Core PCE inflation is forecast at 2.9% today. A hot print could cap Fed easing while a softer read may lift US stocks and support rate cut hopes.
Wall Street expected Nvidia, the world's most-valuable company, to deliver record results after Wednesday's close.
The U.S. stock market faces a Big Tech test this week.
Tech, consumer and industrial companies, and utilities have powered the index higher. They could keep gaining for a while.
“If you follow what is being said in mainstream and social media, you have seen an abundance of reasons why the stock market is due for a pullback, ranging from indicators meant to be precise in timing (seasonality), to those that have a long history of being imprecise in timing (valuations)
Nvidia earnings and PCE inflation data could drive major S&P 500 moves as traders brace for volatility and reassess tech stocks and valuations this week.
The S&P 500 ended its five-day losing streak on Friday, posting its largest daily gain in nearly three months after the Jackson Hole rally. The index finished the week up 0.3%, its fifth weekly gain in the past six weeks.
Strategy now meets all of the technical requirements for inclusion in the S&P 500, following new accounting rules that allow the recognition of Bitcoin appreciation in the income statement. A possible announcement could come in late August or early September. If approved, more than $7.7 billion in inflows would go into the company, representing 8.5% of its float-adjusted market cap. Coincidentally, another $7.7 billion of MSTR stock is held short; covering could provide an additional tailwind that will amplify the impact of the index fund inflows.
Big Tech is dragging down the S&P 500, even as the broader universe of stocks in the index has been holding up so far this week.
Broad-based index now about 1.5% below record high; Walmart slips.
Margin debt is the amount of money an investor borrows from their broker via a margin account. Trading with a margin debt can magnify gains.
Strategist Tom Lee is raising his sights on the stock market — if two key conditions are met.