PCE at 8:30, Nvidia After the Close: A Session Between Two Events
July PCE and GDP land together at 8:30 ET, Nvidia reports after the bell, and Tuesday's tape was a rotation rather than a rally.
Wednesday’s session is bracketed by two events: GDP and the July PCE price index land together at 8:30 ET, and Nvidia reports fiscal Q2 after the close. Almost everything in between is positioning.
The double header, then the print
GDP and the PCE price index both hit at 8:30 ET, and both are flagged high-impact. The BEA lists August 26 as the next PCE release, covering July. Then Nvidia reports fiscal 2027 Q2 after the close, typically around 4:20–4:30 pm ET, for the quarter ended July 26. Consensus is roughly $92 billion in revenue — vendors range from $92.07bn to $92.2bn — against adjusted EPS of $2.09 versus $1.05 a year ago, and the company’s own May guidance of $91 billion plus or minus two percent.
Tuesday was a rotation, not a rally
Breadth read 63 advancing to 36 declining, but the composition matters more than the count. Semis, crypto-adjacent brokers and pharma led: AMD +4.91% to 479.18, MU +2.48% to 932.97, HOOD +8.17% to 112.09, COIN +4.28% to 187.16. What fell was security software and staples — PANW −3.13%, CRWD −2.78%, plus SNOW, CRM, PEP and MCD. Note Palo Alto’s move was not an earnings reaction; the company reports fiscal Q4 on September 1.
Merck’s catalyst, and two moves without one
Merck rose 3.84% to 156.45 on a hard, named catalyst: Merck and Moderna said the Phase 3 INTerpath-001 trial of intismeran autogene plus KEYTRUDA met its recurrence-free and distant metastasis-free survival endpoints. CNBC put the partner’s reaction larger still, with Moderna up 12.5%. By contrast, Reddit’s +6.39% to 162.45 is attributed to a report that Meta is preparing a consumer product — which would normally read as competitive pressure, not a reason to buy. And AbCellera, +17.83% to $12.496, has roughly doubled in three weeks; Benzinga noted no company-specific news behind Tuesday’s move.
Energy, Nike and a price that isn’t a typo
Oil fell for a third straight session, taking XOM down 2.08% and the XLE energy ETF down 1.66%. Nike fell 3.12% to 39.48 on 41.4 million shares — the heaviest volume in either large-cap list — and sits at multi-year lows, though sources disagree on how far back the comparison runs. Netflix at 82.23, up 2.77%, is not an error: the 10-for-1 split completed as of December 2025 reporting, so that is roughly $822 on the old basis. Overnight, Bloomberg had S&P 500 futures down 0.1% and Nasdaq 100 futures down 0.2%, with Treasuries retreating across the curve — small enough that the wire headlines split between “holding steady” and “set to open down.”
What to watch today
- GDP and the July PCE price index, both 8:30 ET
- Nvidia fiscal 2027 Q2 results after the close, roughly 4:20–4:30 pm ET, versus consensus of about $92bn revenue and $2.09 adjusted EPS
- Whether the semiconductor bid from Tuesday — AMD, MU — holds into the Nvidia print
- Crude’s fourth session, and whether XLE and XOM follow
- JOLTS job openings on September 1, prior 7,359K
Not financial advice. iTrading Buddy summarizes publicly available market data and news; every figure above is sourced from the reporting available before the US open on the date shown. Verify anything you act on.