Stock Market Update

Equity futures point to a mostly higher open this morning as the latest batch of earnings results enthuses the market. Futures tied to the Nasdaq are leading the advance this morning after NVIDIA (NVDA) delivered another blowout quarter yesterday after the close, reigniting some momentum across semiconductor names. Similarly, a host of software names are sharply higher after earnings as well, while several retailer stocks boast impressive gains this morning after earnings.

On the macro front, Politico reported that the Trump administration is considering levying a sweeping round of new tariffs on semiconductors.

Oil prices remain relatively stable this morning after yesterday's choppy session resulted in another lower finish, while Treasury yields are also little changed this morning.

In corporate news:

• Crowdstrike (CRWD 206.20, +17.02, +9.0%) beat EPS expectations by $0.02, beat revenues expectations, guided Q3 EPS in-line with revenues above consensus, and guided Fy27 EPS and revenues above consensus.
• Dollar General (DG 136.00, +13.22, +10.8%) beat EPS expectations by $0.47, reported revenues in-line, and raised its FY27 guidance.
• NVIDIA (NVDA 221.85, +12.19, +5.8%) beat EPS expectations by $0.13, beat revenue expectations, and guided Q3 revenues above consensus.
• Salesforce (CRM 226.85, +21.21, +10.3%) beat EPS expectations by $2.63, reported revenues in-line, and guided Q3 and FY27 EPS and revenues above consensus.

Reviewing overnight developments: 

Equity indices in the Asia-Pacific region had a mixed showing on Thursday with South Korea's Kospi (+1.5%) showing strength after the evening release of strong results from NVIDIA (NVDA). Japan's Nikkei: -0.2%, Hong Kong's Hang Seng: -0.3%, China's Shanghai Composite: +1.1%, India's Sensex: -0.7%, South Korea's Kospi: +1.5%, Australia's ASX All Ordinaries: -1.0%.

In news: 

• Bank of Japan Deputy Governor Himino called for timely rate hikes but did not explicitly state that he will vote in favor of an increase in September.
• The Bank of Korea raised its policy rate by 25 basis points to 3.00%, as expected.
• A handful of policymakers expect two more hikes, but the pace of increases is likely to slow.

In economic data: 

• China's July Industrial Profit 17.6% YTD (last 18.7%)
• Australia's Q2 Building Capital Expenditure 2.1% qtr/qtr (last -3.3%), Q2 Private New Capital Expenditure -3.6% qtr/qtr (expected 0.8%; last 6.9%), and Q2 Plant/Machinery Capital Expenditure -8.9% qtr/qtr (last 18.4%)

Major European indices trade on a mostly lower note with France's CAC (-1.1%) showing relative weakness with Pernod Ricard leading to the downside after issuing weak guidance while financials also lag. STOXX Europe 600: -0.3%, Germany's DAX: +0.2%, U.K.'s FTSE 100: -0.4%, France's CAC 40: -1.1%, Italy's FTSE MIB: -0.4%, Spain's IBEX 35: -0.5%.

In news: 

• On a related note, Fitch is scheduled to release a review of France's sovereign rating tomorrow.
• Technology stocks in the region display strength after last night's release of banner results from NVIDIA (NVDA).

In economic data: 

• Eurozone's July Private Sector Loans 3.1% yr/yr (expected 2.9%; last 3.0%) and July Loans to Nonfinancials 4.4% yr/yr (last 4.0%)
• Germany's September GfK Consumer Climate -26.6 (expected -29.5; last -29.4)
• France's July PPI 1.1% m/m (last -0.4%); 3.4% yr/yr (last 2.8%). July jobseeker total 3.143 mln (last 3.122 mln)
• Swiss Q2 Employment Level 5.698 mln (last 5.537 mln)