Aug 29 2025

Market Overview

• NASDAQ 100 futures: down ~0.45%

• S&P 500 futures: down ~0.2%

• Economic data:

  • PCE Index up 0.3% (in line with expectations)

  • Core PCE (YoY) at 2.9%, slightly higher than June’s 2.8%

  • Income up 0.4%, spending up 0.5% (both met expectations)

  • Inflation shows no further cooling ahead of September Fed meeting

• Treasury yields: 10-year at 4.22% (+2 bps)

• Gold: flat at $2,476/oz, still strong year

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Company Highlights

• Alibaba (BABA):

  • Developing new AI chip to fill NVIDIA’s gap in China

  • Q1 revenue: $34.64B, slightly missed EPS ($2.06 vs $2.13)

  • Stock up 6–7% pre-market

• Affirm (AFRM):

  • Strong demand for 0% APR loans

  • Revenue up 30% to $837M, beat expectations

  • Profitability turnaround: +20¢/share vs -14¢ YoY

  • Stock up 14% after hours

• Autodesk (ADSK):

  • Q2 revenue: $1.8B, beat expectations

  • EPS also beat; strong upfront sales and contract growth

  • SEC/free cash flow case closed

  • Stock up 10% pre-market

• Ulta Beauty (ULTA):

  • Revenue: $2.79B, beat expectations

  • Same-store sales up 6.7% (double estimates)

  • Stock up 7% after hours

• Marvell (MRVL):

  • Revenue record $2.01B, in line with expectations

  • EPS beat by a penny

  • Stock down 12–16% after hours

• Dell (DELL):

  • EPS beat by 2¢, sales $3.73B (met expectations)

  • Q3 revenue forecast weaker than expected (impacted by tariffs)

  • Stock slipped after hours

• Netflix (NFLX):

  • Signed deal to broadcast 2026 World Baseball Classic in Japan

  • Part of push into live sports

 

Aug 1 2025

 

Market Overview

• Futures down:

  • S&P 500 and Dow: -1%

  • NASDAQ 100: -1.3%

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Jobs Report (July)

• Net new jobs: 73,000 vs expected 110,000

• Downward revision (May & June): -258,000

  • May: only 19,000 jobs added

  • June: only 14,000

• Unemployment rate: 4.2% (vs 4.1% in June)

• Participation rate: 62.2% (below 62.4% estimate)

• Average hourly earnings: +0.3% monthly, +3.9% YoY (beat expectations)

• Average work week: increased to 34.3 hours

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Tariffs

• Tariffs hitting ~60 countries

  • Switzerland: 39%

  • Taiwan: 20%

  • Canada: 35%

  • Mexico: 90-day reprieve after Trump–Scheinbaum call

  • China: Deadline approaching

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ISM Manufacturing Survey (upcoming at 7 a.m. PT)

• Expected: 49.5, indicating contraction (below neutral 50)

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Earnings Highlights

• AMSC (American Semiconductor):

  • +29% yesterday, now -6% pre-market

  • Record revenue: $72.4M, EPS: $0.29

  • Strong gross margins

• ATI (Allegheny Technologies):

  • -19% for the week

  • Weak Q3 guidance despite Boeing deal

• Amazon (AMZN):

  • Initially -1%, then -7% pre-market

  • Revenue beat by $5B

  • EPS beat by $0.35

  • Missed AWS “whisper” expectations despite margin of 11.4%

  • Operating income outlook missed ($18B vs $19.5B expected)

• Apple (AAPL):

  • EPS beat by $0.14, stock +2%

  • Revenue: $94B (vs est. $89.3B)

  • iPhone sales: $44.6B (vs est. $40.1B)

• Reddit (RDDT):

  • After-hours high: $193.89 (+21%)

  • EPS: $0.45 (beat all 20 analysts)

  • Net income: $89M (vs est. $36M)

  • Strong international growth (+32% in daily users)

• KLAC:

  • EPS: $9.38 (Q3 est. $8.30)

  • -2% pre-market

• Cloudflare (NET):

  • +5% after hours

  • EPS beat by $0.03, revenue beat by $11M

• Roku:

  • -4% after hours despite $0.07 surprise profit

  • Approved $500M stock buyback

• Monolithic Power Systems (MPWR):

  • +5% after hours on strong Q2 results

• ExxonMobil (XOM):

  • +1% pre-market

  • EPS: $1.64 (adjusted $1.77 beat)

  • Revenue: $81.51B (beat by ~$1B)

  • Highest Q2 production since Exxon–Mobil merger

  • Permian Basin output: 1.6M barrels/day

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Bond Market

• 10-year Treasury yield: 4.25%

  • Down 10 basis points, signaling strong demand for bonds