The Money Edit

Opening bell

Opening bell

S&P futures 0.15%
Core PCE inflation 3.3% annual
Nasdaq futures 0.40%
S&P 500 close 0.32% to 7,677.28
STOXX 600 0.1% to 657.34
Nikkei 225 0.62%
Brent crude 1.1% to $86.65
10 year Treasury yield 4.64%

Inflation runs hot, Nvidia reports tonight

Overnight

US stocks finished Tuesday higher, with the S&P 500 up 0.32% to 7,677.28, the Dow up 0.30% to 53,579.94 and the Nasdaq up 0.66%. Asia followed the lead overnight, with Japan's Nikkei 225 up 0.62%, Hong Kong's Hang Seng up 0.56% and the Shanghai Composite up 0.59%, while Europe's STOXX 600 edged up 0.1% to 657.34 as energy shares fell 1.1% on a slide in oil. US futures have since turned slightly negative, with S&P 500 futures down 0.15% and Nasdaq futures down 0.40% after the inflation numbers landed.

What to watch

The July PCE price index is already out, and it was a small upside surprise. PCE stands for personal consumption expenditures, and it is the inflation gauge the Federal Reserve prefers over CPI because it adjusts for how people change what they buy when prices move. Headline prices rose 0.2% on the month and 3.7% on the year, each a tenth above forecast, while core prices, which exclude food and energy, rose 0.2% and 3.3%, matching expectations. The bigger event comes after the close, when Nvidia reports second quarter results, followed by Salesforce, CrowdStrike, Okta and Synopsys.

Sources