Markets await Nvidia results, Fed chair Jerome Powell’s Jackson Hole speech
Weak European economic data sent the euro lower and sparked a bounce in bond and share markets on Wednesday, as investors also awaited results from tech darling Nvidia later to see if the sector’s lofty valuations still look justified.
“There’s many indicators that suggest that we could have had the last hike but if you just look at inflation, which is the key mandate... that is not a done deal,” he added. Its shares hit an all-time high of $481.87 on Wall Street on Tuesday, with options data showing traders are expecting a larger-than-usual swing in shares after the quarterly results which will be published later.
Data there showed factory activity shrank for a third straight month in August, offering the first glimpse into the health of global manufacturing this month. The United States will also report its flash PMI readings on Wednesday, which is likely to show the factory sector remained in contraction. Wall Street futures also pointed to a bounce having been pressured on Tuesday by higher bond yields, which hit 16-year highs. The Dow Jones fell 0.5%, the S&P 500 lost 0.3% and the Nasdaq Composite added 0.1%.
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