Stocks largely brushed aside their initial drag from Nvidia Corp.’s sales outlook missing lofty expectations, indicating the record-breaking rally’s momentum remains intact. Contracts for the S&P 500, which closed at a record Wednesday, were little changed after falling as much as 0.4% earlier. Nvidia’s shares fell 3% in extended hours even as CEO Jensen Huang said demand is really high. Futures for the Nasdaq 100 pared most of their losses to trade 0.2% lower while contracts for European stocks rose 0.2%. Chinese chip shares surged. In other corners of the market, a gauge of the dollar fell for a third day. Shorter-maturity Treasuries slipped after two days of gains, sending the yield on the two-year note higher by one basis point to 3.62%. Oil dropped as traders looked past US efforts to force India to quit buying Russian crude. The reaction in Asia indicates that while Nvidia’s sales outlook left some investors underwhelmed, the world’s most valuable listed company stopped short of delivering a major negative surprise. Global equities have advanced since April on bets that the AI boom would continue to bolster technology earnings, even as easing tariff tensions supported broader risk appetite. Still, Nvidia’s forecast signaled that growth is decelerating after a two-year boom in AI spending. Difficulties in China also have clouded the business. Though President Donald Trump’s administration recently eased curbs on exports of some AI chips to that country, the reprieve hasn’t yet translated into a rebound in revenue. In China, chip stocks rose with Semiconductor Manufacturing International Corp. jumping 12% after a report said local producers aim to triple output of AI chips next year. One fabrication plant dedicated to producing Huawei Technologies Co.’s AI processors in China is due to start production as soon as the end of the year, while another two are to launch next year, the Financial Times reported, citing people familiar with the matter. Combined capacity could exceed current output of similar lines at SMIC, the people added. Meanwhile, shares of Meituan sank as much as 11% in Hong Kong after the company warned of major losses. Alibaba Group Holding Ltd. dropped as much as 4.9% before it reports earnings Friday. Meituan warned of major losses this quarter while waging a price-based battle with Alibaba and JD.com Inc., the most striking sign yet that its internet rivals are threatening its longstanding dominance of a lucrative home market. China’s food delivery leader issued its prediction after reporting “irrational competition” had all but wiped out its profit in the June quarter. Meituan’s net income plummeted 97%. In Japan, a two-year government bond auction Thursday met demand that was weaker than the 12-month average, as investors remain wary of the risk that the Bank of Japan will raise interest rates this year. Elsewhere, Indian stocks fell as much as 0.8% after Trump’s latest tariffs on the country’s exports to the US took effect. US After Hours NVDA -2.8%, DOMO -13.1%, COO -10.9%, NTAP -5.8%, URBN -5.6%, NTNX -4.8% lower on earnings; PSTG +15.7%, SNOW +13.5%, BILL +4.6%, FIVE +3.4% higher on earnings.
Nikkei +0.66% Hang Seng -1.21% CSI +0.01% Shanghai -0.58% Shenzen -0.76%
Eur$ 1.1640 CNH 7.1482 CNY 7.1490 JPY 147.17 GBP 1.3504 CHF 0.8016 RUB 80.3500 TRY 41.0535 WTI$ 63.64 -0.80% Gold 3,390 -0.21% BTC 112,945 +0.47% ETH 4,572 -0.53%
S&P -0.16% Nasdaq -0.36% EuroStoxx +0.02% FTSE +0.09% Dax +0.09% SMI -0.02%
Macro :
- Italy May Consider Tax on Buybacks of Listed Firms: Corriere
- Hedge-Fund Arb Bets on Convertible Bonds Triumph: ECM Watch
- Hedge-Fund Arb Bets on Convertible Bonds Triumph: ECM Watch
- US Firms Racing Through $1 Trillion Buyback Spree in Record Time
- FDA OKs Covid Vaccines for Those at Higher Risk: Kennedy
- EU July Car Registrations Rise 7.4% Y/y to 0.915m Units
- Denmark summons US diplomat over alleged covert influence operations in Greenland, Danish foreign minister accuses ‘foreign actors’ of trying to sway future of vast Arctic island - FT
Keep an eye on :
- ADJ GY : Adler Group 1H FFO I Loss EU28.8M Vs. Loss EU53.7M Y/y
- A US : Agilent Sees 4Q Adjusted EPS $1.57 to $1.60, Est. $1.60
- ALT US : Altimmune Shares Jump After FDA Statement on Liver Disease
- MT NA : ArcelorMittal Sees Worsening Results for Steel in Brazil 2H 2025
- BIIB US : Biogen, Sage Get MHRA Approval for Postnatal Depression Drug
