The economic news drought is drawing to an end, with US jobless claims on Thursday followed by the core PCE price index a day later. Before all that, this evening Nvidia will release its second quarter earnings, although the publication will emerge after the closing bell. Given the sheer size of the chipmaker’s market cap, as well as its influence on tech stocks in general, any unexpected earnings figures will send ripples throughout US indices over the following session. The jobless claims and PCE index are both significant indicators of the health of the US economy; the latter in particular is a sacred marker for the Fed when it comes to properly gauging inflation, which will influence the next rate decision in September.
Markets have been muted so far this week, no doubt in anticipation of the above. The Dow Jones Industrial Average eked out consecutive record high closes over the past two sessions, although quantitatively the moves were far from earth shattering. The S&P continued to hover just under its previous all-time high, the Nasdaq Composite on the other hand is currently milling around 900 points under its own record. Gold is also lurking just under its record high, getting ever more comfortable with the $2,500 level.
Despite the recent back-and-forth in the Middle East, oil prices have failed to capture the interest of market drivers, with hedge funds continuing to sell on futures markets. Short-term instabilities are no match for long-term fundamentals, which are decisively pointing to lacklustre global demand as well as potential production surpluses over the rest of the year. Brent Crude failed to retake $80 earlier this week, now sitting around $78 a barrel.
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