Inflation increased 8.3% in August, increasing the probability of another 75-bps federal rate hike this month. On the other hand, the interest rate-sensitive and tech-heavy NASDAQ composite lost 25.6% year-to-date.
Amid the macro headwinds, popular tech company NVIDIA Corporation (NVDA) missed consensus revenue and EPS estimates in its second quarter ended July 31, 2022. NVDA's CFO, Colette Kress, said, "Macroeconomic headwinds across the world drove a sudden slowdown in consumer demand for the company's gaming products."
