The U.S. stock market declined as attention turned to the quarterly earnings announcement of semiconductor giant Nvidia, scheduled for after the close. Image taken in January 2021 (2024 Reuters/Mike Segar)
Nvidia fell by 2.1%. Its year-to-date gain stands at 154%.
Keith Buchanan, Senior Portfolio Manager at Globalt Investments, stated, “No one knows how long Nvidia’s unexpectedly high forecasts will continue, but obviously, they cannot last forever.”
According to the CME Group’s FedWatch, the market currently predicts a 64% chance that the Federal Reserve will cut rates by 25 basis points (bps) in September, and a 37% chance of a 50 bps cut.
The personal consumption expenditures (PCE) report for July, scheduled for release on the 30th, could provide further clues regarding the Fed’s rate-cutting path.
The total volume on U.S. exchanges was 9.9 billion shares. The average over the last 20 trading days is 11.7 billion shares.
Preliminary figures based on LSEG data. There may be discrepancies in day-over-day comparisons.
※ U.S. stock market
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