📰 Market Rundown
1. Nvidia retreats on China uncertainty
$NVDA posted another strong quarter Wednesday, beating EPS ($1.04 vs $1.01) and revenue ($46.7B vs $46.3B est.) while guiding Q3 to $54B, above expectations. But a miss on data center revenue ($41.1B vs $41.34B est.) and no China H20 sales rattled investors, sending shares lower after hours and erasing ~$110B in market cap. CEO Jensen Huang expects to restart China shipments after a deal with Trump but left sales out of guidance due to regulatory uncertainty.
2. U.S. Futures Mixed
Markets are digesting $NVDA plus results from $SNOW and $NTAP. As of early trade:
- S&P +0.1%
- Dow +0.3%
- Nasdaq -0.1%
Wednesday closed strong, with the S&P 500 at a record and all 3 major indexes on pace for solid monthly gains (S&P +2%, Nasdaq +2%, Dow +3%).
3. Tesla Slumps in Europe
$TSLA July sales in Europe dropped 40% YoY, while BYD gained share. Tesla’s market share fell to 0.8% (from 1.4% a year ago). EV demand overall surged +33%, but Tesla lagged as European automakers and Chinese rivals tightened competition. Musk’s political affiliations in Europe have also weighed on brand image.
4. Japan Cancels U.S. Trade Trip
Japan’s trade negotiator scrapped a U.S. visit to finalize a $550B investment-for-tariffs deal. Coordination issues stalled progress, raising doubts about timing. Trump has touted it as “our money to invest,” but Japanese officials insist investments must also benefit Japan.
5. Crude Slips
Oil extended losses as summer driving season winds down.
- Brent $66.91 (-0.5%)
- WTI $63.59 (-0.9%)
Despite a 2.4M barrel U.S. crude drawdown last week, traders expect demand to taper post–Labor Day.
📊 QQQ Recap
The $QQQ tech index closed at 573.49 (+0.15%) ahead of $NVDA’s release. Nvidia delivered beats and a $60B buyback, only slightly missing on data centers. Analysts quickly lifted PTs to 200+ across the Street. QQQ remains within 2% of ATHs and ~2% above key 560 support.
📅 Today’s Data
- 8:30AM ET – GDP (Q2), Initial Jobless Claims, Core PCE Prices, GDP Price Index, Continuing Jobless Claims
- 10:00AM ET – Pending Home Sales (Jul)
- 1:00PM ET – 7Y Note Auction
- 4:00PM ET – Fed Waller Speaks
- 4:30PM ET – Fed Balance Sheet
⚡ Stay sharp — $NVDA reaction plus this morning’s macro data will steer today’s flow. See you all in chat!
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