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Rallied as tech and semiconductor stocks jumped, with the Philadelphia Semiconductor Index climbing 5.4% amid the broad market rally.
Technology stocks were rising pre-bell Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1.9% and the State Street SPDR S&P Semiconductor ETF (XSD) 2.3% higher.Nvidia (NVDA) shares were up more than 5% after the chipmaker posted fiscal Q2 earnings and revenue that more than doubled from a year earlier, and issued a fiscal Q3 revenue forecast above analysts' expectations.
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mostly higher pre-bell Thursday as Nvidia's (NVDA) earnings and an upswing in semiconductor-related stocks lifted market sentiment.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.4%, and Nasdaq futures were 1% higher.Nvidia was up 6.2% after the company reported fiscal Q2 earnings and revenue late Wednesday that more than doubled from a year ago.The Trump administration is considering sweeping new tariffs on semiconductors that could extend to products containing chips, including laptops, gaming consoles and data center servers, Politico reported, citing unnamed sources familiar with the matter.Marvell Technology (MRVL) is expected to report its fiscal Q2 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $0.93 per share on revenue of $2.72 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.4% at $87.25 per barrel and US West Texas Intermediate crude 0.3% higher at $82.47 per barrel.The US advance international trade in goods deficit widened to $118.81 billion in July from $101.41 billion in June, compared with expectations to narrow to $100.5 billion in a survey compiled by Bloomberg. Initial jobless claims dropped to 203,000 in the week ended Aug. 22 from an upwardly revised 207,000 level in the previous week, compared with expectations for an increase to 208,000.The Federal Reserve's annual three-day Economic Policy Symposium in Wyoming begins in the morning, with Fed Chief Kevin Warsh slated to deliver keynote remarks on Friday.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 0.3% lower, and China's Shanghai Composite finished 1.1% higher. Meanwhile, the UK's FTSE 100 was down 0.4%, and Germany's DAX index was 0.4% higher in Europe's early afternoon session.In equities, stocks of Marvell Technology and Micron Technology (MU) were up 4% and 4.2%, respectively, as part of a wider rally in the semiconductor sector. CrowdStrike (CRWD) shares were up 9.5% after the company posted better-than-expected fiscal Q2 results and boosted its fiscal 2027 net new annual recurring revenue guidance. Salesforce (CRM) stock was 10% higher after the company reported late Wednesday higher fiscal Q2 financial results and raised its fiscal 2027 guidance.On the losing side, Moderna (MRNA) shares fell 3.5% after the company said it plans to offer $2 billion worth of convertible senior notes due 2032 in a private placement. HP (HPQ) stock was down 12% despite the company posting higher adjusted earnings and revenue for fiscal Q3 on late Wednesday.
US equity markets were mostly trending higher before the opening bell Thursday as traders digest Nvidia's (NVDA) latest financial results and prepare for Federal Reserve Chair Kevin Warsh's speech on Friday.The S&P 500 rose 0.4%, and the Nasdaq increased 1% in premarket activity, while the Dow Jones Industrial Average edged down 0.1%. The three main indexes finished the previous trading session lower, with the Dow snapping a three-day winning streak.Shares of Nvidia jumped 6.9% pre-bell as the tech bellwether's fiscal second-quarter results more than doubled from a year ago and topped Wall Street expectations amid record data center sales.CrowdStrike (CRWD) climbed 9.3% as the firm lifted its full-year net new annual recurring revenue outlook amid increasing demand for cybersecurity to address risks associated with the adoption of artificial intelligence. Salesforce (CRM) spiked 11% after raising its fiscal 2027 guidance.Dollar General (DG) shares gained nearly 13% after the discount retailer beat Wall Street estimates for the fiscal second quarter. Dollar Tree (DLTR) shares fell over 4% after the company's latest quarterly earnings.The Fed's annual economic policy Symposium at Jackson Hole, Wyoming, is set to kick off on Thursday, with Warsh scheduled to speak on Friday.Markets are currently pricing in a roughly 64% probability that the Federal Open Market Committee 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.Government data on Wednesday showed that US inflation accelerated sequentially in July, keeping the Fed's preferred gauge for price increases well above its 2% target, while consumer spending growth eased."