Stock Market Midday, Aug. 26: Markets Muted as Investors Await Nvidia Earnings
As of 11:47 AM ET, the S&P 500 (SNPINDEX:^GSPC) is up 0.01% to 7,678, while the Nasdaq Composite (NASDAQINDEX:^IXIC) has fallen 0.12% to 26,117, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.18% lower at 53,480 as traders react to sticky inflation data.
Gold is down 0.61% to $4,608.72, while the 10-Year Treasury yield gained 0.017 to 4.67%. Energy and industrial stocks lead the sector gainers, and basic materials and healthcare trail.
Today's biggest moves
Meta Platforms whipsawed this morning following a $17 billion legal settlement. The stock initially popped before paring gains as markets digested the news. Abercrombie & Fitch soared an eye-watering 40% after beating earnings estimates and raising its full-year guidance. Meanwhile, Alibaba Group Holding erased some losses after plunging on news of a $10 billion share placement to fund artificial intelligence (AI) development.
What this means for investors
Today's July Personal Consumption Expenditures (PCE) inflation data was slightly higher than expected, which weighed on morning trading. Prices rose 3.7% in the 12 months to July, a touch above analyst estimates. Markets are particularly sensitive to anything that might make the Federal Reserve more likely to raise interest rates, as this can slow equity growth, and stubborn inflation falls under that category.
Today's biggest news hasn't happened yet: Traders are waiting for after-hours results from Nvidia, which could tell investors more about the sustainability of the AI boom and whether the massive capital outlay is justified. The company, often viewed as a bellwether for the whole AI ecosystem, may post over $100 billion in quarterly revenue for the first time, but that may not be enough to ease investor jitters.
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Emma Newbery has positions in CrowdStrike and Nvidia. The Motley Fool has positions in and recommends CrowdStrike, Meta Platforms, Nvidia, and Salesforce. The Motley Fool recommends Abercrombie & Fitch and Alibaba Group. The Motley Fool has a disclosure policy.
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