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Top Midday Stories: Dick's Sporting Goods Earnings, Guidance Undershoot Targets; SpaceX Targets Q4 2027 for First AI Satellite Launches

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The Nasdaq Composite and S&P 500 Index were up, while the Dow Jones Industrial Average was roughly flat in late-morning trading, as longer-dated Treasury bond yields were down slightly and investors looked ahead to Nvidia's (NVDA) earnings results on Wednesday.

Canada will impose counter tariffs of 15%, 25% or 50% on about $20 billion of imports from the US, effective Sept. 8, in response to President Donald Trumps recent announcement of 50% tariffs on roughly $20 billion of Canadian goods, Canadian Finance Minister Francois-Philippe Champagne said Tuesday at a press conference.

In company news, Dick's Sporting Goods (DKS) reported fiscal Q2 non-GAAP earnings Tuesday of $3.53 per diluted share, down from $4.38 a year ago and below the FactSet consensus analyst estimate of $3.76. Fiscal Q2 net sales were $5.59 billion, up from $3.65 billion a year ago but below the FactSet consensus of $5.64 billion. For fiscal 2026, the company expects non-GAAP EPS of $11 to $12, down from its prior guidance of $13.50 to $14.50 and below the FactSet consensus of $14.28. Full-year net sales are expected to be between $21.9 billion and $22.2 billion, down from Dick's previous guidance of $22.1 billion to $22.4 billion and below the FactSet consensus of $22.33 billion. Shares of Dick's were down 27.6% around midday.

SpaceX (SPCX) plans to launch its first artificial intelligence satellites run by Nvidia chips in Q4 2027, with the network expected to reach significant scale in 2028, Chief Executive Elon Musk said Monday on X. SpaceX shares were up 3.3%.

Alphabet's (GOOG, GOOGL) Google Cloud said Tuesday it has launched a new agentic AI service for financial professionals, with Deutsche Bank (DB) and CME Group (CME) among those firms granted early access. Gemini Enterprise for Financial Services includes the Financial Research agent, skills to create shortcuts for repetitive tasks, integrations to FactSet (FDS) and Moody's (MCO), a third-party agent ecosystem and the Gemini Enterprise platform, the company said. Separately, Alphabet's Waymo said Tuesday it plans to establish a fully autonomous ride-hailing network in Munich. Alphabet's Class C and Class A shares were both down 0.5%, while Deutsche Bank and CME Group shares were up 1.0% and down 0.4%, respectively.

Bank of Montreal (BMO) reported fiscal Q3 adjusted EPS Tuesday of 3.96 Canadian dollars ($2.86), up from CA$3.23 a year earlier and above the FactSet consensus of CA$3.77. Fiscal Q3 revenue was CA$9.9 billion, up from CA$8.99 billion a year ago and above the FactSet consensus of CA$9.73 billion. The bank said it plans to repurchase for cancellation up to 25 million of its common shares under a normal course issuer bid. The buyback program is expected to start around Sept. 8 and run until Sept. 7, 2027, the company said. Bank of Montrea shares were down 0.3%.

Bank of Nova Scotia (BNS) reported fiscal Q3 adjusted EPS Tuesday of CA$2.28, up from CA$1.88 a year earlier and above the FactSet consensus of CA$2.10. Fiscal Q3 revenue was CA$10.54 billion, up from CA$9.49 billion a year ago and above the FactSet consensus of CA$9.98 billion. Scotiabank shares were up 4.9%.

Price: $211.22, Change: $+2.74, Percent Change: +1.31%

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