Next week will be packed for investors with the release of the July PCE inflation index on August 27, Nvidia’s quarterly earnings the same day, and the Jackson Hole symposium from August 27 to 29. The U.S. 30-year Treasury yield reached multi-decade highs this week as U.S. government debt crossed the $40 trillion mark for the first time. Economists polled by FactSet expect headline PCE inflation to come in at 0.20% month-over-month in July, down from 0.30% in June, with the annual headline rate seen falling to 3.6% and the annual core rate to 3.2%. The Nasdaq slid nearly 2% this week, the VanEck Semiconductor ETF fell nearly 5%, and Nvidia’s results could provide the positive catalyst needed for the S&P 500 to move toward the 8,000 level.
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