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Rallied as tech and semiconductor stocks jumped, with the Philadelphia Semiconductor Index climbing 5.4% amid the broad market rally.

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Commodities

Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Monday Amid Lower Rate Hike Expectations

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.5% higher in Monday's premarket activity amid lower expectations of an interest rate increase.US stock futures were mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.5% before the start of regular trading.The New York Federal Reserve's Empire State manufacturing index rose to 20.6 in August from 15.6 in July, compared with an expected decrease to a reading of 10.0 in a survey compiled by Bloomberg.The National Association of Home Builders' housing market index for August will be released at 10 am ET.In premarket action, bitcoin was up by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% higher, Ether ETF (EETH) advanced 1.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.4%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) slipped 0.1%. The iShares Biotechnology ETF (IBB) was up 0.4%.Argenx (ARGX) stock was up more than 11% premarket after the company said a phase 3 study evaluating its experimental drug, Vyvgart Hytrulo, in adults with autoimmune myositis met its primary endpoint.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) was down 0.1%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated 0.1%.Vista Energy (VIST) stock was up more than 4% before market open after a 3.2% rise at Friday's close. A US Securities and Exchange Commission filing published Friday showed that Palantir Technologies (PLTR) Co-Founder Peter Thiel has acquired 1,189,792 American depositary shares in the Argentinian energy company worth about $75.9 million. Palantir stock was 0.6% lower.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.02%, the Vanguard Industrials Index Fund (VIS) was up 0.1%, and the iShares US Industrials ETF (IYJ) was inactive.L3Harris Technologies (LHX) stock was down more than 2% before the opening bell after the company said it appointed Sam Mehta as President and CEO to succeed Christopher Kubasik, who stepped down as chairman and CEO following an investigation.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.6%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated by 0.5%, and the iShares US Consumer Staples ETF (IYK) was 1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.1% higher.Amazon (AMZN) shares were up more than 1% pre-bell. According to updated user conditions posted on the company's website Friday, Amazon has reinstated binding arbitration for its US customers and barred them from pursuing class action lawsuits.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1% higher.Riot Platform (RIOT) shares traded up 1% in early hours activity after the company said its wholly owned subsidiary, Riot DC Logistics, entered into a $573 million senior secured delayed-draw term loan credit agreement on Aug. 10.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 0.3%, the iShares US Technology ETF (IYW) was 0.6% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) advanced 1,4%, while the iShares Semiconductor ETF (SOXX) rose by 1%.Nvidia (NVDA) shares were up 0.7% after a Friday filing with the US Securities and Exchange Commission showed that the company has a $29.99 billion stake in Intel (INTC) and a $20.98 billion stake in Space Exploration Technologies (SPCX) as of June 30. Intel stock was 0.6% higher, while SpaceX was marginally lower.CommoditiesFront-month US West Texas Intermediate crude oil gained by 0.4% to reach $82.73 per barrel on the New York Mercantile Exchange. Natural gas was down 2.1% at $2.68 per 1 million British Thermal Units. The United States Oil Fund (USO) gained 0.9%, while the United States Natural Gas Fund (UNG) was 1.7% lower.Gold futures for November were up by 0.2% at $4,443.90 an ounce on the Comex. Silver futures advanced 0.9% to $65.66 an ounce. SPDR Gold Shares (GLD) gained by 0.1%, and the iShares Silver Trust (SLV) was 0.8% higher.

Dow JonesNasdaq CompositeS&P 500$AMZN$ARGX$BETH$BITO$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$INTC$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LHX$NVDA$PLTR$PMR$QQQ$RIOT$RTH$SLV$SOXX$SPCX$SPY$UNG$USO$VDC$VHT$VIS$VIST$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Nvidia Likely to Post Strong Results But Investors to Focus More on Long-Term Growth Drivers, Morgan Stanley Says
US Markets

Nvidia Likely to Post Strong Results But Investors to Focus More on Long-Term Growth Drivers, Morgan Stanley Says

