U.S. equity markets showed muted movement on Wednesday, with the Dow Jones Industrial Average expected to open roughly flat at 53,593 points, according to broker IG's pre-market indication. The tech-heavy Nasdaq 100 was down 0.4% at 29,099, reflecting cautious sentiment ahead of key data releases.
The July personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, rose slightly more than anticipated on an annual basis. The data, published before the U.S. open, sets the stage for the annual Jackson Hole Economic Symposium starting Thursday, where Fed Chair Kevin Warsh is scheduled to deliver remarks on Friday. Investors are seeking further clarity on the central bank’s policy trajectory following the release.
Oil prices eased as Iran and Oman discussed establishing a temporary joint maritime corridor to facilitate crude shipments through the Strait of Hormuz, according to Oman News Agency. The proposed corridor aims to expand transit capacity amid regional shipping constraints.
Semiconductor stocks were mixed ahead of Nvidia’s after-hours earnings report. Nvidia shares slipped 0.2% in pre-market trading, with investors focusing on forward guidance rather than headline growth. "What matters here is the outlook," said Stephanie Niven, portfolio manager at Ninety One. "The question isn’t whether growth is happening, but how quickly it’s accelerating or decelerating."
Among peers, AMD fell 1.0% and Marvell Technology dropped 1.4% in pre-market trading. Abercrombie & Fitch surged 11% after reporting better-than-expected second-quarter results. In contrast, Intuit tumbled 9.7% following a weak outlook, while Zoom Communications declined 6.8% despite mixed second-quarter earnings and a disappointing third-quarter forecast.
