Wednesday 23/August/2023 – 06:30 PM

is high US stock indices At the start of today’s trading, Wednesday; Investors await business results from companies (NVIDIA) that gained momentum around the artificial intelligence business in the second quarter.

At the start of the session, the Dow Jones was up 0.20% at 34,356 points, the S&P 500 was up 0.30% at 4,401 points and the Nasdaq was up 0.35% at 13,556 points, according to Reuters.

US stock indices

Today, investors await the release of Purchasing Managers’ Index data for the U.S. manufacturing and service sectors for August, amid expectations that both will be little changed, in addition to home sales data.

Investors look to the two-day Federal Reserve meeting in Jackson Hole, Wyoming, which begins Thursday; Bank President Jerome Powell is expected to make comments on Friday.

NVIDIA reports second-quarter earnings after the close of today’s session, and analysts polled by Refinitiv expect the company to post sharp increases in profits and revenue.

Nvidia stock outperformed the S&P 500 index by more than 200% for 2023; Investors are betting heavily on the company’s AI prospects.

The rate of growth in economic activity in the United States slowed this month, with the manufacturing sector contracting again and the services sector posting its weakest level since February.
According to a preliminary reading in a survey conducted by Standard & Poor’s Global, the composite purchasing managers’ index registered 50.4 points in August, down from 52.0 points in July, a six-month low.
Services PMI recorded 51.0 points in the current month, down from 52.3 points in the previous month, a six-month low.