Stock market today: Dow, S&P 500, Nasdaq futures trade steady as Wall Street shakes off Nvidia gloom

📈 Global shares gain but Nvidia's slip trips up tech stocks:

Global equities were modestly higher on Thursday, sidestepping a wobble in tech sector stocks after the results of bellwether Nvidia (NVDA.O) fell short of some analyst expectations, sending its shares lower in out of hours trading.

The MSCI World Equity Index (.MIWD00000PUS) was up 0.1% and pan-European Stoxx 600 (.STOXX) rose 0.4% while equity futures pointed to a steady start for S&P 500 and Nasdaq composite indexes.

Nvidia's shares were down 2.2% in U.S. pre-market trading as uncertainty over its China businesses clouded a better-than-expected revenue forecast for the next quarter.

Semiconductor stocks in Europe were mixed as investors parsed the firm's outlook, which was slightly above consensus analyst expectations but also disappointed investors accustomed to blowout results. Reuters reports.


🚀 Cloud analytics firm Snowflake lifts annual product revenue forecast; shares jump 14%

Snowflake (SNOW) raised its forecast for fiscal 2026 product revenue on Wednesday, banking on strong demand for its data analytics services, as enterprises prioritize artificial intelligence spending. Shares of the company were up 14% in premarket trading.

Snowflake is benefiting from the acceleration in AI software adoption and higher spending from enterprises looking to modernize data infrastructure.

With more organizations beginning to explore their GenAI strategies and build GenAI-powered apps, analysts expect Snowflake to be a natural choice for customers looking to simplify AI stacks for analytics. Yahoo Finance reports.


💼 Buffett lifts stakes in Japan trading houses, buoys shares:

Warren Buffett’s Berkshire Hathaway Inc. raised its stakes in Mitsubishi Corp. and Mitsui & Co., a vote of confidence in the Japanese trading houses that stoked gains in their shares.

A unit of the US investor increased its holding in Mitsubishi to 10.23% on a voting rights basis, the Japanese firm said in a statement on Thursday, from 9.74% in March. Separately, Mitsui said Berkshire Hathaway had also lifted its stake in the trading house.

The legendary US investor, known as the Oracle of Omaha, first revealed he had stakes in the trading houses, also known as shosha, in 2020. The conglomerates have benefited from his interest and have also, in recent years, sharpened their focus on shareholder returns and balancing their portfolios to cut exposure to volatile sectors like natural resources. Yahoo Finance reports.


💵 Treasury yields hold steady as investors look ahead to key inflation gauge:

U.S. Treasury yields held steady on Thursday as investors looked ahead to a key inflation gauge and monitored President Donald Trump’s continued attempts to control the Federal Reserve.

At 5:19 a.m. ET, the 10-year Treasury yield was down less than one basis point to 4.234%, while the 2-year yield was up less than a basis point to 3.627%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions. Investors remain concerned about the repeated threats to the Fed’s independence, as Trump has escalated his attacks in recent days, including announcing that he’s firing Fed Governor Lisa Cook on social media on Monday. CNBC reports.


🚗 Tesla sales plunge 40% in Europe as Chinese EV rival BYD’s triple:

Sales of Tesla cars in Europe plunged in July, in the company’s seventh consecutive month of declines, while Chinese rival BYD saw a monthly surge, data released on Thursday showed.

New car registrations of Tesla vehicles totaled 8,837 in July, down 40% year-on-year, according to the European Automobile Manufacturers Association, or ACEA. BYD meanwhile recorded 13,503 new registrations in July, up 225% annually. Tesla’s declines took place even as overall sales of battery electric cars rose in Europe, ACEA data showed.

Elon Musk’s automaker faces a number of challenges in Europe including intense ongoing competition and reputational damage to the brand from the billionaire’s incendiary rhetoric and relationship with the Trump administration. CNBC reports.


🏦 Big banks are rallying big time. Can it last?

Hope that the Federal Reserve may soon lower interest rates in September is fueling a new leg to this year’s rally in large US bank stocks.

They surged last Friday after Federal Reserve Chair Jerome Powell opened the door to a September rate cut, saying in a speech in Jackson Hole that "the shifting balance of risks may warrant adjusting our policy stance."

On Tuesday, a key index tracking 24 of the country’s largest banks surpassed its previous record high, which hadn't occurred in three years. The same index surpassed that level again by Wednesday's close.

The setup draws parallels to roughly a year ago, when US banks stocks were beating major indexes. The industry’s bigger lenders were coming off a fresh victory in Washington over their capital levels, and the Fed was beginning its rate-cutting cycle. Yahoo Finance reports.


⚠️ CrowdStrike falls as tech outage effects weigh on forecast:

CrowdStrike shares fell about 3% before the bell on Thursday after the cybersecurity firm's weak quarterly revenue forecast signaled the lasting effects of a botched update last year that caused a global outage.

The company projected third-quarter sales broadly in line with analysts' expectations as incentive programs and discounts tied to the outage weigh on the timing of subscription revenue, as it lets customers pick more products or extend usage.

Last year, a faulty update to CrowdStrike's Falcon sensor software triggered a Windows malfunction and caused technology systems in hospitals, banks, and airports to go dark.

The company's second-quarter revenue jumped 21%, indicating cybersecurity demand remains strong despite the volatility due to investments in artificial-intelligence-powered safety systems amid a rise in digital threats. Yahoo Finance reports.


📊 American Bitcoin, backed by Trump sons, aims to start trading in September:

American Bitcoin, the bitcoin miner backed by two of U.S. President Donald Trump's sons, has locked in crypto and traditional investors to back an all-stock merger that will allow the firm to soon start trading on the Nasdaq, the company's largest investor said.

The unlisted firm's merger with Gryphon Digital Mining (GRYP.O) is set to be finalised shortly, and the goal is to start trading in early September, according to Asher Genoot, the CEO of Hut 8 (HUT.O) which holds 80% of American Bitcoin.

Anchor shareholders in the listing have been finalised, he said, adding crypto exchange Gemini's co-founders Tyler and Cameron Winklevoss had invested in the new firm. Gemini did not immediately respond to Reuters' requests for comment. Reuters reports.

“The two greatest enemies of the equity fund investor are expenses and emotions.”

- John C. Bogle

Sourced in:
Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor”, by John C. Bogle, published in 2010.

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