Nvidia (NVDA) is expected to post strong fiscal second-quarter results, but investors are likely to focus more on the chipmaker's longer-term growth drivers, Morgan Stanley said in a Monday client note.Morgan Stanley expects the technology bellwether to record "another quarter of beat and raise," amid robust demand for Blackwell chips. However, the brokerage believes the results are less likely to be a stock catalyst, as investor focus is centered on longer-term issues such as market share, concerns over circular financing, the trajectory of its gross margin, and the magnitude of contribution from its Vera Rubin platform in the second half.Vera Rubin is Nvidia's next-generation artificial intelligence computing platform designed for large-scale agentic AI and advanced reasoning workloads."Nvidia stock has seen a negative next day reaction for the last four consecutive quarters, despite what has been a series of very strong numbers," according to Morgan Stanley. "We aren't necessarily optimistic that trend reverses."Nvidia is scheduled to report its fiscal second-quarter results next week. The brokerage estimates Nvidia to post per-share earnings of $2.07 and revenue of nearly $91.2 billion for the quarter, compared with the current consensus on FactSet for $2.08 and $91.93 billion, respectively.Morgan Stanley remains constructive on margins, financing and market share, but doesn't believe management will provide "anything new" that would positively or negatively change investors' views. The brokerage expects Nvidia to reiterate its fiscal 2027 margin outlook in the mid-70% range.Morgan Stanley expects the company to highlight Rubin as a platform that could significantly improve AI factory economics over Blackwell. The brokerage said its checks indicate strong enthusiasm for Rubin, but it will take time for the market to assess how the platform could shift Nvidia's market share against rivals.Morgan Stanley has an overweight rating on Nvidia's stock with a price target of $288.UBS Securities and BofA Securities recently said they expect Nvidia to post strong fiscal second-quarter results as shipments of Vera Rubin begin to ramp.

$NVDA
Wire

Hive Digital Unit Signs $350 Million AI Cloud Deal

Hive Digital Technologies (HIVE) said Monday its Buzz High Performance Computing unit signed a five-year artificial intelligence cloud agreement worth about $350 million with an enterprise customer.The contract will generate around $70 million in annual recurring revenue using a cluster with 2,016 Nvidia (NVDA) Blackwell Ultra GPUs, the company said.Capital expenses for the project will reach roughly $185 million, supported by a $35 million customer deposit, HIVE Digital Technologies said.Shares of the company were up more than 8% in Monday premarket activity.Price: $2.91, Change: $+0.22, Percent Change: +8.20%

$HIVE$NVDA
Japan

US Equity Markets End Lower Amid Weak Retail Sales Data, Rise in Crude Oil Prices

US equity indexes ended lower Friday amid a drop in retail sales and after crude oil prices rose following the US plan to impose unprecedented economic measures against Iran.* Retail sales fell 0.6% amid declines in spending on motor vehicles and at gas stations, following a 0.2% increase in June, the Census Bureau reported Friday. This compares with 0.1% growth expected in a Bloomberg analyst survey.* The US will soon announce unprecedented economic measures against Iran, Treasury Secretary Scott Bessent said, intensifying the Trump administration's effort to force Tehran's capitulation after almost six months of war, according to a Bloomberg report.* September West Texas Intermediate crude oil rose $1.05 to settle at $82.30 per barrel, while October Brent crude, the global benchmark, was last seen up $1.42 at $88.49.* Nebius (NBIS) has signed an agreement with Vantage Data Centers to deploy high-density artificial intelligence infrastructure powered by Nvidia (NVDA) at Vantage's CWL1 data center campus in Wales, the companies said Thursday. Shares of Nebius were up about 8.8%, the top gainer on the Nasdaq.* Applied Materials (AMAT) shares were down about 5.2%, among the worst performers on the S&P 500, after the company reported late Thursday lower free cash flow for the first nine months of the fiscal year as capital expenditures climbed sharply.

Dow JonesNasdaq CompositeS&P 500$AMAT$NBIS$NVDA
Nvidia Poised for Strong Quarterly Results, Outlook, UBS Says
US Markets

