US Stock Market Rises as Chip Stocks Rebound Before Nvidia Earnings Report

The Conference Board’sConsumer Confidence Index fell to 89.4 in August from 90.2 in July. The reading marked a seven-month low. The Present Situation Index rose 6.8 points to 121.2, but the Expectations Index dropped 5.8 points to 68.2.

Dana Peterson, the group’s chief economist, said, “Consumer confidence moderated slightly in August for a second consecutive month.” Consumers reported more concern about prices, oil, gas, conflict, food, trade and jobs.

Separategovernment data showed new-home sales fell 10.5% in July to an annual rate of 607,000. The supply of new homes rose to 9.6 months. The median sale price declined 2.3% from June to $393,800.

Investors will now watch Wednesday’s July Personal Consumption Expenditures report. The PCE index serves as the Federal Reserve’s preferred inflation measure. Markets price one 25-basis-point rate increase by year-end, according to LSEG data. Fed Chair Kevin Warsh will speak Friday at Jackson Hole.