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 Wednesday 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."Treasury yields were up in premarket action, with the two- and 10-year rates each inclining 0.6 basis points to 4.23% and 4.67%, respectively.Iran and Oman are working on finalizing a deal that will see both countries share control of the Strait of Hormuz, Reuters reported.Tehran's Islamic Revolutionary Guard Corps reportedly told state news agency Tasnim that the US is obstructing the Iran-Oman deal, according to a CNBC report. Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim bin Jaber Al Thani is reportedly traveling to Iran on Thursday as part of efforts to de-escalate tensions between Washington and Tehran.West Texas Intermediate crude oil dipped 0.1% to $82.17 a barrel before the open, while Brent nudged 0.4% higher to $88.18.Burlington Stores (BURL), Best Buy (BBY) and Hormel Foods (HRL) are scheduled to release their quarterly earnings before the bell, among others. Marvell Technology (MRVL), Workday (WDAY) and Ulta Beauty (ULTA) post their results after the markets close.Thursday's economic calendar has the international trade in goods data, as well as the retail and wholesale inventories reports, all for July, at 8:30 am ET, along with the weekly jobless claims bulletin. The Kansas City Fed manufacturing index for August is out at 11 am.Gold declined 0.6% to $4,654.79 per troy ounce, while bitcoin gained nearly 2% to $79,982.
US equity futures were mostly higher pre-bell Thursday as Nvidia's (NVDA) earnings and an upswing in semiconductor-related stocks lifted market sentiment.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.9% higher.Nvidia was up 5.9% after the company reported fiscal Q2 earnings and revenue late Wednesday that more than doubled from a year ago.The Trump administration is considering sweeping new tariffs on semiconductors that could extend to products containing chips, including laptops, gaming consoles and data center servers, Politico reported, citing unnamed sources familiar with the matter.Marvell Technology (MRVL) is expected to report its fiscal Q2 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $0.93 per share on revenue of $2.72 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.6% at $87.47 per barrel and US West Texas Intermediate crude 0.4% higher at $82.59 per barrel.The international trade in goods report for July, scheduled for release at 8:30 am ET, is expected to show the deficit narrowing to $100.5 billion from the revised value of $101.4 billion in the prior month, according to estimates compiled by Bloomberg. Initial jobless claims are projected to have increased to 208,000 in the week ended Aug. 22 from 206,000 in the previous week.The Federal Reserve's annual three-day Economic Policy Symposium in Wyoming begins in the morning, with Fed Chief Kevin Warsh slated to deliver keynote remarks on Friday.
Asian stock markets were mixed and relatively muted Thursday after US chip-colossus Nvidia (NVDA) overnight reported earnings above expectations, and as crude oil prices held steady.Hong Kong and Tokyo finished moderately in the red, while Shanghai gained ground. Other regional exchanges were mixed on the high side.Brent crude oil futures traded steadily during Asian market hours, near $87.10 a barrel.In Japan, the Nikkei 225 opened higher after Nvidia's solid earnings report but waffled thereafter, finishing off 0.2% lower as traders booked profits and awaited fresh catalysts.The benchmark Nikkei 225 fell 130.18 to 66,131.98, as losing issues outnumbered gainers 116 to 105.Leading the upside was memory-chip maker Kioxia, up 5%, while semiconductor-test equipment maker Advantest fell 3%.In Hong Kong, the Hang Seng Index opened lower and could not recover, closing down 0.3% as property issues weakened.The broad gauge Hang Seng fell 87.23 to 25,565.74 as losing issues outnumbered gainers 60 to 31. The Hang Seng TECH Index lost 0.1% on the day, while the Mainland Properties Index fell 1.2%.Leading the upside was Hansoh Pharmaceutical, gaining 16% after reporting quarterly results, while phone-maker Xiaomi declined 3.4%.On the mainland, the Shanghai Composite rose 1.1% to 3,956.57.On the other regional exchanges, the S. Korean KOSPI rose 1.5%; the Taiwan TWSE inclined 0.3%; the Australian ASX 200 declined 1%; the Singapore Straits Times Index fell 0.6%, and the Thai Set declined 0.1%. In late trading in Mumbai, the Sensex was down 0.7%.The MSCI All Country Asia Pacific Index rose 0.6% on the day.
