The stock market displays caution while awaiting Nvidia’s report, which could significantly impact indices and stock prices.
Market Awaits Nvidia Report
The S&P 500 surged 0.2% on Wednesday as Wall Street waited for Nvidia Corporation’s earnings report, a key moment for this year’s stock rally. Nvidia, now the largest stock in the index with roughly 8% weight, barely moved during the session, but traders held their positions tight. The Nasdaq Composite rose 0.1%, and the Dow Jones Industrial Average added 135 points, or 0.3%. The trading day was calm on the surface, but the pressure underneath was real.
Euro and Dollar Fluctuations
On Wednesday, the euro fell to a three-week low. Traders in Europe said month-end flows pushed up the U.S. dollar, which led to the euro’s decline. Despite concerns about a possible confidence vote in France that could lead to government collapse, the euro held relatively steady.
Metals and Anticipation of Fresh Data
Investors are now watching for fresh data, with GDP numbers expected on Thursday and the Personal Consumption Expenditures (PCE) price index to follow on Friday. Economists expect the PCE to rise 2.6% in July, the same as in June, which could confirm or challenge expectations for a rate cut. Other metals traded lower, but the market shows no signs of panic.
Financial markets remain in a state of anticipation surrounding crucial reporting and data, creating conditions for potential fluctuations from traders.
