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