Nvidia Poised for Strong Quarterly Results, Outlook, UBS Says

Nvidia (NVDA) is likely to post strong fiscal second-quarter results and issue an upbeat sales outlook as Vera Rubin begins to ramp, UBS Securities said Friday.The brokerage raised its second-quarter earnings outlook for the chipmaking giant to $2.13 a share from $2.09 and its revenue estimate to $93.55 billion from $91.91 billion. UBS projects third-quarter revenue in a range of $107 billion to $108 billion."Blackwell is holding stable, with Rubin units starting to layer in ahead of what should be a more substantial revenue step-up in (the fourth quarter), as Rubin sell-in accelerates toward (roughly 500,000 graphics processing unit) units/month and Blackwell starts to wind down," UBS analysts Timothy Arcuri and Natalia Winkler said in a note to clients Friday.Vera Rubin is Nvidia's next-generation artificial intelligence computing platform designed for large-scale agentic AI and advanced reasoning workloads.In a note to clients earlier this month, BofA Securities said it expected Nvidia to deliver a second-quarter revenue beat and issue an upbeat guidance amid Vera Rubin shipments and "solid" cloud capital expenditure trends.Recently, Amazon.com (AMZN) increased its full-year CapEx guidance, while Meta Platforms (META) raised the lower end of its own outlook range for the metric. Microsoft (MSFT) said it anticipated CapEx in its fiscal 2027 to increase year over year, while Alphabet (GOOG, GOOGL) indicated rising AI capital spending."Because the vast majority of hyperscaler CapEx increase this year is due mostly to memory price inflation, compute supply growth is even further from keeping pace with demand," Acuri and Winkler said Friday. "This is ultimately bullish for (Nvidia) and as a result, we may hear about another significant stair-step in backlog on this earnings call."Earlier this week, Nvidia signed memorandums of understanding with six major financial institutions, including Goldman Sachs (GS), BlackRock (BLK), Blackstone (BX) and KKR (KKR), to raise more than $500 billion in third-party capital for the development of AI infrastructure.UBS expects this to help address "demand durability concerns by unlocking substantial infrastructure capital, underscoring both the financeability of AI compute and the strength of (Nvidia's) ecosystem."The company's shares were little changed in Friday afternoon trade. The stock has jumped nearly 21% so far in 2026.Coming out of Nvidia's upcoming earnings call, UBS expects investors to gain "greater confidence" in a path to EPS of more than $15 in 2027 and $20 in 2028 -- "numbers that should keep the stock grinding higher," the analysts wrote.The technology bellwether company is scheduled to report results Aug. 26.Price: $225.37, Change: $+0.07, Percent Change: +0.03%

$AMZN$BLK$BX$GOOG$GOOGL$GS$KKR$META$MSFT$NVDA
Wire

Nvidia Q2 Revenue Seen $3 Billion to $4 Billion Above Expectations, UBS Says

Nvidia (NVDA) is likely to substantially beat Q2 revenue expectations and to provide a strong Q3 revenue outlook, UBS said in a note Friday.UBS expects Nvidia to beat Q2 revenue estimates by about $3 billion to $4 billion and sees Q3 revenue guidance at about $107 billion to $108 billion. The bank expects revenue to ultimately exceed $110 billion in the October quarter.UBS raised its 2026 revenue estimate to $418 billion from $416 billion and its 2027 estimate to $681 billion from $649 billion.It also raised its GPU unit forecasts by 2% for 2026 and 17% for 2027, to about 8.8 million and 10.8 million units, respectively.UBS maintained its buy rating and $280 price target.Price: $225.15, Change: $-0.15, Percent Change: -0.07%

$NVDA
Sectors

Sector Update: Tech Stocks Gain Thursday Afternoon

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) up 0.6%.The Philadelphia Semiconductor index climbed up 2.3%.In corporate news, Advanced Micro Devices (AMD) plans to raise as much as $5 billion from an investment-grade bond sale, Bloomberg reported. AMD shares were up 2.3%.Larsen & Toubro has secured an order worth up to 150 billion Indian rupees ($1.57 billion) to deploy an Nvidia (NVDA) B300 AI Factory for Together AI at its Chennai data center campus, the firm said Thursday. Separately, Nebius (NBIS) has signed an agreement with Vantage Data Centers to deploy AI infrastructure powered by Nvidia at Vantage's CWL1 data center campus in Wales, the companies said Thursday. Nvidia shares rose 0.7%.Cisco (CSCO) shares dropped 8.6% after its fiscal Q4 services revenue missed Wall Street's estimates, overshadowing what the networking equipment maker described as record results.Cerebras Systems (CBRS) shares fell 12% after the firm swung to a Q2 loss, although core revenue more than doubled year over year and topped market estimates amid cloud growth.

$AMD$CBRS$CSCO$NVDA
Sectors

Sector Update: Tech

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) increasing 0.2%.The Philadelphia Semiconductor index climbed 1.9%.In corporate news, Larsen & Toubro has secured an order worth up to 150 billion Indian rupees ($1.57 billion) to deploy an Nvidia (NVDA) B300 AI Factory for Together AI at its Chennai data center campus, the company said Thursday. Separately, Nebius (NBIS) has signed an agreement with Vantage Data Centers to deploy AI infrastructure powered by Nvidia at Vantage's CWL1 data center campus in Wales, the companies said Thursday. Nvidia shares rose 0.4%.

