Wall Street Opens Higher as Market Focus Shifts from Nvidia to US Economy

Stock market today: Wall Street set to open higher as market focus turns from Nvidia to US economy

was poised to open with gains as markets shifted their focus toward upcoming data on the economy after Nvidia reported its financial results. Futures for the Dow Jones Industrial Average climbed 0.6% before the bell, while futures for the S&P 500 and Nasdaq each gained 0.2%. Nvidia, one of several companies that have benefitted from the frenzy over artificial intelligence, reported earnings Wednesday after the bell. The results showed strong profit and revenue growth, but Nvidia shares were down 3.2% by early morning, though they're still up close to 150% in 2024. dipped less than 1% after it reported better-than-expected sales and profit during its most recent quarter, during which a botched software update triggered a technology meltdown that stranded thousands of people in airports, among other disruptions. tumbled nearly 25% after it missed sales and profit targets and cut its earnings-per-share guidance by more than a dollar. The news was better for Best Buy. The nation's largest consumer electronics chain's shares jumped 6.8% after it beat forecasts, even as sales slipped and it cut guidance. On the economic front, Thursday brings jobless claims data and an updated estimate on second-quarter GDP. Investors are also looking ahead to Friday when the government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve's preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022. The rate of inflation has been easing steadily back toward the central bank's target of 2% since then, following the Fed's aggressive interest rate hikes. and the Fed are trying to gauge the resiliency of consumers amid the squeeze from inflation and high borrowing rates. The central bank is expected to begin trimming its benchmark interest rate back from a two-decade high at its next meeting in September. The statement said both sides would keep lines of communication open. Worries have grown lately about tensions over . Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. , source

Stock market today: Wall Street opens higher as market focus turns from Nvidia to US economy

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below. was poised to open with gains as markets shifted their focus toward upcoming data on the economy after Nvidia reported its financial results. Futures for the Dow Jones Industrial Average climbed 0.6% before the bell, while futures for the S&P 500 and Nasdaq each gained 0.2%. Nvidia, one of several companies that have benefitted from the frenzy over artificial intelligence, reported earnings Wednesday after the bell. The results showed strong profit and revenue growth, but Nvidia shares were down 3.2% by early morning, though they're still up close to 150% in 2024. dipped less than 1% after it reported better-than-expected sales and profit during its most recent quarter, during which a botched software update triggered a technology meltdown that stranded thousands of people in airports, among other disruptions. tumbled nearly 25% after it missed sales and profit targets and cut its earnings-per-share guidance by more than a dollar. The news was better for Best Buy. The nation's largest consumer electronics chain's shares jumped 6.8% after it beat forecasts, even as sales slipped and it cut guidance. On the economic front, Thursday brings jobless claims data and an updated estimate on second-quarter GDP. Investors are also looking ahead to Friday when the government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve's preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022. The rate of inflation has been easing steadily back toward the central bank's target of 2% since then, following the Fed's aggressive interest rate hikes. and the Fed are trying to gauge the resiliency of consumers amid the squeeze from inflation and high borrowing rates. The central bank is expected to begin trimming its benchmark interest rate back from a two-decade high at its next meeting in September. The statement said both sides would keep lines of communication open. Worries have grown lately about tensions over . Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. , source