Market Overview - Major indexes closed mostly in the red, with the Dow down 157 points, S&P 500 down 24 points, and Nasdaq down 90 points, while the small-cap Russell 2000 gained 4 points [1] Economic Indicators - S&P flash Manufacturing PMI for August reached 53.3, significantly above the anticipated 49.5 and July's 49.8, marking a more than 3-year high [2] - August Services PMI was reported at 55.4, the second consecutive month above 55 this year [2] Company Earnings Reports - **Zoom Communications (ZM)**: Shares rose 6% after Q2 earnings beat expectations by 10% at $1.53 per share, with revenues of $1.217 billion, a 4.7% year-over-year growth, and non-GAAP operating margins at 41.3% [3] - **Intuit (INTU)**: Shares fell 5% despite beating fiscal Q4 earnings expectations by 10 cents at $2.75 per share, with revenues of $3.8 billion, a 20% year-over-year increase, attributed to lackluster guidance for the current quarter [4] - **Ross Stores (ROST)**: Shares increased by 2.3% after Q2 earnings of $1.56 per share exceeded consensus by 4 cents, with revenues of $5.5 billion, a 5% year-over-year growth, and expected comps of 2-3% going forward [5] Upcoming Events - Fed Chair Jerome Powell's address at the Economic Symposium in Jackson Hole, WY, is anticipated to provide insights on interest rate decisions for the September meeting [6] - Personal Consumption Expenditures (PCE) data is due out a week from Friday, with the last report showing year-over-year PCE at 2.6% and core PCE at 2.8% [7]

Economic Indicators - March Personal Consumption Expenditures (PCE) showed a month-over-month change of 0.0%, which was -30 basis points below the previous month, while year-over-year PCE reached +2.3%, slightly above expectations but down 40 basis points from +2.7% in February [2] - Core PCE, excluding food and energy, also reported a month-over-month change of 0.0%, down from +0.1% projected and +0.4% reported a month ago, with a year-over-year figure of +2.6%, down from +3.0% the prior month [3] Housing Market - Pending Home Sales increased by +6.1% in March, surpassing the +1% expected and the upwardly revised +2.1% for February, marking the highest level since September of the previous year [4] - The South region led the increase with +9.8%, followed by the Midwest at +4.9% and the West at +4.8%, while the Northeast experienced a decline of -0.5% [5] Company Earnings - Meta Platforms reported Q1 earnings of $6.43 per share, exceeding the expected $5.22, with revenues of $42.31 billion surpassing the $41.22 billion estimate, and Daily Active People grew +6% year over year to 3.43 billion [6] - Microsoft reported Q1 earnings of $3.46 billion, beating the $3.20 billion estimate, with revenues of $70.1 billion exceeding the projected $68.4 billion, and Azure cloud sales increased by +20% to $42.4 billion [7] - Qualcomm's fiscal Q2 earnings were $2.85 per share, beating estimates by 3 cents, with revenues of $10.83 billion surpassing the $10.67 billion consensus, although a lower revenue guide for Q3 led to a -6.3% decline in after-market shares [8]