Wall Street closed lower as markets awaited developments on the path of Fed policy and index heavyweight Nvidia’s Wednesday results. Nvidia climbed 1.0% as its earnings loomed while key data releases before the Fed’s next meeting, such as PCE this Friday, the Fed’s preferred inflation gauge, and non-farm payrolls data next week, are seen as crucial as to whether the Fed will cut in September. Market currently pricing in a 84% chance of a cut. S&P 500 down 0.43%, Nasdaq fell 0.22%. Dow fell steadily throughout the day. Closed near low, down 349 points. Most sectors down. Energy and Tech the exceptions, recorded modest gains. Healthcare, Staples and Utilities all recorded losses of over 1.0%, sell-off was focused on Defensive sectors.

Resources mixed despite the dollar strengthening. Oil rose as traders bet on further US sanctions on Russian oil and further Ukrainian attacks on Russian energy infrastructure.  Copper and aluminium recorded gains while nickel and zinc both fell.

ASX to fall. SPI futures down 27 points (-0.3%). FMG COL Results - RBA Minutes

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