- BA US : Boeing on Track to Hike 737 Output by October, Ryanair CEO Says
- BWO NO : BW Offshore Boosts FY Ebitda Forecast
- GOOS CN : Canada Goose Surges on Optimism About Take-Private Bids
- 1211 HK : Chinese EV Makers Slump With XPeng, Li Auto Leading Declines -2.5% - China’s BYD Outsells Tesla in Europe Again - WSJ
- CMBT BB : CMB Tech 2Q Adjusted Ebitda $224.1M Vs. $261.2M Y/y
- CON GY : Continental’s ContiTech Sells OESL to Regent, No Terms
- COO US : Contact Lens Maker Cooper Falls After Cut to Revenue Outlook
- CRWD US : CrowdStrike Falls as Results Raise Growth Questions, CrowdStrike to Buy Onum
- CVS US : CVS to Pay $12.25 Million to Settle Massachusetts Medicaid Suit
- DHER GY : Delivery Hero 2Q Gross Merchandise Value Meets Estimates
- DOMO US : Domo Shares Fall Following Results and Forecast
- EDF FP : EDF Names Claude Laruelle as Group Executive Director
- FGR FP : Eiffage 1H Revenue Meets Estimates
- EKTAB SS : Elekta 1Q Net Sales Meet Estimates
- ELAL IT : *EL AL ISRAEL AIRLINES 2Q NET INCOME $61.9M, -58% Y/Y
- LLY US : Eli Lilly Says Verzenio Increased Survival in Phase 3 Trial
- FIE GY : Fielmann 1H Ebitda Misses Estimates
- GRMN US : Garmin’s Cheng-Wei Sells $2.37 Million of Shares
- GD US : General Dynamics Delivers First Gulfstream G800 Business Jet
- GOOGL US : Pichai: Google to Invest $9b in Virginia Through 2026
- GPRE US : Green Plains Climbs, Agrees to Sell Tennessee Plant to POET
- GEF US : Greif FY Adjusted Free Cash Flow Forecast Beats Estimates
- GES US : Guess 2Q Adjusted EPS Beats Estimates, Guess Cuts Dividend, Below Bloomberg Projection
- HPQ US : HP’s Profit Forecast Suggests It Can Withstand Tariff Hit
- IBAB BB : Ion Beam Sees FY Adjusted Ebit at Least EU25M
- LMT US : Globe and Mail: Defence procurement secretary and Lockheed Martin meet, discuss purchase of fighter jets
- 3690 HK : Meituan : -10% Meituan’s Revenue Disappoints After China Food Wars Escalate
- MFEB IM : Berlusconi’s MFE Wins Control of ProSieben in Europe Push
- 8058 JP : Mitsubishi Says Berkshire Hathaway Raises Stake to 10.23%
- MRNA US : FDA OKs Covid Vaccines for Those at Higher Risk: Kennedy
- MUV2 GY : Hedge funds’ insurance binge threatens catastrophe cover, warns Munich Re - FT
- NTAP US : NetApp 1Q Net Revenue Meets Estimates
- NEXT US : US Gas Driller EQT Is in Talks With NextDecade for LNG Supply
- NTNX US ; Nutanix Shares Slip With Mixed Outlook, ARR Miss Under Scrutiny
- NVDA US : Nvidia Falls as Forecast Fails to Meet High Hopes
- NVDA US : Nvidia Says US Government Yet to Codify 15% Revenue Sharing Deal
- PGRE US : Paramount Group Rises as SL Green, Vornado Make Offers to Buy
- QIA GY :
- RI FP : Pernod Warns of Weak Sales Due to China Drag, Higher US Tariffs
- PAHC US : Phibro Animal 2026 Net Sales Forecast Beats Estimates
- PKTM AV : Pierer Mobility 1H Ebitda EU1.00B Vs. Loss EU102M Y/y
- PFE US : FDA OKs Covid Vaccines for Those at Higher Risk: Kennedy
- PTK CN : POET to Buy Tennessee Bioprocessing Facility
- PSM GY : Berlusconi’s MFE Wins Control of ProSieben in Europe Push
- PSM GY : PPF to Exit ProSieben After MFE Sweetened Offer
- PSTG US : Pure Storage Shares Soar Following Beat-and-Raise Quarter
- SAGA NO : Saga Pure Offering of Shares Prices via Arctic Securities
- STG DC : Scandinavian Tobacco 2Q Ebitda Before-Items Misses Estimates
- STG DC : Scandinavian Tobacco 2Q Ebitda Before-Items Misses Estimates
- SNOW US : Snowflake Gains on Strong Results and Raised Guide: Street Wrap
- SWON SW : SoftwareONE Issues New FY Forecast to Include Crayon
- Stada IPO : Stada CEO Says IPO Planned This Year in Boost to European Market
- STAN LN : StanChart to Extend $300m Syndicated Bank Guarantee to Envision
- SUBC NO : Subsea 7 Gets Contract for Phase 3 Sakarya Field in Black Sea
- TVTX US : FDA Backs Reduced Monitoring for Patients on Travere’s Filspari (+6%)
- RIG US : Transocean Sees ~$1.9b Charge in 3Q Related to Rigs Sale
- TRVI US : Trevi Therapeutics Leaps to Six Year High on Deal Potential
- TCOM US : Trip.com Shares Rise After 2Q Net Income Beat, Buyback Plan
- URBN US : Urban Outfitters Declines as Results Fail to Justify Rally
- VLK NA : Van Lanschot Kempen 1H Underlying Profit EU71.4M Vs. EU78.4M Y/y
- DG FP :
- SNWH LN : WH Smith Board Backs CEO as It Probes Accounting Errors: FT
- 9868 HK : Chinese EV Makers Slump With XPeng, Li Auto Leading Declines -6.86%