Weekly Market Update: September 3, 2024
09/03/24
Nvidia Earnings and PCE Data Occupy Investors’ Attention
The final week of August contained two much anticipated releases – Nvidia’s earnings and PCE inflation and spending data. Nvidia reported another quarter of eye-watering growth with quarterly revenue up 122% year-over-year. Despite strong results, numbers fell short of lofty market expectations and the stock declined 6% the following day. Core PCE inflation, the Fed’s preferred measure, rose at a 2.6% YoY rate in July, slightly lower than expected. The modest inflation reading provides further cover for the Fed to lower rates at their September meeting. The market-implied consensus is for a 25 basis point reduction in the benchmark interest rate.
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