Traders await the release of the personal consumption expenditures price index for July.
S&P 500 futures were near the flatline Thursday night as investors prepared for a crucial inflation reading that's closely watched by the Federal Reserve.The market has seen choppy trading action this week leading up to Nvidia's quarterly results. The artificial intelligence darling slumped on Thursday, weighing on the S&P 500 and dragging the Nasdaq Composite lower. The Dow was the outlier among the three major averages, adding more than 240 points to close at a fresh record..
As August's trading winds down, the S&P 500 is on pace for a nearly 1.3% gain during the month, while the Dow is on track to add 1.2%. The Nasdaq Composite is the sole loser of the three major averages, off by nearly 0.5% this month. More specifically, the bank wrote that rate cuts that coincide with no recession have typically led to bank stocks rallying after initially declining by 6% in the first one or two weeks.
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