CLOSING BELL
Market Hits Records Without Nvidia

The market climbed Thursday as traders digested Nvidia’s so-so earnings, sending the stock nearly to all-time highs before clawing it back into the red. Meanwhile the S&P 500 closed over 6,500, at a fresh record, giving support to the theory that the market is broadening out and not laser-focused on the largest tech names.

It’s not 2023 anymore, and it’s not all about Nvidia. Other reports were spawning fresh climbs, while macro news from EU tariff cuts and Fed Governor Lisa Cook’s firing, pending a court hearing Friday, kept traders on their toes. Preliminary GDP climbed at a strong 3.3% rate Q2, pushed higher by strong consumer spending, according to the BLS, and net exports added to growth after companies cut down on imports in a big way. 👀

Today’s issue covers: Forget Nvidia, these reports moved the market, trade talks are almost going well, and more. 📰

6 of 11 sectors closed green, with tech $XLK ( ▲ 0.79% ) leading and utilities $XLU ( ▼ 0.76% ) lagging.

 $SPY ( ▲ 0.35% )  $QQQ ( ▲ 0.63% )  $IWM ( ▲ 0.12% )  $DIA ( ▲ 0.17% ) 

AFTER THE BELL
Earnings Ain’t Over Until The Next Season Begins

With Nvidia in the rearview, and the market hitting records, it’s more important than ever to price in the few reports still ongoing.

Affirm Holdings $AFRM ( ▲ 3.09% ) climbed during Thursday's trade, and soared 14% after its post-market report. The buy now pay later company beat Wall Street estimates and swung revenue 30% to a profit in its Q4 ‘25 quarter. It guided for a current quarter revenue above the estimate range too, at $855M-$885M.

So people love 0% APR credit products, apparently, but the Street does not think that will translate into favorable conditions for clothing importers. That’s at least according to $GAP ( ▼ 2.78% ) shares, falling during the trading day and soft after the market closed, reporting earnings for the past quarter that were better than analysts had expected, but kept its full year guidance unchanged. ❌ 

Gap owns Banana Republic, Old Navy, and Athleta, and the parent company expects a full-year operating margin of at most 7%, lower than 7.4% margins last year. 👕 

At least digital services were doing well: SentinelOne $S ( ▲ 2.68% ) was climbing after its post-market report, a network security company that showed a 22% jump in revenue for the quarter.

Hardware companies were not riding the same high tides as software companies. Marvell Tech $MRVL ( ▲ 3.26% ) shares fell 12% after its post-market report showed a swing to profit of $195M for the quarter, but that was just within Street estimates. According to WSJ, the firm’s Q3 guidance fell short of estimates, expecting a low end much lower than the $2.11B anlysts wanted to see.

Dell $DELL ( ▲ 1.17% ) shares also declined, even after the computer maker posted a slightly better-than-expected quarter. It came down to guidance, with midpoint-adjusted earnings for the current quarter reaching $2.45/share, below estimates of $2.55.

Financial reports showed that the proof is always in the pudding. Webull $BULL ( ▲ 1.59% ) was trending on Stocktwits after its report, as the brokerage celebrated a total $15.9B in customer assets, up 64% in a year. 🍮 

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They’ve even reserved their Nasdaq ticker, $PCSO.

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MACRO NEWS
Tariffs We Can All Get Behind: None

The European Commission tried to end the week on a positive note, which is odd considering they do not celebrate Labor Day that far east.

On Thursday, the EU moved to withdraw tariffs on U.S. industrial goods in an attempt to expedite the removal of U.S. levies on imported European cars. 🙏 

Last month, President Trump asked them to eliminate tariffs on exported goods as part of the agreement to cap EU tariffs at 15%. It was either broker the deal or get saddled with an even higher 30% average rate on all EU goods. Reuters reported the impact was easy to live with, because two-thirds of U.S. industrial goods are already tariff-exempt, so why not get rid of the rest so car lovers can buy Fiats and BMWs. 🚘️ 

Don’t get too excited for trade war peace: President Trump posted a Truth Thursday that threatened levies on digital services, after a meeting with $META ( ▲ 0.5% ) chief Mark Zuckerberg in D.C. this week. 🙄 

Trump said American tech companies will not settle for the position of ‘doormat’ or ‘biggybank’ anymore. 🐽 

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POPS & DROPS
Top Stocktwits News Stories 🗞️ 

CoreWeave Inc. surged over 6% after Nvidia’s CFO highlighted its GB300 model’s 10x performance boost and upcoming market rollout, fueling bullish retail sentiment.
Federal Reserve Governor Lisa Cook filed a lawsuit against President Trump, challenging his attempt to remove her from the board. A Federal Judge scheduled a hearing for Friday.
U.S. GDP grew at an annualized rate of 3.3% in Q2, revised upward from 3%, driven by strong net exports and increased investment in intellectual property and equipment.
Intel Corp. received $5.7 billion from the U.S. government under the CHIPS Act, with CFO David Zinsner confirming the funds were delivered Wednesday night.
Nvidia Corp. beat Q2 earnings expectations with $46.7B in revenue and $1.05 EPS, but analysts flagged weak data center performance and limited upside amid China-related uncertainties.
Snowflake Inc. surged 20% after beating Q2 EPS and revenue estimates, driven by strong enterprise demand.
HP Inc. met EPS expectations and exceeded revenue forecasts in Q3, sending shares higher by 4%.
CrowdStrike Holdings Inc. reported strong Q2 earnings but faced analyst downgrades due to slowing subscription growth and cautious full-year guidance.

Don’t miss a story! Follow @StocktwitsNews for a live feed. ✍️ 

WHAT’S ON DECK
Tomorrow’s Top Things 📋

Economic data: PCE Price Index (8:30 AM), Goods Trade Balance (8:30 AM), Chicago PMI (9:45 AM), Michigan Consumer Sentiment (10:00 AM), Atlanta Fed GDPNow (11:30 AM) 📊
Pre-Market Earnings: Alibaba ($BABA), Lotus Technology ($GFI) 🛏️

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

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🏠️ CDC Director Susan Monarez fired by Trump administration after refusing to resign, citing 'reckless directives'

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here. 

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