U.S. stock futures were flat Wednesday morning as markets braced for two closely watched events: the release of July's personal consumption expenditures price index and Nvidia's second-quarter earnings report after the closing bell.
S&P 500 futures edged down 0.1% and Nasdaq-100 futures slipped 0.2%; Dow Jones Industrial Average futures were up 6 points, equivalent to a 0.01% gain. Tuesday's session extended the Dow's winning streak to three straight sessions, with the index rising 160.24 points, or 0.3%. Both benchmarks closed higher Tuesday, with the S&P 500 up 0.3% and the Nasdaq Composite finishing 0.7% ahead, each benefiting from retreating bond yields and weaker oil prices.
The PCE price index — the Federal Reserve's preferred measure of inflation — is set for release at 8:30 a.m. ET. Economists expect a 0.1% rise month-over-month and a 3.6% year-over-year increase for July, according to CNBC. That would mark a slight improvement from June, when prices rose 3.7% on an annual basis and fell 0.1% on a monthly basis.
The report arrives as bond markets remain in focus. The 10-year Treasury yield gave back nearly 8 basis points on Tuesday, reversing some of the climb that had pushed the 30-year bond rate to its highest mark in close to two decades last week.
Nvidia is set to report after the close alongside Salesforce and CrowdStrike. ******* ysts polled by FactSet, as compiled by CNBC, forecast Nvidia will post $2.09 per share in earnings on revenue of $92.28 billion. Nvidia's valuation has crossed the $5 trillion threshold, making it the S&P 500's top constituent, and investors are looking to its quarterly figures for clues about the direction of equities more broadly.
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S&P 500 futures edged down 0.1% and Nasdaq-100 futures slipped 0.2%; Dow Jones Industrial Average futures were up 6 points, equivalent to a 0.01% gain. Tuesday's session extended the Dow's winning streak to three straight sessions, with the index rising 160.24 points, or 0.3%. Both benchmarks closed higher Tuesday, with the S&P 500 up 0.3% and the Nasdaq Composite finishing 0.7% ahead, each benefiting from retreating bond yields and weaker oil prices.
The PCE price index — the Federal Reserve's preferred measure of inflation — is set for release at 8:30 a.m. ET. Economists expect a 0.1% rise month-over-month and a 3.6% year-over-year increase for July, according to CNBC. That would mark a slight improvement from June, when prices rose 3.7% on an annual basis and fell 0.1% on a monthly basis.
The report arrives as bond markets remain in focus. The 10-year Treasury yield gave back nearly 8 basis points on Tuesday, reversing some of the climb that had pushed the 30-year bond rate to its highest mark in close to two decades last week.
Nvidia is set to report after the close alongside Salesforce and CrowdStrike. ******* ysts polled by FactSet, as compiled by CNBC, forecast Nvidia will post $2.09 per share in earnings on revenue of $92.28 billion. Nvidia's valuation has crossed the $5 trillion threshold, making it the S&P 500's top constituent, and investors are looking to its quarterly figures for clues about the direction of equities more broadly.
#NASDAQ
2 months ago
