Markets today: a quiet data day before Wednesday's inflation reading and Nvidia results

Wall Street opens Friday after a broad decline on Thursday, when the major averages fell together and the Dow shed more than 700 points. The economic calendar offers little to redirect the tape. S&P Global’s flash purchasing managers’ indexes, due at 9:45 a.m. ET, are the only scheduled release of note, and none of the large-cap names the site tracks are set to report results today. The heavier tests come next week: on Wednesday the government publishes the core PCE price index, the Federal Reserve’s preferred inflation measure, alongside a second reading on second-quarter growth, and Nvidia reports quarterly results the same day. Today sits in the quiet stretch before that.

On the calendar today

Three readings from S&P Global cross together at 9:45 a.m. ET, all rated medium importance. The Manufacturing PMI is forecast at 53.9, matching the prior month’s 53.9. The Services PMI is seen at 54.0, down from 54.6. The Composite PMI, which blends the two, was last at 54.5. A reading above 50 points to expansion in activity. The flash figures are drawn from an early sample of survey responses, which makes them one of the first monthly gauges of business activity to reach the market. No high-importance data is scheduled for the rest of the session, which leaves the day’s direction to the tape rather than the calendar.

Backdrop

Stocks fell across the board on Thursday. The S&P 500 closed at 7,641.16, down 0.87%. The Dow Jones Industrial Average ended at 52,759.21, a loss of 1.32%, more than 700 points. The Nasdaq Composite finished at 26,067.17, off 1.00%. The selling was broad and reached most sectors, with a renewed climb in long-term Treasury yields and a weak reception for Walmart’s quarterly sales weighing on the session.

The week ahead

The calendar’s high-importance releases next week cluster on one day. Wednesday, Aug. 26 brings five together at 8:30 a.m. ET: the second estimate of second-quarter GDP, the core PCE price index, personal income, personal spending, and durable goods orders. Three companies also report that day: Nvidia, CrowdStrike, and Salesforce.

What to watch

Two threads carry over from Thursday. The first is the bond market. A renewed rise in long-term Treasury yields drove the selloff, and their direction stayed the market’s main reference point into the close. The second is the consumer. Walmart’s results, and the slower pace of sales at its established U.S. stores, rippled through retail and staples names as a fresh read on how carefully households are spending, capping a week of retail earnings. This morning’s PMIs add the first look at private-sector activity for the month, and the reaction to them will show whether the tape can steady after a losing session.

This is a general-market summary for information only — not investment advice, and not a recommendation regarding any security.