S&P 500 is little changed after PCE report shows sticky inflation; Nvidia earnings on deck: Live updates

The S&P 500 traded flat Friday after the personal consumption expenditures price index confirmed inflation remains sticky, casting a shadow over rate-cut expectations as traders await Nvidia's quarterly results.

The PCE reading, the Federal Reserve's preferred inflation gauge, showed price pressures persist despite months of tightening. The lack of market reaction suggests investors are holding fire until Nvidia reports earnings, a catalyst that could swing sentiment given the chipmaker's role in the AI-driven rally that has powered the S&P 500 higher this year.

Meanwhile, Bitcoin has surged more than 25% since clearing a key technical level, according to Katie Stockton, managing partner at Fairlead Strategies. Stockton's firm sees further upside potential after the cryptocurrency broke through resistance, though the excerpt does not specify the exact price threshold or target.

The combination of elevated inflation and mega-cap tech earnings sets up a volatile close to the week, with the PCE data potentially keeping the Fed on hold longer than dovish traders had hoped.