricing and upgrades, has become less effective, as lower-cost providers pressure the top-of-the-funnel, according to the note.Mounting efforts to reignite top-of-funnel growth should not overshadow the momentum Intuit is seeing upselling customers into higher-value offerings, Morgan Stanley stated.The brokerage said it reiterated its equal-weight rating on the stock and cut its price target to $315 per share from $335.Price: $342.46, Change: $-15.00, Percent Change: -4.20%

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Wire

Citigroup Adjusts Intuit Price Target to $416 From $457

Intuit (INTU) has an average rating of overweight and mean price target of $425.93, according to analysts polled by FactSet.Price: $347.04, Change: $-10.42, Percent Change: -2.92%

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Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Wednesday Amid Inflation Data Release

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1%, and the actively traded Invesco QQQ Trust (QQQ) was 0.3% lower in Wednesday's premarket activity as July PCE inflation came in above expectations.US stock futures were mixed, with S&P 500 Index futures down 0.1%, Dow Jones Industrial Average futures gaining 0.03%, and Nasdaq futures slipping 0.2% before the start of regular trading.Mortgage applications fell by 1% in the week ended Aug. 21, a reflection of slightly higher average 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.Personal income rose by 0.4% in July following June's 0.2% gain, larger than the expected 0.2% gain in a survey conducted by Bloomberg as of 6:10 am ET.New orders for US durable goods rose by 1.1% in July following an increase of 0.5% in the previous month, compared with the expectations for a smaller increase of 0.5% in a survey compiled by Bloomberg.Weekly crude oil stocks data will be released at 10:30 am ET.Richmond Fed President Tom Barkin is slated to speak on Wednesday.In premarket activity, bitcoin was down by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% lower, Ether ETF (EETH) advanced 0.03%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated 0.01%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.2%, the iShares US Technology ETF (IYW) was 0.3% lower, and the iShares Expanded Tech Sector ETF (IGM) was up 0.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 1.8% higher, while the iShares Semiconductor ETF (SOXX) declined by 0.1%.Intuit (INTU) shares were down more than 9% after the company's outlook for fiscal Q1 and fiscal 2027 missed analyst expectations.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.1%, the Vanguard Health Care Index Fund (VHT) advanced 0.8%, while the iShares US Healthcare ETF (IYH) declined 0.9%. The iShares Biotechnology ETF (IBB) was 0.1% higher.Summit Therapeutics (SMMT) stock was up more than 9% premarket after the company said late Tuesday its partner Akeso reported "positive" results from a phase 3 trial of ivonescimab plus chemotherapy, compared with durvalumab plus chemotherapy as a first-line treatment of advanced biliary tract cancer.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.03% lower.Trupanion (TRUP) shares were down 4% in premarket activity after Piper Sandler downgraded the company to neutral from overweight and cut its price target to $32 from $45.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.2%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 0.6%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.1% higher.JM Smucker (SJM) shares were up more than 3% pre-bell after the company reported higher fiscal Q1 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.6%, while the Vanguard Industrials Index Fund (VIS) was inactive and the iShares US Industrials ETF (IYJ) was flat.SFL (SFL) stock was up more than 2% before the opening bell after the company posted higher preliminary Q2 basic earnings and operating revenue.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.7%.Eni (E) stock was down more than 1% before market open after losing 2% in the prior session. The company said Tuesday it is working with project partners BP (BP) and Egyptian Petroleum to reach a final investment decision in a few months regarding the major gas discovery Denise West in Egypt's Temsah Concession. BP stock was 1.7% lower.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.5% to $80.32 per barrel on the New York Mercantile Exchange. Natural gas was up 2.5% at $2.84 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased 1.1%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for November were down by 0.3% at $4,682.80 an ounce on the Comex. Silver futures gained 0.2% to reach $69.60 an ounce. SPDR Gold Shares (GLD) decreased 1%, and the iShares Silver Trust (SLV) was 0.3% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BP$E$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$INTU$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RTH$SFL$SJM$SLV$SMMT$SOXX$SPY$TRUP$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Tech Stocks Decline Premarket Wednesday

Technology stocks were declining premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.8% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.4% lower.Intuit (INTU) shares were down more than 10% after the company set fiscal Q1 and 2027 guidance that fell short of analysts' estimates.Zoom Communications (ZM) stock was down more than 5% after the company issued fiscal Q3 non-GAAP earnings per share outlook below analysts' expectations.Photronics (PLAB) shares were up more than 22% after the company posted an increase in fiscal Q3 revenue.

