International markets update:
The market saw robust tech earnings led by Nvidia, yet lingering inflation concerns and geopolitical tensions maintained a cautious outlook ahead of the Federal Reserve’s key meeting.
- Nvidia reported exceptional Q2 results, exceeding expectations with revenue more than doubling to $96.22 billion and forecasting 70% growth for fiscal 2028, underscoring its pivotal role in the AI industry.
- Nvidia faces growing competition as major AI players like OpenAI, Google, AWS, and Meta are developing their own custom chips, with OpenAI’s “Jalapeño” showing promising speed and efficiency gains against Nvidia systems.
- Salesforce shares surged over 12% after beating Q2 estimates and raising its full-year outlook, while Apple prepares for its annual iPhone launch event on September 9th under new CEO John Ternus, with new Pro iPhones and a foldable device highly anticipated.
- The S&P 500 remained largely unchanged after U.S. headline inflation (PCE price index) came in slightly higher than expected at 0.2% month-on-month and 3.7% year-on-year in July, keeping pressure on the Federal Reserve ahead of its Jackson Hole symposium.
- Oil prices were largely stable following reports of an agreement between Iran and Oman regarding the control and revenue from the strategically vital Strait of Hormuz, outlining new maritime passage rules.
- U.S. federal agencies including the Federal Reserve, Senate, DOJ, and NASA were victims of a Chinese state-sponsored hacking group, leading to the seizure of domains used for platforms targeting critical infrastructure.
Stock Market News summarised for the Wall Street Investors Club community.