Keysight showed how AI spending is still spreading into the testing and infrastructure layer, while Baidu’s results exposed the pressure on older digital businesses funding the transition. Home Depot added a different read on the economy, with repair spending holding up even as bigger remodeling projects remain soft.
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Futures at a Glance📈
Futures are hovering near flat after Tuesday’s tech-led selloff, with high bond yields still weighing on growth names. Traders are watching Middle East tensions and oil prices while waiting for this afternoon’s Fed minutes for the next clue on rates.
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What to Watch
Earnings (Premarket):
· Analog Devices, Inc. [ADI]
· TJX Companies, Inc. [TJX]
· Lowe's Companies, Inc. [LOW]
· Target Corporation [TGT]
· Viking Holdings Ltd. [VIK]
· Estée Lauder Companies, Inc. [EL]
· Full Truck Alliance Co. Ltd. [YMM]
Earnings (Aftermarket):
· Nordson Corporation [NDSN]
· BILL Holdings, Inc. [BILL]
· Webull Corporation [BULL]
Economic Reports:
· Federal Open Market Committee meeting minutes: 2:00 pm
Elite Trade Club Insider
A Co-Founder Sold $50.4 Million, And Then His Stock Fell 14%
You’re looking at one AI-chip winner that had climbed more than 400% in a year and one healthcare heavyweight fresh off record earnings. Elite Trade Club Insider readers are seeing what happened underneath the charts: a co-founder’s family trusts sold $50.4 million before a brutal one-day drop, while six executives at another company filed to sell nearly $59 million after a huge compensation vest.
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Market Pulse
The Bond Market Just Put the AI Trade Back on Notice
Tuesday’s technology selloff showed how quickly rising Treasury yields can change the math for growth stocks. Semiconductors took the brunt of the pressure as investors reassessed what they are willing to pay for future earnings when long-term borrowing costs are climbing, setting up yields as an important variable for Wednesday’s session.
The Fed Minutes Get Their Turn
Wednesday’s release of the Federal Reserve’s latest meeting minutes will give markets another look inside the debate over interest rates. Recent jobs, inflation, and retail data have complicated the outlook, while the surge in longer-term Treasury yields means you do not necessarily need another Fed hike for financial conditions to tighten.
AI & Data Centers
Keysight Finds the AI Boom in the Testing Lab
Keysight Technologies forecast quarterly profit and revenue comfortably above Wall Street estimates as the data-center buildout drives demand for its electronic testing and simulation tools. Revenue in its communications-solutions division jumped 43%, giving you another example of AI spending reaching companies well beyond GPUs and servers.
Pennsylvania Makes Data Centers Clear a Higher Bar
Pennsylvania introduced some of the toughest state-level restrictions yet on new AI data centers. Developers will face tougher environmental and transparency requirements along with local approval, potentially complicating future projects in a state where Amazon alone has announced $20 billion of planned data-center investment.
China Tech & Telecom
Baidu’s AI Push Still Has an Advertising Problem
Baidu missed quarterly revenue expectations as weakness in its traditional advertising operation offset some of the momentum around AI. CEO Robin Li promised to push the Ernie model back toward the industry frontier, but the results underline the challenge: Baidu needs its newer AI businesses to grow quickly enough to outweigh pressure on the search engine that still funds much of the company.
Nokia’s China Retreat Is Nearly Complete
Nokia plans to close almost all of its mainland China sites in stages by year-end while cutting most of its workforce there, according to the South China Morning Post. Nokia confirmed that its Chinese business has been steadily shrinking, another sign of how deeply Western and Chinese technology supply chains continue to separate.
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Consumer & Fintech
Home Depot’s Customer Is Fixing, Not Remodeling
Home Depot beat quarterly sales and profit expectations as homeowners continued spending on maintenance and smaller projects even while expensive renovations remained sluggish. U.S. comparable sales returned to growth, but high mortgage rates are still keeping housing turnover subdued—a useful read-through ahead of results from Lowe’s and Target on Wednesday.
Klarna Turns a Profit and Still Has to Cut Its Outlook
Klarna reported a surprise quarterly profit but lowered its full-year revenue and transaction-volume forecasts. U.S. activity remains strong, but weakness in Germany is weighing on the outlook, reminding you that improving fintech economics cannot completely outrun a soft consumer environment in a major market.
Payments & Infrastructure
Jack Henry Shows Small Banks Are Still Spending on Technology
Jack Henry & Associates beat quarterly profit and revenue expectations as banks continued investing in payment processing and technology systems. Processing revenue increased 7.5%, while management pointed to a strong sales pipeline and broader AI adoption, evidence that the financial-technology spending cycle extends well beyond the biggest Wall Street banks.
AI Hardware Is Starting to Show Up at the Port
The Port of Los Angeles posted its second-busiest July on record, helped by resilient consumer imports and a growing flow of equipment for manufacturing and data-center construction. Shipping executives say containers increasingly carry batteries, grid equipment, and cooling systems alongside traditional retail goods, turning port traffic into another window on the physical scale of the AI infrastructure boom.
Trivia: The index fund revolution changed investing forever. When did John Bogle launch the first index fund available to retail investors?
Movers and Shakers
Estée Lauder [EL]: Premarket Move: +7%
Estée Lauder jumped as stronger demand in China and premium beauty helped its turnaround gain momentum. Fragrance sales rose 10% and skincare climbed nearly 9%, while the company expects fiscal 2027 adjusted earnings of $3.10 to $3.35 as its Beauty Reimagined strategy starts translating into better growth and profitability.
SK Hynix [SKHY]: Premarket Move: +6%
SK Hynix climbed after the memory-chip giant unveiled a roughly $29 billion share buyback and cancellation plan. The Nvidia supplier also plans to return more than 50% of cumulative free cash flow through 2027 to shareholders, sending its U.S.-listed shares higher after a sharp selloff in South Korea.
Mercury Systems [MRCY]: Premarket Move: −11%
Mercury Systems plunged after fiscal fourth-quarter earnings fell short of Wall Street expectations, overshadowing record quarterly revenue and bookings. Orders reached $660 million, but after the stock’s strong run this year, the earnings miss gave traders a reason to reset expectations despite a healthy defense-electronics backlog.
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👕 H&M gained after an executive bought more shares, while medical-products maker Coloplast also rose after forecasting growth in its wound-care business.
💻 Nvidia and Micron came under pressure as higher bond yields weighed on richly valued technology stocks and pushed the semiconductor sector sharply lower.
📈 Global bond markets are flashing fresh inflation and debt concerns as long-term government yields climb and heavy corporate borrowing adds competition for capital.
🛒 Softer U.S. retail sales have increased the focus on upcoming retailer earnings for clues about whether household spending is losing momentum.
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