Nasdaq futures moved lower as investors pulled back ahead of two high-stakes events arriving in close succession: the PCE inflation report and Nvidia's quarterly earnings. Treasury prices also dipped, reflecting uncertainty about whether the inflation reading will shift the Federal Reserve's rate outlook. The equity market had logged three straight days of gains heading into this pause.
PCE is the Fed's preferred inflation gauge, so a hot reading could push rate-cut expectations further out, pressuring both stocks and bonds. Nvidia's results carry outsized weight for the broader tech sector because the stock has become a proxy for AI spending confidence. Both events land at the same moment, compressing the risk into a short window.
Imminent: PCE inflation report release. Imminent: Nvidia quarterly earnings announcement. Next FOMC rate decision: scheduled for the following policy meeting cycle.
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