The S&P 500 Index ($SPX) (SPY) at the moment is up by +0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.16%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.03%.  September E-mini S&P futures (ESU25) are up +0.02%, and September E-mini Nasdaq futures (NQU25) are up +0.02%. 

Inventory index futures recovered from in a single day losses and turned combined, with the S&P 500 posting a brand new all-time excessive and the Nasdaq 100 posting a 1-week excessive on indicators that the US financial system is holding up.  US Q2 GDP was revised increased than anticipated, exhibiting the financial system expanded greater than initially estimated.  Additionally, US weekly preliminary unemployment claims fell as anticipated, easing considerations concerning the labor market. 

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Limiting features in shares is a few weak point in know-how shares after Nvidia’s gross sales forecast fell wanting lofty expectations.  Nvidia is down greater than -1% after reporting weaker-than-expected Q2 knowledge heart income and giving a income forecast that was seen as underwhelming. 

US Q2 GDP was revised upward to +3.3% (q/q annualized) from the beforehand reported +3.0%, stronger than expectations of +3.1%.

US weekly preliminary unemployment claims fell -5,000 to 229,000, near expectations of 230,000.

Relating to tariffs, President Trump late Monday threatened to impose new tariffs and export restrictions on superior know-how and semiconductors in retaliation in opposition to different nations’ digital providers taxes that hit American firms.  Final week, Mr. Trump widened metal and aluminum tariffs to incorporate greater than 400 client gadgets that include the metals, resembling bikes, auto elements, furnishings elements, and tableware.  The change went into impact final Monday and didn’t exclude items already in transit.  

In different latest tariff information, Mr. Trump on August 13 prolonged the tariff truce with China for one more 90 days till November.  On August 6, Mr. Trump introduced that he’ll double tariffs on US imports from India to 50% from the present 25% tariff, because of India’s purchases of Russian oil.  In keeping with Bloomberg Economics, the typical US tariff will rise to fifteen.2% if charges are applied as introduced, up from 13.3% earlier, and considerably increased than the two.3% in 2024 earlier than the tariffs have been introduced.

The markets this week are specializing in any contemporary tariff information or developments on ending the Ukraine-Russian warfare.  On Friday, July private spending is anticipated to climb +0.3% m/m, and July private earnings is anticipated to rise +0.4% m/m.   Additionally, the July core PCE value index, the Fed’s most popular inflation gauge, is anticipated to climb +0.2% m/m and +2.9% y/y.  As well as, the Aug MNI Chicago PMI is anticipated to fall -0.6 to 46.5.  Lastly, the College of Michigan’s final-Aug US client sentiment index is anticipated to be unrevised at 58.6.

Federal funds futures costs are discounting the possibilities for a -25 bp fee reduce at 85% on the subsequent FOMC assembly on September 16-17.  The markets are discounting the possibilities at 50% for a second -25 bp fee reduce on the following assembly on October 28-29.

Earnings stories point out that S&P 500 earnings for Q2 are on monitor to rise +9.1% y/y, a lot better than the pre-season expectations of +2.8% y/y and probably the most in 4 years, in keeping with Bloomberg Intelligence.  With Q2 earnings season winding down, over 95% of S&P 500 companies having reported Q2 earnings, about 82% of firms exceeded revenue estimates. 

Abroad inventory markets at the moment are increased.  The Euro Stoxx 50 is up +0.19%.  China’s Shanghai Composite closed up +1.14%.  Japan’s Nikkei Inventory 225 closed up +0.73%.

Curiosity Charges

September 10-year T-notes (ZNU5) at the moment are down -2 ticks, and the 10-year T-note yield is up +0.6 bp to 4.240%. 

Sep T-notes fell from a 4-month nearest-futures excessive at the moment, and the 10-year T-note yield moved up from a 2-week low of 4.211%.  T-notes gave up an early advance at the moment after US Q2 GDP was revised increased than anticipated and after weekly jobless claims declined as anticipated, hawkish components for Fed coverage.  Additionally, provide pressures are weighing on T-notes because the Treasury will public sale $44 billion of 7-year T-notes later at the moment.  Losses in T-notes are restricted because of constructive carryover from Wednesday, when New York Fed President Williams mentioned that in some unspecified time in the future, will probably be acceptable for us to maneuver charges down, as we’re nonetheless in a “modestly restrictive” stance on coverage.

European authorities bond yields at the moment are combined.  The ten-year German bund rebounded from a 2-week low of two.679% and is up +0.4 bp to 2.704%.  10-year UK gilt yield is down -1.9 bp to 4.717%.

The Eurozone’s August financial confidence indicator unexpectedly fell -0.5 to 95.2, weaker than expectations of a rise to 96.0.

