Market Overview | | | S&P 500 | | -0.28% | | Pre: +0.39% |
| | | Nasdaq | | -0.76% | | Pre: +0.80% |
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Stock & Market News | | - Market recap: The Nasdaq and S&P 500 slipped yesterday, with tech stocks like Seagate (STX), Sandisk (SNDK), and Micron (MU) down around 6%. Coherent (COHR), Lumentum (LITE), AMD (AMD), and Broadcom (AVGO) fell 2-4%. Source: CNBC.
- Dick’s cuts outlook as Foot Locker lags: Dick's (DKS) missed Q2 revenue estimates and cut annual sales guidance to $21.9B–$22.2B as Foot Locker comparable sales fell 3.6%. Shares plunged 18% premarket. Source: CNBC.
- Nvidia updates: Options imply a 5.4% move — equal to $280B in market value — in Nvidia (NVDA) after tomorrow's earnings, with some investors concerned over the chip giant's financing of AI infrastructure. Separately, Nvidia said its Groq racks are in full production and will go online at Nebius (NBIS) this year. Nvidia fell 3% yesterday but gained 1% premarket. Sources: Reuters / WSJ / CNBC.
- Xpeng slides on delivery outlook: Chinese EV maker Xpeng (XPEV) fell 8.5% after Q3 delivery guidance missed expectations, overshadowing a $6.3B valuation for its robotics unit. Source: CNBC.
- Hugging Face explores sale: AI development platform Hugging Face is evaluating acquisition interest that could value it at $13B or more, nearly triple its 2023 valuation. Source: Business Insider.
- United expands international destinations: United (UAL) is adding 10 international routes for 2027, including Okinawa, Sardinia, and Ibiza. Shares gained 3% premarket. Source: CNBC.
- Tesla hikes prices: Tesla (TSLA) hiked the price tag of its U.S. Cybertruck models by $5K, with shares down 4% on the back of a large recall. Sources: Reuters / BBC.
- Gold Fields boosts shareholder returns: Gold Fields’ (GFI) H1 earnings jumped 81% to $1.86B as production rose 12% and gold prices climbed 51%. The miner doubled its interim dividend and lifted planned 2026 shareholder returns to $1.25B. Shares gained 2% premarket. Source: WSJ.
- BlackBerry targets robotics growth: BlackBerry (BB) noted that robotics is among the fastest-growing businesses in its QNX unit, which focuses on vehicle safety software. Shares fell 5% yesterday but gained 2.5% premarket. Source: CNBC.
- Bitcoin hits $80K, gold touches 3-month high: Bitcoin climbed above $80K for the first time since May as a weaker dollar, renewed institutional demand, and tight supply fuel momentum. The news comes as gold prices hit $4,651, their highest level in 3 months. Sources: Bloomberg / The Guardian.
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Legal & Regulatory News | | - Zillow settles rental antitrust case: Zillow (Z) settled FTC and state claims that it paid Redfin $100M to scupper rental listings. Redfin — now part of Rocket (RKT) — can keep showing Zillow ads but must restart its own ad business within 6 months. Zillow rose 3%. Source: CNBC.
- Regional sports network sues cable giants: Defunct network Main Street Sports sued Comcast (CMCSA) and Charter (CHTR), alleging that the firms underpaid licensing fees in early 2026 while its regional networks were still carrying live NBA and NHL games. Source: CNBC.
- TikTok settles child privacy case: TikTok's owner ByteDance agreed to pay $400M to settle U.S. claims that the platform unlawfully collected children’s data and violated privacy law. Source: CNN.
- SEC probes AI fund: The SEC subpoenaed Goldman Sachs (GS), JPMorgan (JPM), Citi (C), and Bank of America (BAC) for information about Situational Awareness after the AI hedge fund plunged from about $45B to $10B in July. Source: CNBC.
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Economic News | |  | | Photo by Maria Lupan on Unsplash | | - Oil hits 1-week low: Oil prices fell over 3% to a 1-week low as traders viewed new U.S. sanctions on Iran as less threatening to supply than renewed military escalation. The average U.S. gallon of gas remains at $4.10. Source: Reuters.
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World News & Politics | | - Kazakh election results: Kazakhstan’s new party Adilet — associated with the current president, Kassym-Jomart Tokayev — won about 71% of the vote in national elections, positioning it for roughly 109 of 145 seats in the legislature. Source: Euronews.
- White House eyes new Chinese tariffs: The U.S. is considering a 7.5% tariff on Chinese goods over alleged industrial overcapacity, potentially restoring President Trump’s duties to about 20% ahead of a summit with President Xi. Source: Bloomberg.
- SCOTUS limits mail-in voting: The Supreme Court permitted the Trump admin. to restrict mail-in voting by making citizenship lists and letting the USPS help determine ballot eligibility. Source: NY Times.
- Trump targets 200K asylum seekers: The Trump admin. is preparing to revoke up to 200K visas from foreigners who entered the U.S. for business or tourism and later sought asylum, potentially marking the largest mass visa revocation in U.S. history. Source: WSJ.
- Oceans hit record heat: Global sea-surface temperatures reached a record 70°F (21.1°C) as a strengthening El Niño compounds the effects of climate change. Source: AP.
- History-making ex-Senator dies: Former Kansas Sen. Nancy Kassebaum, known for coauthoring a bipartisan 1996 healthcare reform law, has died at 94. The 3-term Republican was the first woman elected to a full Senate term whose husband did not precede her in office. Source: Politico.
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Economic Events | | - 8:15 AM: ADP Employment Change Weekly
- 9:00 AM: S&P/Case-Shiller Home Price YoY
- 10:00 AM: CB Consumer Confidence
- 10:00 AM: New Home Sales & New Home Sales MoM
- 4:30 PM: API Crude Oil Stock Change
- Wednesday: Core PCE Price Index MoM, Durable Goods Orders MoM, GDP Growth Rate QoQ 2nd Estimate, Personal Income & Spending MoM
- Friday: Fed Chair Warsh Speech, Non-Farm Payrolls Annual Revision Prelim.
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Recent Earnings | | Bank of Montreal (BMO) has released its quarterly earnings. The Bank of Nova Scotia (BNS) has released its quarterly earnings. Gold Fields (GFI) has released its quarterly earnings. DICK'S Sporting Goods (DKS) has released its quarterly earnings. Kanzhun (BZ) has released its quarterly earnings. Vipshop Holdings (VIPS) has released its quarterly earnings. The Marzetti Company (MZTI) has released its quarterly earnings. |
| | View Earnings Calendar |
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Upcoming Earnings | | HEICO (HEI) will report today after close. NVIDIA (NVDA) will report tomorrow after market close. Synopsys (SNPS) will report tomorrow after market close. Urban Outfitters (URBN) will report tomorrow after market close. Abercrombie & Fitch Co. (ANF) will report tomorrow before market open. Agilent Technologies (A) will report tomorrow after market close. Bath & Body Works (BBWI) will report tomorrow before market open. Everpure (P) will report tomorrow after market close. Autodesk (ADSK) will report Thursday. Workday (WDAY) will report Thursday. Electronic Arts (EA) will report Saturday. |
| | View Earnings Calendar |
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This Week's IPOs | | - Estimated Tuesday, Aug. 25: MetaOptics Ltd (MOT), Singapore-based optical lenses maker with $613K in TTM revenue and 891.2% revenue growth YoY.
- Estimated Tuesday, Aug. 25: Advasa Holdings, Inc. (ADBT), a Japanese financial technology and services company with $21.69M in TTM revenue and -4.6% revenue growth YoY.
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| | View IPO Calendar | |
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