$NVDA
Wire

Top Midday Stories: Accelerant to be Taken Private by Thoma Bravo in $4 Billion Deal; Cisco Shares Fall Despite Strong Earnings, Guidance

The S&P 500 and Nasdaq Composite were up in late-morning trading Thursday, while the Dow Jones Industrial Average was down slightly, as investors parsed the latest inflation data.The US Producer Price Index held steady in July after falling by 0.1% in June, the Bureau of Labor Statistics said Thursday. Analysts expected a 0.2% gain, according to a survey compiled by Bloomberg as of 7:30 a.m. ET. Core PPI, which excludes food and energy prices, rose by 0.2% in July, below the 0.3% gain expected and slower than the 0.4% gain in June.In company news, Accelerant (ARX) has agreed to be acquired and taken private by Thoma Bravo in an all-cash deal with an enterprise value of over $4 billion, the companies said Thursday. Under the deal's terms, Accelerant shareholders will receive $20.25 per share in cash. Shareholders will also receive a ticking fee at a rate of 6% per year if the deal's closing is delayed by certain pending insurance regulatory approvals. After the deal is completed, which is expected in H1 2027, Accelerant shares will no longer trade on the New York Stock Exchange.Separately, Accelerant reported Q2 adjusted earnings Thursday of $0.32 per diluted share, up from $0.13 a year earlier and above the FactSet consensus of $0.17. Second-quarter revenue was $356.9 million, up from $219.1 million a year ago and above the FactSet consensus of $279.2 million. The company said it won't provide Q3 or full-year 2026 guidance due to its pending acquisition by Thoma Bravo. Accelerant shares were up 43.5% near noon.Cisco Systems (CSCO) reported fiscal Q4 adjusted EPS late Wednesday of $1.22, up from $0.99 a year earlier and above the FactSet consensus of $1.17. Fiscal Q4 revenue was $17.25 billion, up from $14.67 billion a year ago and above the FactSet consensus of $16.84 billion. For fiscal Q1, the company expects adjusted EPS of $1.32 to $1.34 on revenue of $18.0 billion to $18.2 billion. Analysts polled by FactSet expect $1.16 and $16.84 billion, respectively. For fiscal 2027, the company expects adjusted EPS of $5.05 to $5.11 on revenue of $72.2 billion to $73.4 billion. Analysts expect $4.83 and $69.12 billion, respectively. Cisco shares were down 8.7%.Cerebras Systems (CBRS) reported a Q2 net loss late Wednesday of $2.98 per diluted share, swinging from earnings of $1.91 a year earlier and compared with a loss of $1.62 expected by the FactSet consensus. Second-quarter revenue was $180.1 million, up from $103.3 million a year ago but below the FactSet consensus of $190.6 million. For Q3, the company expects non-GAAP revenue of about $214 million to $216 million, above the FactSet consensus of $210.2 million. Cerebras expects full-year non-GAAP revenue of $880 million to $890 million, up from its prior guidance of $855 million to $865 million and above the FactSet consensus of $863.4 million. Cerebras shares were down 13.6%.Larsen & Toubro has secured an order worth up to 150 billion Indian rupees ($1.57 billion) to deploy an Nvidia (NVDA) B300 Artificial Intelligence Factory for Together AI at its Chennai data center campus, the company said Thursday. Separately, Nebius Group (NBIS) has signed an agreement with Vantage Data Centers to deploy high-density artificial intelligence infrastructure powered by Nvidia at Vantage's CWL1 data center campus in Wales, the companies said Thursday. Lastly, Anthropic is in talks to acquire Nvidia-backed AI startup Decart AI for about $6 billion, multiple outlets reported Wednesday. Nvidia shares were up 0.1%, while Nebius shares were down 0.7%.Price: $113.22, Change: $-10.66, Percent Change: -8.61%

$ARX$CBRS$CSCO$NBIS$NVDA
Wire

Market Chatter: Foxconn Expects AI Server Share to Rise Despite Competition

Nvidia's (NVDA) key supplier, Foxconn, said it is not worried about rising competition in artificial intelligence server production, Nikkei Asia reported Wednesday, citing Foxconn's rotating Chief Executive Michael Chiang.Chiang added that Nvidia's new Vera Rubin platform will not make it easier for competitors to enter the market. Instead, large customers are likely to rely more on suppliers that can deliver at scale, the report said.Foxconn invested more than $80 billion New Taiwan dollars ($2.48 billion) in H1, while full-year capital expenditures are expected to rise 30% from last year, the report added.The company also said that for Q3, AI rack shipments are expected to continue growing, while overall operations should gain momentum as information and communications technology products enter their peak season. It added that it remains cautious about potential impacts from global political and economic uncertainty.Foxconn didn't immediately reply to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $223.42, Change: $+5.92, Percent Change: +2.72%