Eurozone July new automobile registrations rose 7.4% year-over-year to 914,680, the most important improve in 15 months.

Swaps are discounting the possibilities at 3% for a -25 bp fee reduce by the ECB on the September 11 coverage assembly.

US Inventory Movers

Chip makers are climbing at the moment to supply help to the broader market.  Broadcom (AVGO), Marvell Expertise (MRVL), and Micron Expertise (MU) are up greater than +2%.  Additionally, Superior Micro Units (AMD), GlobalFoundries (GFS), ON Semiconductor Corp (ON), NXP Semiconductors NV (NXPI), Lam Analysis (LRCX), and Microchip Expertise (MCHP) are up greater than +1%.   

Snowflake (SNOW) is up greater than +13% to steer software program shares increased after reporting Q2 product income of $1.09 billion, higher than the consensus of $1.04 billion, and elevating its 2026 product income forecast to $4.40 billion from a earlier estimate of $4.33 billion, stronger than the consensus of $4.34 billion.  Additionally, Datadog (DDOG) is up greater than +4% to steer gainers within the S&P 500 and Nasdaq 100, and Cloudflare (NET) is up greater than +2%.  As well as, Atlassian (TEAM) and MongoDB (MDB) are up greater than +1%.  Lastly, Salesforce (CRM) is up greater than +2% to steer gainers within the Dow Jones Industrials.

Pure Storage (PSTG) is up greater than +21% after reporting Q2 income of $861 million, above the consensus of $845.9 million, and elevating its 2026 income forecast to $3.60 billion-$3.63 billion from a earlier forecast of $3.52 billion, stronger than the consensus of $3.52 billion. 

Phibro Animal Well being Corp (PAHC) is up greater than +10% after forecasting 2026 internet gross sales of $1.43 billion to $1.48 billion, above the consensus of $1.42 billion. 

Burlington Shops (BURL) is up greater than +6% after reporting Q2 adjusted EPS of $1.59, nicely above the consensus of $1.27, and elevating its full-year adjusted EPS forecast to $9.19-$9.59 from a earlier forecast of $8.70-$9.30, the midpoint above the consensus of $9.26. 

5 Under (FIVE) is up greater than +3% after reporting Q2 comparable gross sales rose +12.4%, stronger than the consensus of +9.14%, and elevating its full-year internet gross sales forecast to $4.44 billion-$4.52 billion from a earlier forecast of $4.33 billion-$4.42 billion.   

HP Inc. (HPQ) is up greater than +3% after reporting Q3 internet income of $13.93 billion, higher than the consensus of $13.74 billion.

Agilent Applied sciences (A) is up greater than +2% after reporting Q3 internet income of $1.74 billion, above the consensus of $1.67 billion, and elevating its full-year income estimate to $6.91 billion-$6.93 billion from a earlier estimate of $6.73 billion-$6.81billion. 

Hormel Meals (HRL) is down greater than -14% to steer losers within the S&P 500 after reporting Q3 adjusted EPS of 35 cents, beneath the consensus of 40 cents, and forecasting This fall adjusted EPS of 38 cents-40 cents, weaker than the consensus of 49 cents.

Nvidia (NVDA) is down greater than -2% to steer losers within the Dow Jones Industrials and Nasdaq 100 after reporting Q2 knowledge heart income of $41.10 billion, beneath the consensus of $41.29 billion.   

Cooper Cos (COO) is down greater than -13% after reducing its full-year income forecast to $4.08 billion-$4.10 billion from a earlier forecast of $4.11 billion-$4.15 billion, weaker than the consensus of $4.12 billion. 

Nutanix (NTNX) is down greater than -7% after forecasting Q1 income of $670 million-$680 million, the midpoint beneath the consensus of $677 million. 

Veeva Methods (VEEV) is down greater than -5% after reporting Q2 adjusted gross margin of 77.5%, beneath the consensus of 78.2%. 

Finest Purchase (BBY) is down greater than -2% regardless of reporting better-than-expected Q2 EPS after warning that tariffs proceed to weigh on its enterprise forward of the essential vacation season.

Earnings Studies(8/28/2025)

Affirm Holdings Inc (AFRM), Autodesk Inc (ADSK), Tub & Physique Works Inc (BBWI), Finest Purchase Co Inc (BBY), Brown-Forman Corp (BF/B), Burlington Shops Inc (BURL), Dell Applied sciences Inc (DELL), Dick’s Sporting Items Inc (DKS), Greenback Common Corp (DG), Elastic NV (ESTC), Hole Inc/The (GAP), Hormel Meals Corp (HRL), Marvell Expertise Inc (MRVL), Ollie’s Cut price Outlet Holding (OLLI), SentinelOne Inc (S), Ulta Magnificence Inc (ULTA).

On the date of publication,

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