$INTU$PLAB$XLK$XSD$ZM
Sectors

Sector Update: Tech

Technology stocks were declining premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.7%, and the State Street SPDR S&P Semiconductor ETF (XSD) 0.4% lower.Intuit (INTU) shares were down more than 10% after the company set fiscal Q1 and 2027 guidance that fell short of analysts' estimates.

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Asia Markets

Update: US Equity Futures Mostly Flat Pre-Bell as Traders Weigh Inflation Data, Await Nvidia Results

(Updates with economic data, recent oil price changes, world markets' overview, and corporate stock movements.)US equity futures were mostly flat pre-bell Wednesday as traders awaited a key inflation report and AI bellwether Nvidia's (NVDA) financial results.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were flat, and Nasdaq futures were 0.2% lower.President Donald Trump said that the US Navy has told him that all mines have been removed or detonated within the Strait of Hormuz. "There is a Zero Tolerance policy on mine placement in full force and effect," Trump said in a post on Truth Social.Nvidia is expected to report its fiscal Q2 earnings after the market closes. Analysts polled by FactSet expect earnings of $2.09 per share on revenue of $92.27 billion.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.3% at $85.25 per barrel and US West Texas Intermediate crude 2.5% lower at $80.27 per barrel.The July core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, released at 8:30 am ET, increased to 0.2% from a pace of 0.1% in the prior month and the expected 0.2% gain in estimates compiled by Bloomberg. Durable goods new orders rose 1.1% in July after a 0.5% gain in the prior month, compared with expectations for a 0.5% increase.Personal income rose by 0.4% in July following June's 0.2% gain, larger than the expected 0.2% gain. The second estimate for Q2 GDP came in at 1.5%, unchanged from the advance print and meeting expectations.Federal Reserve Richmond President Thomas Barkin is slated to speak on Wednesday.In other world markets, Japan's Nikkei closed 0.6% higher, Hong Kong's Hang Seng ended 0.6% higher, and China's Shanghai Composite finished 0.6% higher. Meanwhile, the UK's FTSE 100 was flat, and Germany's DAX index was 0.5% higher in Europe's early afternoon session.In equities, Intuit (INTU) shares fell 9.9% after the company's outlook for fiscal Q1 and the full financial year missed market expectations. Boston Scientific (BSX) stock was down 5.8% after the company said it has identified a cybersecurity incident that affected certain IT systems and led to global disruption in operations.On the winning side, Meta Platforms (META) shares rose 1.9% after Bloomberg reported that the company and 29 state attorneys general have discussed a potential settlement of a case in which the technology giant is accused of designing Facebook and Instagram to addict teenagers. Uber Technologies (UBER) stock was up 1.1% after multiple media outlets reported that the company is launching a new safety feature that allows linked parents and guardians to view a live video stream of their teenager's ride. Summit Therapeutics (SMMT) shares were 14% higher after the company said its partner Akeso reported "positive" results from a phase 3 trial of ivonescimab plus chemotherapy, compared with durvalumab plus chemotherapy as a first-line treatment of advanced biliary tract cancer.

Dow JonesNasdaq CompositeS&P 500$BSX$INTU$META$NVDA$SMMT$UBER
Equity Futures Mixed Pre-Bell Ahead of Key Inflation Report, Nvidia Earnings
US Markets

