Before Nvidia’s results, stocks fluctuate while bonds decline – US Market Wrap

Wall Street refrained from placing huge wagers on equities ahead of Nvidia’s earnings, as bond yields surged amid speculation that the Federal Reserve could hike interest rates this year.
The shares slid 1.6% as the chipmaker’s earnings date approached. The S&P 500 fluctuated. Short-dated Treasuries underperformed. Money markets have fully priced in a rate hike by December, based on indicators that the economy remains robust. While a key inflation gauge met expectations, it was still far above the Fed’s target. Oil prices swung on news that Russia is escalating the fight in Ukraine.
The core personal consumption expenditures price index, which excludes food and energy goods, rose 3.3% in July compared to the previous year. Separate data showed the US economy increased at an unrevised 1.5% rate in the second quarter, with underlying details indicating greater consumer spending and business investment than previously reported.
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