(RTTNews) – After ending yesterday’s choppy trading session mostly higher, stocks may show a lack of direction in early trading on Wednesday. The major index futures are currently pointing to a roughly flat open for the markets, with the S&P 500 futures up by less than a tenth of a percent.
Traders may remain reluctant to make significant moves ahead of the release of earnings news from AI darling and market leader Nvidia (NVDA).
Nvidia, which is scheduled to release its second quarter results after the close of today’s trading, is rising by 0.5 percent in pre-market trading.
A lack of major U.S. economic data may also keep some traders on the sidelines ahead of the release of a closely watched report later in the week.
On Friday, the Commerce Department is due to release its report on personal income and spending in the month of July, which includes the Federal Reserve’s preferred readings on consumer price inflation.
The report, which is expected to show an uptick in the annual rate of core consumer price growth to 2.9 percent in July from 2.8 percent in June, could impact the outlook for interest rates.
CME Group’s FedWatch Tool is currently indicating an 88.2 percent chance the Fed will lower rates by a quarter point at its next monetary policy meeting in September.
Reports on weekly jobless claims and pending home sales may also attract attention in the coming days along with a revised reading on second quarter GDP.
Stocks showed a lack of direction throughout much of the trading session on Tuesday but managed to end the day mostly higher. The major averages all moved back to the upside after ending the previous session in negative territory.
The major averages finished the day just off their highs of the session. The Nasdaq advanced 94.98 points or 0.4 percent to 21,544.27, the S&P 500 climbed 26.62 points or 0.4 percent to 6,465.94 and the Dow rose 135.60 points or 0.3 percent at 45,418.07.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan’s Nikkei 225 Index rose by 0.3 percent, while China’s Shanghai Composite Index plunged by 1.8 percent.
The major European markets are also mixed on the day. While the French CAC 40 Index is up by 0.7 percent, the U.K.’s FTSE 100 Index is just below the unchanged line and the German DAX Index is down by 0.1 percent.
In commodities trading, crude oil futures are inching up $0.13 to $63.38 a barrel after tumbling $1.55 to $63.25 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $3,429.50, down $3.50 compared to the previous session’s close of $3,433. On Tuesday, gold climbed $15.50.
On the currency front, the U.S. dollar is trading at 148.07 yen compared to the 147.40 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1593 compared to yesterday’s $1.1642.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
#U.S #Stocks #Lack #Direction #Ahead #Nvidia #Earnings