Major stock indexes showed mixed performance on Monday, with investors eagerly awaiting Nvidia’s earnings report and upcoming inflation data releases. One notable loser in early trading was Chinese retailer PDD, which experienced a significant drop in its stock price following disappointing earnings results.
After the opening bell, the Dow Jones Industrial Average saw a 0.5% increase, while the S&P 500 moved up by 0.1%. However, the Nasdaq composite dipped by 0.2% during early trading. Treasury yields decreased to 3.78%, and oil prices continued to rise, with West Texas Intermediate futures reaching around $77.25 per barrel.
The focus of the week will be Nvidia’s earnings report, scheduled for release on Wednesday, with Wall Street analysts anticipating earnings of 65 cents per share on revenue of $28.7 billion. Nvidia stock dropped slightly on Monday, as it forms a cup base with a buy point at 140.76.
A significant economic highlight expected for Friday is the release of the Federal Reserve’s core personal consumption expenditures (PCE) price index for July, which is projected to rise between 0.1% and 0.2%. This is expected to result in the 3-month annualized core inflation rate falling to 2% or below for the first time since December.
Another important earnings announcement on Monday was PDD, which experienced a sharp decline of over 26% after missing sales estimates. The company also warned of future revenue growth challenges due to increasing competition.
Overall, the stock market remains dynamic and full of opportunities for investors to explore. Keeping an eye on key earnings reports, economic data releases, and market trends is crucial for making informed investment decisions in the current environment.
