Stock market today: Dow, S&P 500, Nasdaq futures retreat from records in wait for Fed-watched inflation data

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US stocks pulled back from record highs before the bell on Friday as Wall Street readied for an update on consumer inflation that will feed into expectations for interest-rate cuts.

Futures on the Dow Jones Industrial Average (YM=F) and the S&P 500 (ES=F) both fell about 0.3%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the retreat, down 0.5%.

Markets are bracing for an update on consumer inflation, after signs of a resilient economy helped lift the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) to new all-time highs on Thursday.

Eyes are firmly on the July reading of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures index, for insight into the pace of rate cuts. Yahoo Finance reports.

⏳ Stock bulls bracing for bout of September’s seasonal turbulence:

Investors fretting over signs the bull market in stocks is pushing toward unsustainable levels will soon have another thing to worry about. The calendar turns next week to what has historically been the weakest month for US stocks, as institutional investors rebalance, retail traders slow their buying, volatility picks up and corporate buying goes dark.

While macro events are generally more determinant for the market’s direction, seasonal factors can exacerbate moves triggered by the likes of economic data or monetary policy. Next month, investors will have to grapple with the latest government hiring report and two readings on inflation before the Federal Reserve makes its highly anticipated policy decision. In the background is President Donald Trump’s continued criticism of the central bank’s independence as he clamors for sharp rate cuts. Yahoo Finance reports.


💻 Affirm’s stock soars 15% on earnings, revenue beat:

Affirm shares rose 15% in extended trading on Thursday after the provider of buy now, pay later loans reported better-than-expected earnings and revenue for the fiscal fourth quarter. Here’s how the company did versus LSEG consensus estimates:

• EPS: 20 cents vs. 11 cents estimated
• Revenue: $876 million vs. $837 million estimated

Revenue climbed 33% in the period from $659 million in the same quarter a year earlier. Gross merchandise volume rose 43% to $10.4 billion from $7.2 billion a year ago. Affirm reported net income of $69.2 million, or 20 cents a share, after recording a loss a year earlier of $45.1 million, or 14 cents a share. CNBC reports.


💸 Dell slides after weak margins eclipse upbeat full-year forecast:

Shares of Dell Technologies (DELL) dropped nearly 6% in premarket trading on Friday, as a dour quarterly profit forecast and weaker-than-expected second-quarter margin rate overshadowed upbeat full-year estimates.

Rising demand for servers capable of handling computational needs of AI workloads is benefiting companies such as Dell, Hewlett Packard Enterprise (HPE) and Super Micro Computer (SMCI), but the high cost of producing them and tough competition have pressured margins.

The company prioritized fulfilling AI server orders over maintaining margins, as supply chain disruptions and expedited shipping costs added to the profit squeeze from competitive pricing strategies aimed at landing large customer contracts, J.P. Morgan analysts wrote in a note. Yahoo Finance reports.


📺 YouTube and Fox reach a deal to keep Fox content available on streaming platform:

YouTube and Fox announced Friday that the companies had reached a deal to keep Fox News, Fox Sports and other Fox channels available on YouTube TV, following negotiations over a new distribution agreement.

The companies had earlier reached a short-term extension to prevent disruptions for YouTube TV subscribers.

“We’re pleased to have reached a deal that preserves the value of our service for our subscribers,” YouTube said in a statement shared with CNBC. YouTube, owned by Alphabet, as well as Fox did not disclose the financial terms of the agreement. CNBC reports.


💰 Telecom giant Reliance Jio eyes early 2026 listing in what could be India’s biggest IPO:

India’s richest man, Mukesh Ambani, on Friday announced plans to list the country’s largest telecom operator, Reliance Jio Infocomm, by the first half of 2026.

Speaking to shareholders over video conference on Friday, Ambani said that the total user base of Jio, which started operations in 2016, has now crossed 500 million.

“Just a week from now, Jio will enter its 10th year of service to the nation. Looking back, these years have been the most glorious in India’s digital history,” Ambani said. CNBC CNBC reports.


🛒 Alibaba’s cloud unit shines even as rivalry heats up in China’s ‘instant commerce’ space:

Alibaba posted a better-than-expected bottom line in the June quarter fueled by accelerated sales at its cloud computing unit and a continued revival of its e-commerce business. Still, the Chinese giant’s revenues came in under analyst forecasts.

Alibaba’s stock was up more than 3% in premarket trade in the U.S. after initially dipping. Here’s how Alibaba did in its fiscal first quarter ended June, compared with LSEG estimates. CNBC reports.


