US stocks were largely unchanged Wednesday as investors digested Nvidia’s earnings alongside a hotter-than-expected PCE inflation reading. Treasury yields rose while the US Dollar strengthened on higher rate expectations. Oil eased as markets weighed Iran-Oman talks, while gold fell under pressure from the stronger dollar and higher yields. Today’s calendar is quieter, with ECB minutes and US jobless claims in focus.
📊 Equities
US stocks drifted lower in trading yesterday, with the major indices largely unchanged as investors digested Nvidia’s latest earnings results and a stronger inflation reading. The annual PCE reading came in higher than expected, putting some upward pressure on Treasury yields and supporting the US Dollar.
The Dow Jones fell 0.21% to 53,463, while the S&P 500 was almost unchanged, slipping 0.02% to 7,675. The Nasdaq also edged lower, declining 0.08% to 26,130.
🛢️ Oil
Oil prices moved lower as traders continued to assess developments surrounding talks between Iran and Oman and their potential implications for the Strait of Hormuz. Brent crude fell 1.26% to $87.46, while WTI slipped 0.16% to $82.23.
🥇 Gold
Gold also came under pressure, falling 1.39% to $4,592.03, with the stronger US Dollar and higher Treasury yields weighing on the precious metal.
💵 FX & Bonds
Treasury yields moved higher following the inflation data, with the 2-year yield rising 3.1 bps to 4.209% and the 10-year yield adding 1.8 bps to 4.647%. The US Dollar gained 0.24% to 99.15 as markets continued to price a higher probability of tighter Fed policy.
| Market | Change | Close |
|---|---|---|
| Dow Jones | -0.21% | 53,463 |
| S&P 500 | -0.02% | 7,675 |
| Nasdaq | -0.08% | 26,130 |
| US Dollar Index (USD) | +0.24% | 99.15 |
| US Treasury 2Y | +3.1 bps | 4.209% |
| US Treasury 10Y | +1.8 bps | 4.647% |
| Brent Crude | -1.26% | $87.46 |
| WTI Crude | -0.16% | $82.23 |
| Gold | -1.39% | $4,592.03 |
📌 Today’s Focus
The macroeconomic calendar is much quieter today, with ECB Monetary Policy Meeting Accounts due during the European session followed by weekly US unemployment claims in the US session. With fewer major data releases on the calendar, geopolitical developments are again likely to remain a key driver of market moves.
🔹 European Session – 9.30 pm – EU – ECB Monetary Policy Meeting Accounts
🔹 US Session – 10.30 – US – Weekly Unemployment Claims Data