$NVDA
Update: Equities Post Back-to-Back Declines Amid Hormuz Deal Doubts
US Markets

Update: Equities Post Back-to-Back Declines Amid Hormuz Deal Doubts

(Updates with market moves at the end of the day, and other changes, if any.)US stocks fell for a second straight session on Tuesday and oil prices extended their rally, as the reopening of the Strait of Hormuz appeared increasingly uncertain.The Nasdaq Composite fell 0.6% to 26,445.45. The S&P 500 and the Dow Jones Industrial Average each lost 0.3% to settle at 7,728.20 and 53,791.85, respectively. Most sectors sectors were in the red, led by communication services.West Texas Intermediate crude oil was up 1.6% at $83.41 a barrel in Tuesday late-afternoon trade, while Brent advanced 1.6% to $89.11. The US crude oil benchmark was on track for its fourth consecutive day of gains, while Brent is poised to stretch its rally to a fifth session.Secretary of Iran's Supreme National Security Council Mohsen Rezaei said Tuesday that the Strait of Hormuz will remain closed as long as the US does not accept Tehran's conditions, Reuters reported.Previously, Pakistani Defense Minister Khawaja Asif told Bloomberg News that the US and Iran were close to "some sort of an arrangement."Iran has reportedly laid out new terms for reopening the Strait of Hormuz, including a permanent end to the war against Tehran and its allies, as well as demanding full compensation for war damages. In response, US President Donald Trump on Monday demanded compensation for those he claimed were killed and wounded by Iran's attacks.Trump recently indicated to the media that he's prepared to exert greater economic pressure on Iran instead of launching another military attack."Uncertainty over a US-Iran deal to end the war and reopen the Strait of Hormuz has grown after Trump demanded compensation for victims of Iranian-backed conflicts, responding to Tehran's reparations demands," Saxo Bank said Tuesday in a report. "The tougher stance lowers chances of a near-term agreement and keeps markets wary, as Iran ties any Hormuz deal with Oman to a broader accord with the US and Trump opts for economic pressure over new strikes."A missile struck a Saudi commercial vessel while transiting the Bab al-Mandeb Strait, CNN reported Tuesday, citing Yemeni officials and shipping sources. That strait connects the Red Sea to the Gulf of Aden and Arabian Sea. It is an alternative route to the Strait of Hormuz.US Treasury yields were lower intraday, with the two-year rate down 1.5 basis points at 4.22% and the 10-year rate shedding less than a basis point to 4.69%.In company news, Nvidia (NVDA) said it partnered with six major financial institutions to raise more than $500 billion in third-party capital for artificial intelligence infrastructure.The tech bellwether signed memorandums of understanding with Apollo (APO), BlackRock (BLK), Blackstone (BX), Brookfield (BN), Goldman Sachs (GS) and KKR (KKR) to establish independent compute financing platforms, it said late Monday.KKR shares jumped 6.9%, the best performer on the S&P 500. Apollo advanced 6.3%, the third-biggest gain on the index. Blackstone rose 3.9%, while BlackRock and Brookfield were also higher. Goldman and Nvidia ended little changed.AppLovin (APP) slumped 6%, the worst performer on the S&P 500, following a rating downgrade from BofA Securities.Sea (SE) reported stronger-than-expected second-quarter revenue as the Singapore-based company logged sharp annual gains in its e-commerce platform and the digital financial services business. Its US-listed shares jumped nearly 15%.In economic news, existing home sales in the US declined more than expected last month as rising prices and mortgage rates continued to weigh on homebuying activity, data from the National Association of Realtors showed.Spot gold fell 0.5% to $4,369.79 per troy ounce, while silver dropped 0.5% to $64.92.

