This content was published on
August 26, 2026 - 11:22
4 minutes
(Bloomberg) — US stocks wavered and Treasuries slipped as traders held back from taking risks ahead of the latest earnings report from Nvidia Corp. and July’s reading of the Federal Reserve’s preferred inflation gauge.S&P 500 futures were little changed. Nasdaq 100 contracts fell 0.2%, with Intuit Inc. leading software makers lower in early trading after a disappointing earnings forecast. Treasuries fell across the curve, shrugging off a third straight decline in oil. The dollar was little changed, while gold and Bitcoin posted modest moves.With a market value in excess of $5 trillion, Nvidia’s earnings after the close are expected to shift sentiment decisively. The stock has fallen the day after each of its previous four reports, while options markets are pricing in a 5.4% move either way on results expected to show revenue doubling from a year ago.“What’s really going to matter here is the guide,” said Stephanie Niven, portfolio manager at Ninety One. “And it’s not the growth that’s the question, but the rates at which that growth is either accelerating or decelerating.”Nvidia fell for seven straight sessions before bouncing back on Tuesday. While the recent weakness may lower the bar for the quarter, “it does not materially lower the bar for the outlook,” said Florian Ielpo, head of macro at Lombard Odier Investment Managers.Hours before Nvidia reports, the US government will publish the latest personal consumption expenditures price index. Economists estimate the index rose 3.6% in July from a year ago, the smallest annual increase in four months.The inflation reading comes as long-dated yields have eased from their highest levels in years, with investors still trading cautiously amid lingering concerns about price pressures, fiscal largesse and heavy borrowing to fund the AI buildout.“PCE can ease the immediate macro stress, but it cannot alone solve the Treasury-market problem,” said Ulrich Urbahn at Berenberg. “The more durable bullish outcome would be soft core inflation plus calmer oil, evidence of stable demand, and a subsequent decline in long-end yields that does not rely solely on Treasury liquidity measures.”Europe’s Stoxx 600 edged 0.1% higher, remaining within 1% of its all-time high. The region’s bonds outperformed their US peers on softer energy prices.What Bloomberg Strategists Say:“As we go into Nvidia earnings, the VIX index is showing little sign of fear, sitting just above this year’s low. This juxtaposition signals broader stocks are vulnerable to potential swings. Nvidia remains the world’s most important stock when it comes to moving the needle for investor portfolios.”— Mark Cranfield, Markets Live strategist. Click here for the full analysis.Corporate Highlights:SoftBank Group Corp. is talking with investment banks about a potential $10 billion to $20 billion bond offering to help refinance a loan for its investment in US tech giant OpenAI, according to people familiar with the matter. Zoom Communications Inc. gave a sales outlook for the current quarter that was about in line with analysts’ estimates, disappointing investors hoping for a greater uplift from its expanded suite of products. Some of the main moves in markets:StocksThe Stoxx Europe 600 rose 0.1% as of 10:18 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures fell 0.2% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 0.7% The MSCI Emerging Markets Index rose 0.9% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1667 The Japanese yen rose 0.1% to 158.99 per dollar The offshore yuan was little changed at 6.7199 per dollar The British pound fell 0.2% to $1.3626 CryptocurrenciesBitcoin rose 0.5% to $78,559.27 Ether rose 0.6% to $2,452.08 BondsThe yield on 10-year Treasuries advanced one basis point to 4.64% Germany’s 10-year yield was little changed at 3.20% Britain’s 10-year yield was little changed at 4.99% CommoditiesBrent crude fell 3.4% to $85.58 a barrel Spot gold fell 0.7% to $4,623.48 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Neil Campling and Will Standring.©2026 Bloomberg L.P.
