Overview
The U.S. stock market closed higher today, supported by Nvidia's positive earnings report and solid economic data. Major tech stocks showed strength, with the S&P 500 reaching a record high.
| Nasdaq Composite | S&P 500 |
| Dow Jones Industrial Average | 1 South Korean won equals |
Major News Story
Nvidia's stock surged after reporting second-quarter earnings that exceeded market expectations, with a 56% revenue increase. The U.S. economy also showed strength as Q2 GDP grew by 3.3%, surpassing initial estimates. A reduction in weekly jobless claims added to the positive economic signals.
Tomorrow's Economic Indicators
| Time | Indicator |
|---|---|
| 8:30 PM | U.S. July PCE Price Index |
| 8:30 PM | U.S. July Wholesale Inventories |
| 8:45 PM | U.S. August Chicago PMI |
| 11:00 PM | U.S. August Michigan Consumer Sentiment Index |
| 11:00 PM | U.S. August Michigan Expected Inflation |
| TBD | U.S. Baker Hughes Total Rig Count |
General Opinion
This week's strong economic indicators and Nvidia's robust earnings have injected positive momentum into the market. However, the upcoming release of the July PCE index on Friday has garnered significant attention. Should the figures exceed expectations, it could heighten expectations for rate cuts, although there remains potential for market volatility due to inflation concerns.
