The Weekend Rip
Happy Weekend!

Markets swung through a volatile week marked by Nvidia’s earnings, Fed drama, and inflation jitters. Despite record closes midweek and strong macro data, Friday’s PCE spike and the end of the ‘de minimis’ exemption triggered a cautious pullback. With Powell’s rate path still unclear and Lisa Cook’s seat in limbo, September opens with tension and opportunity. Still, August rallies sent all four major indexes higher for the month, muting fears that tariff slowdowns were going to get in the way of economic progress.

Let's recap and prep you for the week ahead. 📝

◀️ Markets fell Monday as tech extended its slide and traders digested Powell’s weekend remarks, renewed tariff threats, and the final wave of earnings. Keurig Dr Pepper dropped 11% after announcing a $18B split from its soda business. Despite macro headwinds, S&P 500 earnings so far crushed estimates, with 58% of companies raising guidance and mega-cap tech leading the charge.

🌏️ Markets climbed Tuesday as traders braced for Nvidia’s blockbuster earnings and watched the Fed drama unfold. UNH slipped after-hours as DOJ scrutiny intensified, while Trump’s push to remove Fed Governor Lisa Cook sparked legal threats and rate cut speculation. Defense stocks rallied on stake purchase rumors, while Okta and MongoDB beat earnings expectations.

⚡️ Markets hit a record close on Wednesday ahead of Nvidia’s earnings, but the stock fell post-report despite posting $46.75B in revenue and $1.05 EPS: solid numbers that felt underwhelming against sky-high expectations. Data center revenue missed some estimates, and Q3 guidance left little margin for error, though China chip sales could add upside. Elsewhere, MongoDB surged 35% on a blowout quarter, Kohl’s jumped 23% on raised guidance, and Snowflake rallied after beating by $600M, while CrowdStrike, NetApp, and Five Below all slipped despite decent results.

🐂 Markets hit fresh records Thursday as traders shrugged off Nvidia’s muted earnings reaction and rotated into broader names. Affirm soared 14% on a revenue beat and bullish guidance, while SentinelOne climbed on strong growth, while Marvell, Dell, and Webull fell on weak outlooks. Macro tailwinds included a 3.3% GDP print, EU tariff rollbacks, and a $5.7B CHIPS Act payout to Intel, while Lisa Cook’s Fed lawsuit and Trump’s digital services tariff threats kept the policy backdrop tense.

😢 Markets closed lower Friday as traders locked in gains ahead of the long weekend, spooked by the highest inflation reading since March and renewed Fed drama. PCE inflation rose 2.6%, with core inflation nearing 3%, while the White House’s move to end the ‘de minimis’ import exemption added uncertainty for retailers and small businesses. Spirit Airlines filed for its second bankruptcy this year, and Fed Governor Lisa Cook’s legal battle to stay on the FOMC board remained unresolved, keeping rate cut speculation alive. An appeals court said most tariffs enacted under emergency justification were illegal, with no news yet as to what that means for importers.

🤩 This week's Stocktwits Top 25 showed outperformance vs. the indexes.

Here are the closing prices: 

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THE BRIEF

Need a concise summary of what's going on this week? Look no further. Here’s a rundown of this week’s earnings and economic data.

Earnings This Week

Earnings season is still somehow chugging along, with over 252 stocks reporting this week.

Above is a quick summary. Check out the full Stocktwits earnings calendar for the other names reporting this week.

Economic Calendar

It’s a busy week of economic data, with investors focused on the job market.

In addition to the above, check out this week's complete list of economic releases.

Links That Don’t Suck 🌐

🙋 IBD is offering exclusive ticket packages to their biggest investing workshop of the year featuring Mark Minervini, Charles Harris and more *

🤠 The Middle-Class Vibe Has Shifted From Secure to Squeezed -- WSJ

💣️ Trump tariffs live updates: US appeals court rules wide swath of Trump's tariffs illegal

🆘 Pope Leo XIV denounces "pandemic of arms" after Minnesota school shooting that killed 2

⚠️ August jobs report due out as Fed uncertainty looms: What to watch this week

🛍️ 'We haven't seen the worst of it': Retailers warn tariff impacts are far from over

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

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