Nvidia (NVDA) said in its Q2 earnings release that shipments of Data Center Hopper products to China during the quarter accounted for less than 1% of Data Center revenue.The company has not been able to sell the full amount of H200 chips permitted under a US government license due to objections from Chinese authorities, Bloomberg reported Thursday.Nvidia also took a $400 million charge over the past six months for excess H200 inventory amid weaker demand, Bloomberg added.Nvidia shares were up over 7% in premarket activity.Price: $225.69, Change: $+16.03, Percent Change: +7.65%
(Updates with index/price moves and geopolitical news from the first paragraph.)US equity indexes slipped while most government bond yields edged up after the Federal Reserve's preferred inflation gauge swung higher in July.The Dow Jones Industrial Average fell 0.2% to 53,463.88, the S&P 500 edged less than 0.1% lower to 7,675.70, and the Nasdaq Composite declined less than 0.1% to 26,130.20. Industrials topped gainers while health, communication services and consumer discretionary led decliners.The headline personal consumption expenditure price index rose 0.2%, following a 0.1% slide in June, the Bureau of Economic Analysis reported Wednesday. That's above the consensus for a 0.1% gain in a Bloomberg-compiled survey, keeping the annual headline rate at 3.7%, which also exceeded the expected 3.6% print. The Fed's preferred core measure, which excludes food and energy, climbed 0.2% in July, as expected. That's faster than the June print of 0.1%. The annual core gauge held steady at 3.3%, as projected.Most US Treasury yields rose, with the 10-year yield up one basis point to 4.65%.The probability of the Federal Reserve extending its policy pause to December stood at 27% late Wednesday, according to the FedWatch tool, almost unchanged from a day ago. Currently, there is a 45% chance of interest rates moving up by 25 basis points to a 3.75% to 4% target rate by December and a 24% likelihood of the fed funds rate being raised by 50 basis points to 4% to 4.25% by the end of this year.On Tuesday, Boston Fed President Susan Collins said the central bank may have to tighten its monetary policy soon, unless inflation continues to cool.US gross domestic product rose 1.5% in Q2, unrevised from the advance estimate released last month, as expected in a survey compiled by Bloomberg. GDP climbed 2.1% in Q1. New orders for US durable goods advanced 1.1% in July, up from 0.5% in June, versus expectations for 0.5% in a survey compiled by Bloomberg.In geopolitical news, the Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported. "Agreements have been reached regarding each country's share of the strait's waters as well as Iran and Oman's share of its revenues," Bloomberg cited the Islamic Revolutionary Guard Corps' spokesman Hossein Mohebbi on the state-run Sepah News agency.However, Reuters cited the IRGC as saying the strait would not open unless the US met Tehran's conditions under an interim ceasefire agreement that was struck in June before unravelling. Those conditions include an end to the US blockade on Iranian ports, compensation and removal of sanctions, the news outlet said."We have our own tools, and we also know the game," Iran's Economy Minister Ali Madanizadeh said while referring to Tehran's experience circumventing US sanctions, according to a report from Al Jazeera, a Middle Eastern broadcaster. Tehran could potentially "go on the offensive" and was confident that many countries would effectively reject US President Donald Trump's threats to cut off all links with Iran, he added.The front-month US West Texas Intermediate crude oil contract retreated 0.7% to $81.82 per barrel, and global benchmark North Sea Brent declined 1.4% to $87.38 per barrel.In company news, Truist downgraded Nike (NKE) to hold from buy while adjusting its price target to $42 from $47. Shares of the sports footwear and apparel retailer were down 2.3%.Meta Platforms (META) has agreed to pay up to $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 federal court filing.