🏦 US jobs data poses test for rate-cut hopes, stocks rally:

A U.S. labor market report late next week will give a crucial read into the economy's health and test investors' confidence that interest rate cuts are coming soon, a view that has helped lift U.S. equities to record-high levels.

Last month's release of surprisingly weak U.S. payrolls data raised expectations that the Federal Reserve will start cutting rates again at its next meeting in September, as the central bank moves to support the labor market despite inflation worries.

A soft August employment report next Friday could raise concerns about a slowing economy, but it also might lead the market to price in more aggressive cuts, said Jack Janasiewicz, lead portfolio strategist at Natixis Investment Managers Solutions. Yahoo Finance reports.


🖥️ Marvell sinks as weak data center outlook stokes custom AI chip worries:

Shares of Marvell Technology slumped 11.3% in premarket trading on Friday as the chipmaker's data center demand outlook fell short of lofty expectations after investors bet big on custom chips that power AI workloads for cloud giants such as Microsoft (MSFT.O) and Amazon (AMZN.O).

Investor expectations for AI-focused chipmakers have been elevated, but recent results have shown signs of a cooling market. Nvidia's (NVDA.O), latest earnings beat forecasts, but its data center growth slowed and shares fell post-report. Peer Broadcom (AVGO.O) has yet to report.

Marvell's reliance on so-called custom application-specific integrated circuits exposes it to customer inventory-led swings in demand. Reuters reports.


🖥️ TSMC to market system to manage trade secrets, its lawyer says:

Taiwan's TSMC (2330.TW) manufactures the world's most advanced chips. It now wants to teach its suppliers and partners how to better manage their trade secrets to foster innovation.

The company, the world's largest chip foundry that makes chips for the likes of Nvidia (NVDA.O) and Apple (AAPL.O) plans to market a system it has built to manage and leverage its treasure trove of trade secrets to companies in Europe and the United States, its associate general counsel told Reuters.

Fortune Hsieh, who also chairs the Taiwan Association for Trade Secrets Protection, said the trade secrets registry system which TSMC began building in 2013, has been adopted so far by 20 local firms, including ASE Technology Holding Co (3711.TW). Reuters reports.


🛍️ Forever 21 looks to resurrect China, North America business with new partners:

Fast fashion brand Forever 21 is making its fourth run at the Chinese market, having previously entered and exited the world's second-largest economy three times since 2008.

Also in the brand's sights is a new partner to help relaunch in the North American market, with further announcements to come on that soon, according to Authentic Brands Group, the owner of Forever 21's global intellectual property.

China and the U.S. will be the focus for the near-term, Authentic Brands said in a press release. In March, Forever 21 filed for bankruptcy in the U.S. for the second time in six years and said it would wind down its domestic operations, hurt by mounting online competition in the fast-fashion sector and weak mall traffic. Reuters reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $GMHS: Gamehaus Holdings
Total gain: +117.54%

2) $MOVE: Movano
Total gain: +63.54%

3) $WOOF: Petco Health and Wellness Company
Total gain: +21.05%

4) $AMBA: Ambarella
Total gain: +18.08%

5) $ESTC: Elastic N.V
Total gain: +16.56%

The closing price of the top three market percent gainers trading near or above $3 on August 28.
Benzinga reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $SOGP: Sound Group
Total gain: +228.95%
The company announced that its board of directors has approved a special cash dividend of US$0.005 per ordinary share, or US$1.00 per American Depositary Share, for shareholders of record as of the close of business on September 15, 2025 (U.S. Eastern Time). Yahoo Finance reports.

2) $CWD: CaliberCos
Total gain: +162.35%
The company announced that its Board of Directors has approved a new digital asset treasury strategy and adopted a comprehensive policy to support it. As part of this approach, Caliber plans to allocate a portion of its treasury funds to acquire cryptocurrency, specifically LINK tokens that power the Chainlink protocol, and to actively manage these holdings with the goal of maximizing returns. GlobeNewswire reports.

3) $OPAD: Offerpad Solutions
Total gain: +85.42%
The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars


BABA: Alibaba Group Holding
1Q 2026
Before Market Open
Estimate: 2.130
Actual: N/A

FRO: Frontline
2Q 2025
Before Market Open
Estimate: 0.500
Actual: 0.360


CHA: Chagee Holdings
2Q 2025
Before Market Open
Estimate: 0.090
Actual: N/A

Time (ET) | Report | Period

8:30 am - Personal income - July
8:30 am - Personal spending - July
8:30 am - PCE index - July