Fed Comments & $93 Crude Oil Creates Mixed Rate Picture, NVDA Buys Hugging Face

• Fed's Christopher Waller supports holding interest rates steady at the September meeting, signaling a potential shift from a hawkish stance.
• Upcoming August jobs report is anticipated to show further disinflation, with average hourly earnings year-over-year potentially dropping to 3.0%.
• Crude oil prices briefly crossed $93 per barrel, raising concerns about inflation, though they have since pulled back slightly.
• Nvidia announced a $13 billion deal to acquire Hugging Face, highlighting continued investment in AI.
• Snowflake's strong 2Q earnings led to a significant surge, while Broadcom slipped despite beating estimates, possibly due to already high valuations.

The market is experiencing a mixed picture influenced by Fed comments, economic data, and corporate earnings. Christopher Waller's dovish stance on interest rates for September is providing some support, while upcoming jobs data is expected to show disinflation. However, rising crude oil prices are reigniting inflation concerns, and while some tech earnings like Snowflake are strong, others like Broadcom are seeing muted reactions due to high expectations.