US OPEN: Wall Street starts today's session slightly higher

• The US stock market starts today's trading slightly higher 

• A series of data from the US economy

Today's trading session on US trading floors starts with moderate gains. Investors learned a series of macro data releases from the US economy.

Data:

Second quarter GDP reading: -0.6% at annualized rate 

Expected: -0.7%; previously: -1.6% 

Consumption, as expected, grows by only 1.5% with 1.0% previously.

The GDP deflator comes out higher at 8.9% with 8.7% expected.

In addition, we learned about claims data, which came in well below expectations. Jobless claims fell to 243,000. 252,000 was expected with the previous reading of 250,000.

The market is now pricing in a near 65% chance of a 75 basis point rate hike at the Fed's September meeting. Source: Bloomberg 

US index quotes. Source: xStation 5

Compiled charts of the US100 index and VIX on the D1 interval. The benchmark of technology companies starts today's session higher. The VIX fear index is gaining nearly 0.17% today. Source: xStation 5

News:

• Dollar Tree (DLTR.US) shares are off nearly 7% early in today's session on the back of lowered full-year earnings forecasts.

Last quarter's results came in slightly better than expected, with Peloton (PTON.US)'s stock tumbling 17% after a bigger-than-expected loss. The company also reported on challenges ahead in 2023. 

Abercrombie & Fitch (ANF.US) is losing 11% early in the session. The reason for such large sell-offs is the unexpected quarterly loss. The company also lowered its earnings forecast for the full year (by inflation). 

• Salesforce (CRM.US) lowered its full-year forecasts due to a decline in customer activity. Quarterly results came in better than expected. 

• Nvidia (NVDA.US) shares are losing 4% today following the release of worse-than-expected quarterly results. The company sees upcoming weakness in the gaming sector.