As August draws to a close, investors are bracing for a week packed with significant economic data and earnings reports, headlined by Nvidia's highly anticipated results. The market's recent rebound will be put to the test, with major indices hovering near record highs following Federal Reserve Chair Jerome Powell's indication that interest rate cuts are on the horizon.
What This Means for Investors:
1. Potential for volatility: With Nvidia's earnings and key economic data on tap, investors should prepare for possible market swings.
2. Rate cut anticipation: The market is pricing in four 0.25% rate cuts by the end of 2024, which could boost equities if realized.
3. Tech sector focus: The performance of the "Magnificent Seven" tech stocks, including Nvidia, will likely drive overall market sentiment.
4. Inflation watch: Friday's PCE data will be crucial in assessing the Fed's next moves and could impact various asset classes.
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Key Events by Day:
Monday:
• Durable goods orders data
• Dallas Fed manufacturing activity report
Tuesday:
• Consumer Confidence report
• S&P CoreLogic Case-Shiller home price index
• Earnings: Bank of Montreal, Nordstrom
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Wednesday:
• NVIDIA EARNINGS (major focus)
• Other notable earnings: Salesforce, CrowdStrike, Foot Locker
Thursday:
• Q2 GDP second estimate
• Initial jobless claims
• Earnings: Best Buy, Dell, Lululemon, Dollar General
Friday:
• PERSONAL CONSUMPTION EXPENDITURES (PCE) DATA (key inflation metric)
• Personal income and spending reports
• University of Michigan consumer sentiment
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The week's events, particularly Nvidia's earnings and the PCE data, have the potential to significantly impact market direction. Nvidia's results will provide insights into the AI boom's sustainability, while the PCE data will influence expectations for the Fed's rate decisions. Investors should stay alert to these key indicators and be prepared for potential market reactions throughout the week.
