Wall Street Closes Slightly Lower Ahead of Nvidia Earnings and Jackson Hole Symposium

Here is a look at the New York stock market. Amid cautious sentiment ahead of Nvidia's earnings release after the closing bell, the three major stock indices failed to gain momentum and finished the session slightly lower.

By sector, materials and healthcare fell by around 1%, while industrials rose nearly 1%.

Today, the New York stock market closed in slightly lower territory as rising U.S. Treasury yields combined with a wait-and-see attitude ahead of the earnings report from AI leader Nvidia.

The core Personal Consumption Expenditures (PCE) price index for July, released by the U.S. Department of Commerce, rose 3.3% compared to the same period last year, and the overall PCE price index also climbed 3.7%, significantly exceeding the 2% inflation target.

In addition, as the possibility of an escalation between Russia and Ukraine emerged during the trading session, international oil prices, which had been on a downward trend, significantly reduced their losses, further fueling inflation concerns.

Meanwhile, Nvidia, which released its earnings immediately after the market close, reported that both second-quarter revenue and net income surpassed Wall Street expectations, and its third-quarter revenue outlook also beat market expectations.

Nvidia stated that when calculating its outlook for the third-quarter performance, it took a conservative approach by completely excluding revenue from data centers in China, taking into regulations stemming from U.S.-China conflicts.

Market attention is now turning to the Jackson Hole Symposium, with investors paying close attention to what kind of diagnosis Chair Kevin will deliver regarding the current economic situation in this speech.
※ Please note: This article was translated by AI and may contain errors.