Stocks soared to new all-time highs after NVIDIA reported strong earnings. However, all the major indexes were drifting lower after an as expected read on inflation from the July personal consumption expenditures (PCE) price index.
That should be enough to keep hopes high for a September rate cut. However, that could change when the August jobs report comes out at the end of next week.
The markets will be closed on Monday in observance of Labor Day in the United States. Investors may look to take profits heading into the holiday weekend, which precedes the historically weak months of September and October.
