The US stock index market remained steady on Friday as investors awaited the latest report of the Personal Consumption Expenditure (PCE) price index, which is the Federal Reserve's (FED) measure of inflation.
Investors are hoping for signs that inflation is easing, which could pave the way for the Federal Reserve to consider cutting interest rates as early as September.
In Thursday's trading, the Dow Jones index rose by 0.59%, hitting an all-time high.
In contrast, the S&P 500 index remained unchanged and the Nasdaq Composite fell slightly by 0.23%.
This mixed performance highlights the market's confidence to be more cautious amid continued economic uncertainty.
Meanwhile, data released yesterday showed robust economic growth with the US economy expanding by 3% in the second quarter which was higher than the initial estimate of 2.8% and a significant improvement from the 1.4% growth observed in the first quarter.
Despite this positive economic data, corporate earnings are also quite mixed.
Nvidia shares fell 6.4% due to a revenue and earnings report that fell short of investor expectations, fueling concerns about the sustainability of AI.
On the other hand, some companies reported stronger-than-expected quarterly results.
Shares of Ulta Beauty fell 7.2% following disappointing earnings, while Lululemon and Dell experienced gains of 4.2% and 3.3%, respectively, after being buoyed by their positive earnings reports.
