Nvidia Earnings and Inflation Data Set to Drive Market Volatility

S&P Futures Muted Ahead of Key Earnings and Inflation Data

The September S&P 500 E-Mini futures are trading down 0.07% as investors hold back from making big bets ahead of Nvidia's earnings and the July reading of the Federal Reserve's preferred inflation gauge, the core PCE price index.

Nvidia's quarterly report is expected to provide clues about the health of the AI trade, with investors watching for updates on AI infrastructure demand, the timing of the Rubin ramp, China exposure, and the economics of the company's growing financing partnerships.

The US Commerce Department will also release its second estimate of second-quarter GDP today, with economists expecting a 1.5% annual rate, in line with the initial estimate.