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Happy Tuesday. Stock futures were climbing Tuesday as Wall Street prepared for the release of chipmaking giant Nvidia’s (NVDA) quarterly results, along with a key inflation report and the Federal Reserve’s annual symposium.
The personal consumption expenditures price index for July is scheduled to be released Wednesday. In addition, Federal Reserve Chairman Kevin Warsh is expected to deliver a speech at the Fed’s annual event in Jackson Hole, Wyoming.
Stocks finished mixed Monday, with the Dow Jones Industrial Average rising slightly while the S&P 500 and Nasdaq Composite fell amid losses in technology shares and renewed trade concerns.
“Wall Street dipped as tech stocks slipped ahead of Nvidia results on Wednesday, along with looming US inflation data and the all-important Jackson Hole Symposium at the end of the week,” said Kyle Rodda, senior financial market analyst at Capital.com.
Nvidia reportedly informed customers that it would raise server prices, and Rodda said that this “weighed on sentiment towards tech firms as niggling doubts persist about rising costs, eroded margins, weaker profitability and lower return on investment.”
“The news narrowed the focus and sobered the minds of market participants looking for a good story about the AI trade in Nvidia’s quarterly results,” he said.
“Meanwhile, the path forward for Wall Street may still end up being a derivative of the path forward for rates, clarity about which market participants will hope to glean from the Jackson Hole Symposium.”