Dow closes down 113 points as PCE beats expectations, awaiting Nvidia earnings

Macro
โดย HoonSmart·US·Read original
Summary · why it matters

All three major U.S. stock indices closed lower, with the Dow falling 113.52 points, or 0.21%, to 53,463.88, after the Personal Consumption Expenditures (PCE) price index came in higher than expected. Investors held back trading ahead of Nvidia's earnings, the AI industry leader, due after the close. The S&P 500 closed at 7,675.70, down 0.02%, and the Nasdaq closed at 26,130.20, down 0.08%. The Commerce Department reported that the overall PCE index rose 3.7% year-over-year in July, above the 3.6% analysts had forecast, while the core PCE index rose 3.3%, in line with expectations. The data increased market expectations that the Fed may raise interest rates at its September meeting, with CME FedWatch indicating a 38.1% probability. Nvidia shares fell 1.6% ahead of its earnings release, while Meta rose 1% after reaching a settlement of up to $18 billion in a lawsuit over harm to young users. CrowdStrike gained 2% ahead of its second-quarter results. Healthcare stocks fell the most, down 1%, with Moderna down 5.8% and Intuit down 3.2% after issuing weaker revenue guidance. J.M. Smucker rose 4.3% after forecasting a smaller-than-expected sales decline. On other economic data, durable goods orders rose 1.1% in July, above expectations, and second-quarter GDP grew 1.5%, unchanged from the initial estimate. European stocks were flat, with the STOXX 600 closing at 656.41, down 0.01%, while the FTSE 100 fell 0.07%, but the CAC-40 rose 0.27% and the DAX rose 0.08%. Investors are watching talks between Iran and Oman over the Strait of Hormuz, a route for up to a fifth of the world's oil and gas. European bank stocks led gains, up 1%, with Deutsche Bank surging 4.3% to its highest level since 2011, and Commerzbank up 2.8% after reports that Germany's finance minister plans to discuss a potential acquisition of Commerzbank with UniCredit's CEO. Sources said the ECB is ready to raise interest rates in September to counter the impact of the war in Iran. WTI crude oil fell 0.16% to close at $82.23 per barrel, and Brent fell 0.84% to close at $87.84 per barrel.

Impact on stocks 9

Financials▲ · 3 stocks
Commerzbank AG
CBK
▲ PositiveCapitalrelevance

Rises on report Germany's finance minister plans to discuss bank consolidation.

Consumer Staples▲ · 1 stocks
Artificial Intelligence▼ · 1 stocks
NVIDIA Corporation
NVDA
▼ NegativeCapitalrelevance

Nvidia shares fell 1.6% ahead of its earnings release, with investors awaiting results.

Cloud & Digital Infrastructure▼ · 1 stocks
Intuit Inc
INTU
▼ NegativeCapitalrelevance

Intuit fell 3.2% after issuing weaker revenue guidance.

Spatial Computing / AR/VR▲ · 1 stocks
Meta Platforms Inc.
META
▲ PositiveRegulationrelevance

Meta rose 1% after reaching a settlement of up to $18 billion in a lawsuit over harm to young users.

Biotech & Genomic Medicine▼ · 1 stocks
Moderna Inc
MRNA
▼ Negativerelevance

Moderna fell 5.8% as healthcare stocks fell the most, down 1%.

Cybersecurity & Digital Trust▲ · 1 stocks
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