Nasdaq futures edged lower Wednesday, August 26, as Wall Street awaited July inflation data and quarterly earnings from Nvidia Corporation (NASDAQ: NVDA).
Economists surveyed by Dow Jones expect July PCE inflation to rise 0.1% month over month and 3.6% year over year. June PCE fell 0.1% from the previous month while increasing 3.7% from a year earlier.
Daniela Hathorn, senior market analyst at Capital.com, said softer inflation could support expectations that the Federal Reserve will avoid further tightening. She said a hotter reading could pressure equities while lifting bond yields and the US dollar.
Read: Nvidia Valuation Falls to 24x Ahead of August 26 Earnings
Investors are also awaiting Nvidia’s earnings report. Hathorn said markets will focus on data-centre demand, profit margins, next-generation chip supply and spending by major technology customers.
She added that Nvidia has become a broader gauge of investment in artificial intelligence infrastructure. US stocks closed higher Tuesday after technology shares rebounded, according to the supplied market update.
Read: SpaceX Revenue Forecast at 2,090%; Musk Sees More Growth
Separately, early Wednesday trading showed gold futures down 0.45% at USD 4,673.60 an ounce. West Texas Intermediate crude fell 2.61% to USD 80.21 a barrel, while Brent crude dropped 2.91% to USD 86.
