U.S. Stocks Await PCE Data & Nvidia Earnings

Author: Martin Lam

Date: August 26, 2026

Key Takeaways

• Iran has resumed discussions with Oman regarding the management of the Strait of Hormuz.
• Market risk appetite has improved slightly, but overall sentiment remains cautious ahead of the U.S. PCE inflation release.
• Today's focus is on the U.S. GDP revision and PCE Price Index, which will provide insights into economic cooling and disinflation.
• The Core PCE YoY is expected to remain at 3.3%, while the annualized QoQ GDP revision is forecasted at 1.5%.
• Nvidia's earnings report, due after market close, is anticipated to influence tech stocks and broader equity sentiment.

Global Market Review

Wall Street experienced gains on Tuesday, with the Dow up by 0.3%, S&P 500 by 0.32%, and Nasdaq by 0.66%, driven by a rebound in tech stocks ahead of Nvidia's earnings. The dollar index saw a slight decline, while gold prices remained steady after reaching a three-month high. Oil prices continued to decline, with limited reaction to the expanded U.S. sanctions on Iran, as investors assessed that the economic pressure posed less risk to supply than potential military escalation.

Key Events Today

• NVIDIA Earnings Report Release
• 09:30 AU CPI YoY JUL
• 20:30 US GDP QoQ 2nd Est Q2
• 20:30 US Core PCE Price Index YoY JUL
• 20:30 US Durable Goods Orders MoM JUL
• 22:30 EIA Crude Oil Stocks Change

Market Analysis

EUR/USD

Resistance: 1.1693 / 1.1737 | Support: 1.1657 / 1.1623

The EUR/USD pair rebounded from a four-day low, trading near 1.1670 ahead of the PCE data. Analysts suggest a range watch, with potential downside below 1.1650 and upside tests above 1.1700.

GBP/USD

Resistance: 1.3668 / 1.3701 | Support: 1.3626 / 1.3591

The GBP/USD pair extended its rally, marking five consecutive gains. Analysts maintain a bullish bias, but note that 1.3655 has capped gains for two days.

USD/JPY

Resistance: 159.32 / 159.52 | Support: 158.91 / 158.70

The USD/JPY pair rebounded but gave back some gains, holding above 159. Analysts suggest a range watch as U.S. data will determine breakout potential.

US Crude Oil Futures

Resistance: 82.10 / 83.00 | Support: 78.30 / 77.17

Oil prices retreated as sanctions were viewed as less disruptive than conflict escalation. Analysts indicate a bearish short-term outlook but suggest that holding above $80 could ease pressure.

Spot Gold (XAU/USD)

Resistance: 4707 / 4758 | Support: 4603 / 4553

Gold prices neared $4,700 but failed to break through, with market momentum pausing ahead of U.S. inflation data.

Bitcoin (BTC/USD)

Resistance: 80,413 / 81,496 | Support: 76,750 / 75,345

Bitcoin steadied above $78,000 after hitting a three-month high, supported by dollar weakness and fiscal concerns. Analysts note profit-taking and caution ahead of PCE data.

Conclusion

Market participants are closely monitoring the upcoming U.S. economic data releases, particularly the PCE inflation figures and Nvidia's earnings, which are expected to significantly influence market sentiment and trading strategies.