[New York Stock Market] Weak Close Ahead of Nvidia Earnings... Nasdaq Down 0.08%

On the 26th (local time), the New York stock market ended flat as investors remained on the sidelines ahead of Nvidia's earnings announcement.

On this day, the Dow Jones Industrial Average closed at 53,463.88, down 113.52 points (0.21%) from the previous session. The Standard & Poor's (S&P) 500 index ended at 7,675.70, down 1.58 points (0.02%), and the tech-focused Nasdaq Composite closed 21.10 points (0.08%) lower at 26,130.20.

Market attention was focused on Nvidia's earnings. As concerns have grown over the high valuations among recent AI-related stocks, Nvidia's results and its guidance have become a key test for whether the artificial intelligence investment boom can be sustained. Nvidia's stock closed the regular session down 1.59% ahead of its earnings release.

After the market closed, Nvidia announced that revenue for the fiscal second quarter (May to July) reached $96.22 billion, marking its 13th consecutive quarterly sales record. This figure is more than $4 billion above the market consensus of $92.17 billion compiled by the London Stock Exchange Group (LSEG). Ulrike Hoffmann-Burchardi, CIO and Head of Global Equities at UBS Americas, said, "Nvidia's earnings announcement could spark additional market volatility," adding, "Investors are hoping to see guidance that indicates continued strong demand for AI chips." The Philadelphia Semiconductor Index rose by 0.20%.

Among individual stocks, Meta gained 1.07% following news that it reached a settlement to pay approximately $16.7 billion (about 23.1 trillion won) and strengthen youth protection measures, in response to lawsuits filed by U.S. state governments over teen social media addiction.

Yields on U.S. Treasury bonds edged higher. Near the market close, the yield on the 10-year Treasury was up 2.6 basis points at 4.663%, while the 30-year yield rose 1.1 basis points to 5.185%.

International oil prices fell for the third consecutive session as tensions from the Iran war eased somewhat. On the London ICE Futures Exchange, October Brent crude contracts closed at $87.84 per barrel, down $0.74 (0.84%) from the previous session. On the New York Mercantile Exchange, October West Texas Intermediate (WTI) crude closed at $82.23 per barrel, down $0.13 (0.16%).

U.S. inflation data released on the day came in somewhat above market expectations. According to the U.S. Department of Commerce, the Personal Consumption Expenditures (PCE) Price Index rose 3.7% year-on-year in July, slightly above the market expectation of 3.6%. On a month-over-month basis, the PCE index increased by 0.2%. Excluding the more volatile food and energy components, the core PCE Price Index for July was up 3.3% year-on-year and 0.2% from the previous month, which was in line with analyst forecasts.

With inflation data coming in higher than expected, uncertainty has grown over the Federal Reserve's future monetary policy trajectory. On the 28th, Fed Chair Kevin Warsh is scheduled to speak in Jackson Hole, Wyoming. There is keen interest in whether any clues about the September policy decision or the future path of interest rates will emerge.

Ben Fulton, CEO of WEBs Investments, observed that if Chair Warsh does not provide any clear guidance, market confusion may intensify, stating, "This is not a market guided by strong conviction. We need to start seeing some degree of clarity."

This content was produced with the assistance of AI translation services.