Dow JonesNasdaq CompositeS&P 500$APO$APP$BLK$BN$BX$GS$KKR$NVDA$SE
Japan

US Equity Markets End Lower Amid Rising Crude Oil Prices, US-Iran Uncertainty

US equity indexes ended lower Tuesday amid rising crude oil prices, Iran's uncertainty on the Strait of Hormuz reopening and a decline in tech stocks.* "America must end the war, pay Iran's frozen assets, the war must end throughout the region, including in Lebanon and Gaza," Reuters cited Mohsen Rezaee, secretary of Iran's Supreme National Security Council, as saying in a report from Tasnim.* The pace of US existing home sales fell by 1.7% to a 4.06 million seasonally adjusted annual rate in July from 4.13 million in June, according to data from the National Association of Realtors. This compares with a larger expected decrease to a 4.05 million rate in a survey compiled by Bloomberg.* Redbook US same-store sales jumped 8.3% from a year earlier in the week ended Aug. 8 after an 8.7% surge in the previous week.* September West Texas Intermediate crude oil rose $1.32 to settle at $83.45 per barrel, while October Brent crude, the global benchmark, was last seen up $1.43 at $89.15.* Nvidia (NVDA) said it partnered with Apollo (APO), BlackRock (BLK), Blackstone (BX), Brookfield (BN), Goldman Sachs (GS) and KKR (KKR) to raise more than $500 billion in third-party capital for artificial intelligence infrastructure. KKR shares were up about 6.9%, the best performer on the S&P 500, followed by Apollo's 6.3% gain, the third-biggest gain on the index.* AppLovin's (APP) 30% long-term annual revenue growth target lacks sufficient evidence, with uncertainty rising around the sustainability of its self-learning growth, BofA Securities said Tuesday in a report. Shares were down roughly 6%, the worst performer on the S&P 500 and the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$APO$APP$BLK$BN$BX$GS$KKR$NVDA
Sectors

Sector Update: Tech Stocks Mixed Late Afternoon

Tech stocks were mixed late Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) easing 0.1% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 0.7%.The Philadelphia Semiconductor Index rose 0.6%.In corporate news, AppLovin (APP) shares fell 5.3% after BofA Securities downgraded the stock to neutral from buy and lowered the price target to $400 from $430. The company's 30% long-term annual revenue growth target lacks sufficient evidence, with uncertainty rising around the sustainability of its self-learning growth, BofA said.SK hynix (SKHY) plans to resume construction at its second NAND flash facility in Dalian, China, to boost local output by about 50%, Seoul Economic Daily reported. The shares rose 3.9%.Intel (INTC) priced a public offering of about 210.5 million shares at $95 each. The offering was upsized to $20 billion from $15 billion. The stock was little changed.Nvidia (NVDA) is developing a new in-house AI model called Nemotron 4 that it hopes will perform on par with the best open-source AI models, The Information reported. Nvidia confirmed tothat the company is developing Nemotron 4. Separately, Nvidia said late Monday it partnered with six major financial institutions to raise more than $500 billion in third-party capital for AI infrastructure. Nvidia shares rose 0.2%.

$APP$INTC$NVDA$SKHY
Wire

CME to Launch Compute Futures With Silicon Data

CME (CME) and Silicon Data plan to launch two compute futures contracts, namely the Silicon Data H100 Rental Index Futures and Silicon Data B200 Rental Index Futures, on Oct. 5, pending regulatory review, the companies said Tuesday.The new futures will track indexes measuring hourly rental GPU costs compiled by Silicon Data, with each contract representing a month's worth of rent for the Nvidia (NVDA) H100, as well as the Blackwell B200, respectively, the companies said.These new trading tools are expected to offer hedging and investment vehicles to businesses looking to manage the cost of compute and hardware infrastructure required to run AI models, according to a statement.Price: $260.49, Change: $-3.16, Percent Change: -1.20%

$CME$NVDA
Update: Equities Fall, Oil Advances as Hope Dims for Hormuz Reopening
US Markets

