🧰You got it: It’s Jackson Hole🗽

The equity market managed to eeked out some gains on Wednesday, giving some relief before the gathering of the central bankers. 

Jackson Hole is often a key highlight as central bank chiefs tend to provide some insights that could be market-moving news for traders. Now, traders will like to hear whether Uncle Powell will maintain his hawkish tone or perhaps pivot to a more dovish tone consistent with the FOMC July meeting minutes. 

🧸Durable goods order and Pending Home Sales📉

The latest release of economic data continued the trend of economic slowdown. Durable goods orders were flat on a monthly basis, a drop from the 2% increase seen in June. Likewise, pending home sales declined 1% from the previous month. 

These declines aren’t splendid good news. It essentially re-affirms that the Fed’s interest rate hikes had pushed mortgage rates up and are cooling demand. Essentially, market participants are predicting through the lens of economic demand to predict what the Fed will do. 

💣Nvidia: Growth slows in major business segment🔫

The company’s latest result aligns with its preliminary forecast, predicting a sharp decline in general business revenue. Indeed, given its latest forecast for the October quarter, it is below expectations, reflecting a challenging macroeconomic environment and rapidly declining demands for its chips. 

Such an outlook is a piece of big news for investors. The guided revenue is for a midpoint range of $5.9 billion, which is a stark difference from the $6.9 billion expectation. Shares fell after hours. 

The company also stated difficulty in assessing the degree of fall in demand due to reduced cryptocurrency mining that punished its gaming card sales. Competition from the likes of AMD is also in the minds of investors. 

The company refuted on the premises that its cards have a firmer brand among gamers and continued to be the leading graphic card on major gaming services. With the game publishers’ partnership, there are real odds that Nvidia’s software features can lead to competition too. 

Pika World will be focusing on possible long-term holding entry. 

🎙What’s on the menu today?🍏

At 8.30 pm, we will receive the GDP data for Q2, and we expect a continuation of the decline by 0.8% compared to a drop of 0.9% in the prior data based on a QoQ comparison. 

We will also welcome the Initial Jobless claims data, which we expect a slight uptick from 250K to 253K. 

At 9 pm, we will officially see the commencement of the Jackson Hole Symposium. Nonetheless, Uncle Powell will only begin his speech at 10 pm tomorrow.