Nvidia Earnings Loom as Hot PCE and Retail Carnage Weigh on Markets

3.7% — That's the July year-on-year PCE inflation print that landed hotter than expected, immediately spooking risk assets and sending Bitcoin below $78,000 as stocks opened lower.

Hotter-Than-Expected PCE Stops the Rally Cold

Wall Street's three-session winning streak hit a wall Wednesday after the Bureau of Economic Analysis reported headline PCE inflation at 3.7% year-on-year, above the 3.6% consensus and well north of the Fed's 2% target. The Dow Jones...