US Economy Grows 1.5%, Fueling Rate Hike Fears

The US economy grew at a rate of 1.5% in the second quarter, matching estimates. The core PCE index rose 0.2% month-on-month and 3.3% annually.

This news has fueled fears of a rate hike by the Federal Reserve, with markets pricing in a 62% likelihood of an October increase. This is up from 57% previously.

Nvidia reported quarterly revenue that surged 106% year-on-year to $96.2 billion, while net income jumped 126% to $59.7 billion.