Nvidia's (NVDA) fiscal second-quarter results more than doubled from a year ago and topped Wall Street expectations amid record data center sales.The technology bellwether's revenue climbed 106% annually to $96.22 billion, exceeding the consensus on FactSet indicating $92.27 billion. Adjusted per-share earnings increased to $2.22 in the three months ended July 26 from $1.01 a year earlier. Analysts expected $2.11.Data center revenue jumped 117% to a record $89.02 billion, driven by its Blackwell Ultra graphics processing unit infrastructure, Chief Financial Officer Colette Kress said. Consensus pointed to $86.30 billion in data center sales."AI has reached its inflection point. It's doing useful work. Its tokens are productive and profitable. Now, compute is revenue," Chief Executive Jensen Huang said in a statement. "The AI infrastructure buildout is at full steam. Vera Rubin, now in full production, was built to power exactly this moment."Vera Rubin is Nvidia's next-generation AI supercomputing platform.Hyperscale revenue rallied 102% from the prior-year quarter, while the AI cloud, industrial and enterprise segment surged 138%."Nvidia has become both the largest direct beneficiary and one of the best real-time indicators of AI infrastructure investment," Ivan Feinseth, chief market strategist at Tigress Financial Intelligence, said in a note to clients this week.For the fiscal third quarter, the company expects consolidated revenue of $108 billion, plus or minus 2%. Wall Street expects $104.86 billion.Wedbush Analyst Matt Bryson expected Nvidia's third-quarter revenue guidance to top expectations, according to a note sent to clients ahead of Wednesday's release. Bryson reiterated his outperform rating and a $330 price target on the company."We again expect (Nvidia) to exceed its guidance and to guide October above Street, given a strong hyperscale spending backdrop that firmed further through (second-quarter) earnings, and a supply position we continue to view as the best in the industry at a point where component and material access, not end demand, is defining shipments," the analyst said.The chipmaker's stock slipped 0.3% in after-hours trading, and had gained about 12% this year through Wednesday close.Earlier in August, Nvidia said it partnered with six major financial institutions to launch compute financing platforms aimed at raising over $500 billion in third-party capital to support its AI infrastructure. Those six firms are Apollo (APO), BlackRock (BLK), Blackstone (BX), Brookfield (BAM), Goldman Sachs (GS) and KKR (KKR).Previously, Nvidia agreed to expand its partnership with South Korean conglomerate SK Group with a more than $500 billion AI infrastructure initiative.In August, chipmaker Advanced Micro Devices (AMD) posted fiscal second-quarter results that beat estimates and issued third-quarter revenue guidance above Wall Street's views.Intel's (INTC) second-quarter results topped analysts' consensus in July. Semiconductor manufacturer Broadcom (AVGO) is scheduled to report fiscal third-quarter results Sept. 2.
(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.
US equity indexes ended lower Wednesday as most government bond yields rose after the Federal Reserve's preferred inflation gauge rose and investors awaited Nvidia's (NVDA) quarterly earnings.* The personal consumption expenditure price index rose by 0.2%, following a 0.1% decline in June, the Bureau of Economic Analysis said Wednesday. That's above the consensus for a 0.1% gain in a Bloomberg-compiled survey.* The Fed's preferred core measure, which excludes food and energy, climbed 0.2% in July, as expected. That's faster than the June print of 0.1%. The annual core gauge held steady at 3.3%, as projected.* US economic growth, measured by gross domestic product, rose by 1.5% in Q2, unrevised from the advance estimate released last month, as expected in a survey compiled by Bloomberg. GDP rose by 2.1% in Q1.* October West Texas Intermediate crude oil fell $0.40 to settle at $81.96 per barrel, while October Brent crude, the global benchmark, was last seen down $1.13 at $87.45.* Western Digital (WDC) shares were up roughly 4%, the second-best performer on the Nasdaq, after the company said Wednesday it executed private transactions to swap roughly $191 million of its 3% convertible senior notes maturing in 2028 for a mix of cash and stock.* GoDaddy (GDDY) shares were down about 4.3%, the third-worst performer on the S&P 500, after Wells Fargo downgraded the stock to underweight from equalweight and lowered its price target to $76 per share from $80.
