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Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
Major indexes slipped Wednesday as PCE inflation ran hot ahead of Nvidia earnings. Investors await Nvidia's results to gauge tech sector health.
Background
Stocks have been volatile recently, with tech shares leading declines on Monday as investors prepared for a busy week of economic data and Nvidia's earnings. On Wednesday, a key inflation report (PCE) came in slightly hot, adding to market uncertainty. Nvidia's earnings, due after the close, are seen as a major test for the tech sector.
How it unfolded
- Aug 24, 2026US stocks fell, led by tech, as investors geared up for Nvidia earnings and Jackson Hole.
- Aug 25, 2026Stocks traded higher as falling oil prices and Treasury yields lifted sentiment; Nvidia rose about 2%.
- Aug 26, 2026Major indexes slipped as PCE inflation data came in slightly hot; investors awaited Nvidia earnings after the close.
Who’s saying what
- Analysts
- Some analysts see margin pressure as a risk for stocks in 2027, according to UBS's Baweja.
- Bulls
- Investors are rotating into tech stocks as inflation concerns ease, with falling yields supporting growth.