Nvidia Beating Earnings Was Not Enough for a Post Market Surge | Wall Street Today

The market fell Wednesday ahead of Nvidia earnings, and Nvidia fell after hours despite beating estimates: The firm's forward projections were below the highest of estimates. Traders are waking up to a more complicated market on Thursday.

Every sector on the S&P 500 was in the green Friday after the Federal Reserve rate cut news, but Fed President Jerome Powell did not specify the timeline of these rate cuts. Still, he said he was confident the economy was on the way to 2% inflation. "The time has come to adjust, and the direction is clear," Powell said.

This week in macro, investors can look forward to more macroeconomic data that might inform how the FOMC will decide on rate cuts. CB Consumer Confidence came out Tuesday morning, showing a jump in expectations. Crude Oil Inventories came out Wednesday morning, showing a cut of 800,000 barrels compared to last week's drop of 4 million.

Investors await a speech from Atlanta Fed President Raphael Bostic after 6 p.m. ET. Continuing and Initial Jobless claims will drop on Thursday alongside updated GDP numbers for the second quarter.

Friday, we will see the release of the July person Consumption Expenditure index (PCE), the Fed's favorite inflation measure. Last time, the PCE came in at 2.6% year over year, the lowest since 2021. Michigan consumer expectations and confidence will also drop on Friday.