This week features three major market events: Nvidia’s quarterly earnings release on August 26, Fed Chair Kevin Warsh’s inaugural keynote at the Jackson Hole Economic Symposium on August 28, and July PCE inflation data expected at approximately 3.6% year-over-year. Wall Street forecasts Nvidia to post roughly 100% year-over-year growth in both revenue and earnings per share. The Philadelphia Semiconductor Index fell 5.5% the prior week, dragged down by rising long-term Treasury yields and capital rotation out of momentum and tech stocks. With PCE inflation at 3.6%, well above the Fed’s 2% target, Warsh has limited room for dovish remarks, and any sign of tighter monetary policy could push yields higher and weigh on risk assets.
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