Update: Equities Fall, Oil Advances as Hope Dims for Hormuz Reopening

(Updates with latest market prices and developments.)US benchmark equity indexes fell intraday and oil prices extended their rally amid growing uncertainty around the reopening of the Strait of Hormuz.The Nasdaq Composite was down 0.6% at 26,436.2 after midday Tuesday, while the S&P 500 lost 0.3% to 7,727.5. The Dow Jones Industrial Average slipped 0.2% to 53,871.7. Among sectors, communication services saw the steepest decline, while energy paced the gainers.Secretary of Iran's Supreme National Security Council Mohsen Rezaei said Tuesday that the Strait of Hormuz will remain closed as long as the US does not accept Tehran's conditions, Reuters reported.Previously, Pakistan's Defense Minister Khawaja Asif told Bloomberg that the US and Iran were close to "some sort of an arrangement."Iran has reportedly laid out new terms for reopening the Strait of Hormuz, including a permanent end to the war against Tehran and its allies, as well as demanding full compensation for war damages. In response, US President Donald Trump on Monday demanded compensation for those he claimed were killed and wounded by Iran's attacks.Trump recently indicated to the media that he's prepared to exert greater economic pressure on Iran instead of launching another military attack."Uncertainty over a US-Iran deal to end the war and reopen the Strait of Hormuz has grown after Trump demanded compensation for victims of Iranian-backed conflicts, responding to Tehran's reparations demands," Saxo Bank said Tuesday in a report. "The tougher stance lowers chances of a near-term agreement and keeps markets wary, as Iran ties any Hormuz deal with Oman to a broader accord with the US and Trump opts for economic pressure over new strikes."West Texas Intermediate crude oil was up 1.2% at $83.14 a barrel intraday, while Brent advanced 1.1% to $88.68. The US crude oil benchmark was on track for its fourth consecutive day of gains, while Brent is poised to stretch its rally to a fifth session.US Treasury yields were lower intraday, with the two-year rate down 1.5 basis points at 4.22% and the 10-year rate shedding 1.6 basis points to 4.68%.In company news, Nvidia (NVDA) said it partnered with six major financial institutions to raise more than $500 billion in third-party capital for artificial intelligence infrastructure.The tech bellwether signed memorandums of understanding with Apollo (APO), BlackRock (BLK), Blackstone (BX), Brookfield (BN), Goldman Sachs (GS) and KKR (KKR) to establish independent compute financing platforms, it said late Monday.KKR shares jumped 6.7%, the best performer on the S&P 500. Apollo advanced 6.4%, the second-biggest gain on the index. Blackstone rose 4.3%, while BlackRock, Brookfield and Goldman were also higher. Nvidia was up 0.1%.AppLovin (APP) slumped 5.3%, the worst performer on the S&P 500, following a rating downgrade from BofA Securities.Sea (SE) reported stronger-than-expected second-quarter revenue as the Singapore-based company logged sharp annual gains in its e-commerce platform and the digital financial services business. Its shares jumped 14% intraday.Lumentum (LITE), CoreWeave (CRWV) and Super Micro Computer (SMCI) are scheduled to release their earnings reports after the markets close on Tuesday.In economic news, existing home sales in the US declined more than expected last month as rising prices and mortgage rates continued to weigh on homebuying activity, data from the National Association of Realtors showed.Spot gold edged down 0.4% to $4,372.79 per troy ounce, while silver dropped 0.5% to $64.97.

Dow JonesNasdaq CompositeS&P 500$APO$APP$BLK$BN$BX$CRWV$GS$KKR$LITE$NVDA$SE$SMCI
Sectors

Sector Update: Tech Stocks Mixed Tuesday Afternoon

Tech stocks were mixed Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 0.4%.The Philadelphia Semiconductor index rose 0.2%.In corporate news, Intel (INTC) said Tuesday it has priced a public offering of about 210.5 million shares at $95 each. The offering was upsized to $20 billion from $15 billion. The offering was multiple-times oversubscribed, and about 33% of investors who placed orders didn't receive shares, Bloomberg reported. Intel shares were down 0.8%.Nvidia (NVDA) is developing a new in-house AI model called Nemotron 4 that it hopes will perform on par with the best open-source AI models in the world, The Information reported. Nvidia confirmed tothat the company is developing Nemotron 4. Shares of the company were down 0.2%.Amazon-backed (AMZN) Anthropic has agreed to a long-term deal with Riot Platforms (RIOT) for data center capacity in Texas, securing 191 megawatts of power through 2048, Bloomberg reported. Riot shares added 0.8%, and Amazon was down 2.2%.Sea (SE) reported stronger-than-expected Q2 revenue on Tuesday as the Singapore-based company logged sharp annual gains in its e-commerce platform and the digital financial services business. Its shares jumped past 14%.

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Wire

Update: Market Chatter: Nvidia Developing Ambitious Nemotron 4 Open-Source AI Model

(Update with Nvidia's response to a request for comment in the last paragraph.)Nvidia (NVDA) is developing a new in-house AI model called Nemotron 4 that it hopes will be on par in performance with the best open-source AI models in the world, The Information reported Tuesday, citing several people who work on Nemotron.The company hopes its open-source efforts will drive demand for its hardware, the report said.Nvidia confirmed tothat the company is developing Nemotron 4.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $217.30, Change: $-0.25, Percent Change: -0.11%

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Wire

Top Midday Stories: Nvidia Developing Ambitious Open-Source AI Model; Intel Upsizes Share Offering to $20 Billion

