Stock Market Today: Dow off 100 points, S&P 500 flat and Nasdaq lower as bond yields rise; PCE inflation data ticks higher in July and investors await Nvidia earnings

Live updates

1. 20d ago

   Dow Slips and Markets Drift as July Core PCE Inflation Hits 3.3%

   The Dow fell 100 points and the Nasdaq declined as investors reacted to July inflation data and anticipated Nvidia earnings. Core prices rose 3.3% annually in July according to the Federal Reserve's preferred inflation gauge. While stock futures initially held steady, the market struggled for direction following the reading. Brent crude dropped to $85 and Asian stocks were positioned for gains amid falling oil prices. Investors are now focusing on upcoming reports from Nvidia, Salesforce, and CrowdStrike to determine the next move for tech equities.

   Why it matters

   The PCE price index is the primary metric the Federal Reserve uses to guide interest rate decisions. Continued price pressures and elevated energy costs are complicating the outlook for inflation. Ongoing trade disputes and conflict in Iran are cited as factors keeping inflation elevated.

   What is confirmed

   • Core prices rose 3.3% annually in July according to the Fed's preferred inflation gauge.
   • Brent crude oil prices dropped to $85.
   • Nvidia, Salesforce, and CrowdStrike are scheduled to report earnings after the market close.
   • The Dow fell 100 points while the Nasdaq moved lower.

   Still unconfirmed

   • Consumers reduced spending in July due to continuing price pressures.

   What to watch next

   • Nvidia Q2 earnings report
   • Jackson Hole symposium results
   Sources used for this update (19)

   1. WSJ — Opinion | Let the Bond Market Speak
   2. CNBC — Stock futures are little changed as traders await key inflation report, Nvidia earnings: Live updates
   3. Axios — Treasury bonds are becoming less special
   4. Bloomberg.com — Asian Stocks Set to Gain as Oil Extends Declines: Markets Wrap
   5. MarketWatch — Stock Market Today: Dow, S&P 500 and Nasdaq set for steady start ahead of PCE inflation data as Nvidia, Salesforce and CrowdStrike to report after close
   6. Yahoo Finance — Stock market today: Dow, S&P 500, Nasdaq futures hold steady ahead of inflation data, Nvidia earnings
   7. WSJ — Stock Market Today: Brent Crude Drops to $85, Investors Await Nvidia Earnings — Live Updates
   8. Yahoo Finance — Explainer-Why the bond market may be resetting expectations about the US
   9. Reuters — Wall St futures subdued as Nvidia results, inflation take center stage
   10. CNBC — Fed’s preferred inflation gauge shows core prices rose 3.3% annually in July
   11. CNN — Consumers pulled back on spending in July in the face of continuing price pressures | CNN Business
   12. The New York Times — Inflation Remains Elevated as Energy Costs Push on Prices
   confidence 90%