29/08/2024 Daily Reports
The US dollar stabilized on Thursday, recovering from recent losses as traders focus on the upcoming core personal consumption expenditures (PCE) price index release, the Federal Reserve’s preferred inflation gauge. The PCE data, due Friday, could provide crucial insights into future rate decisions.
Despite a quiet week in terms of major economic data, the dollar held on to gains from the previous session, with analysts attributing the rise to month-end demand. The euro and sterling both edged lower from recent highs, while the Australian dollar also retreated.
Markets have already priced in a 25-basis-point rate cut from the Fed next month, with some even considering the possibility of a 50bp reduction. This sentiment was bolstered by Fed Chair Jerome Powell’s recent comments at Jackson Hole, where he hinted at potential rate cuts.
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US Stock Futures Drop After Nvidia’s Revenue Forecast Misses High Expectations
US stock futures declined following Nvidia’s revenue forecast, which fell short of the highest analyst expectations, raising concerns about the sustainability of the artificial intelligence boom.
Nasdaq 100 futures dropped 0.6%, and S&P 500 futures fell 0.3%, with semiconductor-related stocks dragging down Asian equities.
Nvidia’s shares fell over 8% in post-market trading, impacted by production issues with its new Blackwell chips.
While the results disappointed some investors, analysts suggest the slower growth is due to difficult comparisons, and Nvidia’s management remains optimistic about future revenue.
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