Stocks were down in late-morning trading Tuesday, as investors continued to look for signs of progress in talks to reopen the Strait of Hormuz.In company news, Nvidia (NVDA) is developing a new in-house AI model called Nemotron 4 that it hopes will perform on par with the best open-source AI models in the world, The Information reported Tuesday, citing several people who work on Nemotron. The company hopes its open-source efforts will drive demand for its hardware, the report said. Nvidia shares were up 0.7% around midday.Intel (INTC) said Tuesday it has priced an upsized public offering of about 210.5 million common shares at $95 each. The offering was upsized to $20 billion from $15 billion. The offering ended multiple-times oversubscribed, and roughly 33%of investors who placed orders didn't receive shares, Bloomberg reported Tuesday, citing people familiar with the matter. Intel shares were up 0.3%.On Holding (ONON) reported adjusted Q2 earnings Tuesday of 0.35 Swiss francs ($0.43) per diluted share, swinging from a loss of 0.09 francs a year earlier and above the FactSet consensus analyst estimate of 0.34 francs. Net Q2 sales were 850.3 million francs, up from 749.2 million francs a year ago but below the FactSet consensus of 878.4 million francs. For full-year 2026, the company expects net sales growth in the low-20% range, implying reported sales of 3.47 billion to 3.56 billion francs, compared with its prior outlook of at least 3.51 billion francs and the FactSet consensus of 3.56 billion francs. On Holding shares were down 19%.Apollo Global Management's (APO) Apollo Sports Capital has reached a $2.6 billion financing agreement with Yankee Global Enterprises, the holding company of the New York Yankees, Apollo said Tuesday. The deal, which is expected to close "imminently," consists of both credit and equity, Apollo said. As part of the deal, Apollo Sports Capital CEO Al Tylis will join YGE's board, the company said. Apollo shares were up 4.6%.SpaceX (SPCX) has agreed to launch Vingroup unit VinSpace's first satellites next year, the Vietnamese company said Tuesday. Under the agreement, VinSpace satellites will launch aboard a Transporter rideshare mission in 2027, the company said. SpaceX shares were down 3.2%.Amazon-backed (AMZN) Anthropic has agreed to a long-term deal with Riot Platforms (RIOT) for data center capacity in Texas, securing 191 megawatts of power through 2048, Bloomberg reported Tuesday, citing people familiar with the matter. Separately, Anthropic is meeting with potential investors ahead of an initial public offering that could take place in September or early October, The Wall Street Journal reported Tuesday, citing people familiar with the matter. The company is attempting to address concerns over Chinese AI competition, Trump administration tensions and backlash over data-center expansion, the report said, citing the people. Amazon shares were down 2%, while Riot shares were up 4.8%.Price: $97.92, Change: $+0.40, Percent Change: +0.41%

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Wire

Nvidia's Third-Party Financing Deal Seen Extending AI Buildout, BofA Says

Nvidia's (NVDA) new financing partnerships could extend the runway for artificial intelligence infrastructure buildout by providing additional capital for compute, power and data centers, BofA Securities said in a Tuesday note.The company's new partnerships with Apollo (APO), BlackRock (BLK), Blackstone (BX), Brookfield (BN), Goldman Sachs (GS) and KKR (KKR) could mobilize $500 billion of third-party capital through independent financing platforms.The new structure marks a pivot from vendor financing, with the burden now sitting with the consortium rather than Nvidia's balance sheet, BofA analysts said.BofA also said the company's GPUs support the financing model because their fungibility and transferability across operators help maintain residual and rental values.The firm noted Nvidia's Compute Unified Device Architecture extends the useful life of GPUs, while Nvidia underwrites asset quality rather than debt.BofA maintained its buy rating on Nvidia and a $350 price target.Price: $219.65, Change: $+2.10, Percent Change: +0.97%

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Wire

Nvidia's $500 Billion AI Infrastructure Investment May Ease Circular Financing Concerns, Morgan Stanley Says

Nvidia (NVDA) is mobilizing up to $500 billion to fund artificial intelligence infrastructure, with limited co-investment support, while addressing circular financing concerns, Morgan Stanley said in a note Tuesday.The company said Monday it is collaborating with Apollo (APO), BlackRock (BLK), Blackstone (BX), Brookfield (BN), Goldman Sachs (GS) and KKR (KKR) to launch this investment initiative.Chief Executive Jensen Huang said on X that the initiative is designed to address concerns around "circularity." If the company's participation is limited to 25% or less, while third-party investors make the primary investment decisions, this could help ease concerns that Nvidia's investments are driven mainly by circular financing motivations, Morgan Stanley said.The bank said that there are still important unknowns. The $500 billion figure represents the total potential investment capacity, not committed funding. Individual projects will still be evaluated on their own merits, so there is no guarantee that these funds are deployed."The Nvidia co-investment also could become complicated. In our view, we would prefer a backstop which involves GPU usage rather than pure credit backing," it added.Morgan Stanley has an overweight rating and a $288 price target on Nvidia.Price: $219.03, Change: $+1.47, Percent Change: +0.68%

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