(Updates with index/price moves and geopolitical news from the first paragraph.)US equity indexes traded mixed while most government bond yields rose after the Federal Reserve's preferred inflation gauge accelerated in July and as investors awaited AI bellwether Nvidia's (NVDA) quarterly earnings.The Dow Jones Industrial Average edged 0.1% lower to 53,501.1 ahead of Wednesday's close. The S&P 500 clawed up 0.1% to 7,684.1, and the Nasdaq Composite was steady at 26,157.8.In economic news, the headline personal consumption expenditure price index rose by 0.2%, following a 0.1% decline in June, the Bureau of Economic Analysis reported Wednesday. That's above the consensus for a 0.1% gain in a Bloomberg-compiled survey, keeping the annual headline rate at 3.7%, which also exceeded the expected 3.6% print.The Fed's preferred core measure, which excludes food and energy, climbed 0.2% in July, as expected. That's faster than the June print of 0.1%. The annual core gauge held steady at 3.3%, as projected.Most US Treasury yields rose, with the 10-year yield up 2.1 basis points to 4.66% and the two-year climbed two basis points to 4.22%.In geopolitical news, the Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported. "Agreements have been reached regarding each country's share of the strait's waters as well as Iran and Oman's share of its revenues," Bloomberg cited the Islamic Revolutionary Guard Corps' spokesman Hossein Mohebbi on the state-run Sepah News agency.However, Reuters cited the IRGC as saying the strait would not open unless the US met Tehran's conditions under an interim ceasefire agreement that was struck in June before unravelling. Those conditions include an end to the US blockade on Iranian ports, compensation and removal of sanctions, the news outlet said."We have our own tools, and we also know the game," Iran's Economy Minister Ali Madanizadeh said while referring to Tehran's experience circumventing US sanctions, according to a report from Al Jazeera, a Middle Eastern broadcaster. Tehran could potentially "go on the offensive" and was confident that many countries would effectively reject US President Donald Trump's threats to cut off all links with Iran, he added.The front-month US West Texas Intermediate crude oil contract slipped 0.5% to $81.96 per barrel, and global benchmark North Sea Brent declined 1.3% to $87.45 per barrel.
(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.
(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes fell while most government bond yields rose after the Federal Reserve's preferred inflation gauge accelerated sequentially in July and as investors awaited AI bellwether Nvidia's (NVDA) quarterly earnings after the bell.The Nasdaq Composite declined 0.2% to 26,074.5, the Dow Jones Industrial Average fell 0.3% to 53,442.1 and the S&P 500 edged 0.1% lower to 7,670.6 after midday Wednesday. Industrials and energy topped gainers while consumer discretionary and communication services led decliners.In economic news, the headline personal consumption expenditure price index rose by 0.2%, following a 0.1% decline in June, the Bureau of Economic Analysis reported Wednesday. That's above the consensus for a 0.1% gain in a Bloomberg-compiled survey, keeping the annual headline rate at 3.7%, which also exceeded the expected 3.6% print.The Fed's preferred core measure, which excludes food and energy, climbed 0.2% in July, as expected. That's faster than the June print of 0.1%. The annual core gauge held steady at 3.3%, as projected.The probability of the Federal Reserve extending its policy pause to December stood at 28% by Wednesday afternoon, according to the FedWatch tool, almost unchanged from a day ago. Currently, there is a 45% chance of interest rates moving up by 25 basis points to a 3.75% to 4% target rate by December and a 24% likelihood of the fed funds rate being raised by 50 basis points to 4% to 4.25% by the end of this year.On Tuesday, Boston Fed President Susan Collins said the central bank may have to tighten its monetary policy soon, unless inflation continues to cool.Most US Treasury yields rose. The 10-year yield rose 2.5 basis points to 4.66% and the two-year climbed 2.2 basis points to 4.23%.US economic growth, measured by gross domestic product, rose by 1.5% in Q2, unrevised from the advance estimate released last month, as expected in a survey compiled by Bloomberg. GDP rose by 2.1% in Q1. New orders for US durable goods rose 1.1% in July, up from 0.5% in the previous month, compared with expectations of a smaller increase of 0.5% in a survey compiled by Bloomberg.In geopolitical news, the Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported."Agreements have been reached regarding each country's share of the strait's waters as well as Iran and Oman's share of its revenues," Bloomberg cited the Islamic Revolutionary Guard Corps' spokesman Hossein Mohebbi on Wednesday as telling the state-run Sepah News agency.Reuters cited the IRGC as saying the strait would not open unless the US met Tehran's conditions under an interim ceasefire agreement that was struck in June before unravelling. Those conditions include an end to the US blockade on Iranian ports, compensation and removal of sanctions, the news outlet said.The front-month US West Texas Intermediate crude oil contract gained 0.5% to $82.76 per barrel, and global benchmark North Sea Brent rose 0.1% to $88.68 per barrel.In company news, Truist downgraded Nike (NKE) to hold from buy while adjusting its price target to $42 from $47. Shares of the sports footwear and apparel retailer were down 2.1%, the Dow's steepest decline.Meta Platforms (META) has agreed to pay up to $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 federal court filing.