Equity Futures Mixed Pre-Bell Ahead of Key Inflation Report, Nvidia Earnings

The main US equity measures were mixed in premarket activity Wednesday as traders await a key inflation report and the latest financial results of tech bellwether Nvidia (NVDA).The Nasdaq was down 0.1%, the Dow Jones Industrial Average was up 0.1%, while the S&P 500 was little changed before the opening bell. The three indexes finished Tuesday trading higher, with the Dow rising for a third consecutive session.The personal income and outlays report for July is scheduled to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric, as well as data on consumer spending.Data are expected to show that core PCE -- which excludes food and energy prices -- increased 0.2% sequentially and 3.3% annually, according to a Bloomberg-compiled consensus.Treasury yields were mixed in premarket action, with the two-year rate retreating one basis point to 4.2% and the 10-year rate little changed at 4.64%.On Tuesday, Boston Fed President Susan Collins said the Fed may have to raise interest rates soon, unless inflation continues to cool.Markets are currently pricing in a 64% probability that the central bank will keep its benchmark rate steady next month, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.The second estimate report of the US second-quarter gross domestic product is also out at 8:30 am, along with the durable goods orders report for last month. Wednesday's economic calendar also has the weekly mortgage applications bulletin and weekly EIA domestic petroleum inventories report.Richmond Fed President Thomas Barkin is slated to speak at 11:45 am.Nvidia shares were up 0.4% pre-bell, following a 2.2% increase Tuesday. The chipmaking giant is scheduled to report its fiscal second-quarter results after the markets close Wednesday. The current consensus on FactSet is for non-GAAP earnings of $2.09 a share on revenue of $92.27 billion.In a recent note to clients, Morgan Stanley said Nvidia is expected to post strong second-quarter results, though investors are likely to focus more on its longer-term growth drivers.CrowdStrike (CRWD), Salesforce (CRM), Synopsys (SNPS), HP (HPQ) and Urban Outfitters (URBN) are also scheduled to report results in the after hours, while Williams-Sonoma (WSM), J.M. Smucker (SJM), Abercrombie & Fitch (ANF), Bath & Body Works (BBWI) and Kohl's (KSS) post before the bell, among others.West Texas Intermediate crude oil dropped 2.7% to $80.18 a barrel before the open, while Brent fell 3% to $85.97.The foreign ministers of Iran and Oman discussed a proposed framework Tuesday to establish "a joint temporary navigational corridor" through the Strait of Hormuz and implement a joint project to clear the crucial waterway of mines, news outlets reported. The two countries also reportedly agreed to continue technical talks for the future administration of the strait.Intuit (INTU) shares were down 9.8% pre-bell Wednesday after the tax and finance software maker overnight issued a soft fiscal 2027 outlook.Zoom Communications (ZM) fell 6.9% in premarket activity as the video communication platform late Tuesday provided a downbeat earnings outlook for its fiscal third quarter following a second-quarter beat.Gold fell 0.3% to $4,679 per troy ounce, while bitcoin dropped 0.7% to $78,340.

Dow JonesNasdaq CompositeS&P 500$ANF$BBWI$CRM$CRWD$HPQ$INTU$KSS$NVDA$SJM$SNPS$URBN$WSM$ZM
Asia Markets

Nvidia, Oil Outlooks Limit Wall Street Pre-Bell; Asia, Europe Up

Wall Street futures pointed modestly lower pre-bell Wednesday as traders weighed easing oil prices and awaited the after-bell earnings release from semiconductor and AI industry bellwether Nvidia (NVDA).In the futures, the S&P 500 fell 0.1%, the Nasdaq declined 0.1% and the Dow Jones was steady.West Texas Intermediate crude oil traded down 2.5% at $80.31 in morning hours.Traders also await the personal consumption expenditures-core (PCE-core) price index report for July from Washington, slated for an 8:30 am ET release. The Federal Reserve's preferred inflation gauge will be parsed for clues into how general inflation is faring, given higher energy bills.Asian exchanges traded mostly higher overnight, and European bourses edged north midday on the continent.Intuit (INTU) traded down 11% pre-bell after the software enterprise reported fiscal Q4 earnings and revenue above expectations, but offered tepid guidance late Tuesday.On the economic calendar, in addition to the PCE-core bulletin, is the durable goods orders report for July at 8:30 am ET, along with the revised Q2 gross domestic product (GDP) estimate, and the Q2 corporate profits release.The Atlanta Federal Reserve Survey of Business Uncertainty report for August is also scheduled for release later this morning, as well as the weekly EIA petroleum status bulletin set for 10:30 am.Federal Reserve Richmond President Thomas Barkin is slated to speak on Wednesday.In premarket action, Bitcoin traded at $78,623, and 10-year US Treasuries offered 4.64%. Spot gold commanded $4,620 an ounce.

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Research

JPMorgan Downgrades Intuit to Neutral From Overweight, Price Target is $331

Intuit (INTU) has an average rating of overweight and mean price target of $427.71, according to analysts polled by FactSet.

$INTU
Research

BofA Securities Downgrades Intuit to Neutral From Buy

Intuit (INTU) has an average rating of overweight and mean price target of $430.07, according to analysts polled by FactSet.

$INTU

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