(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes fell while most government bond yields rose after the Federal Reserve's preferred inflation gauge accelerated sequentially in July and as investors awaited Nvidia's (NVDA) quarterly earnings post-bell.The Nasdaq Composite slipped 0.2% to 26,101.2, the Dow Jones Industrial Average fell 0.3% to 53,439.5 and the S&P 500 edged 0.1% lower to 7,667.3 after midday Wednesday. Energy and industrials topped gainers while consumer discretionary and communication services led decliners.In economic news, the headline personal consumption expenditure price index rose by 0.2% in July, following a 0.1% decline in the prior month, the Bureau of Economic Analysis reported Wednesday. That's above the consensus for a 0.1% gain in a Bloomberg-compiled survey, keeping the annual headline rate at 3.7%, which also exceeded the expected 3.6% print.The Fed's preferred core measure, which excludes food and energy, climbed 0.2%, as expected. That's faster than the June print of 0.1%. The annual core gauge held steady at 3.3%, as projected.Most US Treasury yields rose. The 10-year yield rose 1.5 basis points to 4.65% and the two-year climbed 1.2 basis points to 4.22%.The Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported."Agreements have been reached regarding each country's share of the strait's waters as well as Iran and Oman's share of its revenues," Bloomberg cited the Islamic Revolutionary Guard Corps' spokesman Hossein Mohebbi on Wednesday as telling the state-run Sepah News agency.The front-month US West Texas Intermediate crude oil contract gained 0.9% to $83.08 per barrel, and global benchmark North Sea Brent rose 0.5% to $89.05 per barrel.
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%
(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.
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 0.1% 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 2.2% at $85.39 per barrel and US West Texas Intermediate crude 2.4% lower at $80.37 per barrel.The July core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, scheduled for release at 8:30 am ET, is expected to increase 0.2%, compared with the prior month's gain of 0.1%, according to estimates compiled by Bloomberg. The July durable goods orders report is expected to show a 0.5% increase, the same rate as the prior month.Personal income for July is seen rising by 0.2%, the same gain as the previous month. The second estimate for Q2 GDP is seen coming in at 1.5%, unchanged from the advance print.Federal Reserve Richmond President Thomas Barkin is slated to speak on Wednesday.
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.
European bourses tracked largely sideways midday Wednesday as traders mulled media reports of a possible Oman-Iran deal to open the Strait Hormuz, and took positions ahead of the pending bellwether earnings report from semiconductor-industry colossus Nvidia (NVDA).Bank stocks led gains on continental trading floors, while oil and tech shares lagged.Investors also eyed muted Wall Street futures, but higher closes overnight on Asian exchanges.Front-month North Sea Brent crude-oil futures were down 2.6% at $85.03 a barrel in midday action.The pan-continental Stoxx Europe 600 Index was up 0.1% mid-session.The Stoxx Europe 600 Technology Index was down 0.8%, but the Stoxx 600 Banks Index gained 0.6%.The Stoxx Europe 600 Oil and Gas Index eased 1.6%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.4%.The REITE, a European REIT index, fell 0.3%.On the national market indexes, Germany's DAX was up 0.1%, and the FTSE 100 in London lost 0.1%. The CAC 40 in Paris was up 0.4%, and Spain's IBEX 35 lifted 0.2%.Yields on benchmark 10-year German bonds were higher, near 3.21%.The Euro Stoxx 50 volatility index was down 0.2% at 16.06, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.
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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