Moonshot AI is reportedly in talks with Microsoft, Amazon, and Google, showing how quickly Chinese models are pushing into the global cloud market. Meta, meanwhile, ran into the limits of replacing workers with AI, while Dick’s Sporting Goods cut its outlook as weakness at Foot Locker weighed on results.
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Futures at a Glance📈
Futures are hovering near flat as traders brace for fresh economic data. Falling oil prices are giving markets some breathing room as hopes for progress around the Strait of Hormuz ease pressure on yields. Rate expectations remain front and center ahead of Jackson Hole.
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What to Watch
Earnings (Premarket):
· NVIDIA Corporation [NVDA]
· CrowdStrike Holdings, Inc. [CRWD]
· Salesforce, Inc. [CRM]
· Synopsys, Inc. [SNPS]
· Agilent Technologies, Inc. [A]
· Veeva Systems Inc. [VEEV]
· Everpure, Inc. [P]
· HP Inc. [HPQ]
· Okta, Inc. [OKTA]
· Nutanix, Inc. [NTNX]
Economic Reports:
· Durable goods (July): 8:30 am
· Second estimate GDP (Q2): 8:30 am
· Personal income (July): 8:30 am
· Consumer spending (July): 8:30 am
· PCE price index, month over month (July): 8:30 am
· PCE price index, year over year (July): 8:30 am
· Core PCE price index, month over month (July): 8:30 am
· Core PCE price index, year over year (July): 8:30 am
· Richmond Fed President Thomas Barkin event: 11:45 am
Elite Trade Club Insider
A CEO Sold $15.7 Million, But The Smaller $524,500 Trade May Matter More
You’re looking at two technology suppliers benefiting from powerful defense and AI spending trends. Elite Trade Club Insider readers are seeing what the headline numbers miss: one CEO’s eight-figure sale was specifically designed to pay for a stock-option exercise, while a director voluntarily bought more than $500,000 after his stock dropped sharply in a matter of days.
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Market Pulse
Jackson Hole Becomes the Fed’s Bigger Test
Markets are increasingly looking past individual data releases toward Kevin Warsh’s first Jackson Hole speech as Fed chair. With long-term Treasury yields elevated and Warsh offering less forward guidance than his predecessors, investors want a clearer sense of how the Fed plans to balance stubborn inflation, softer growth, and tightening financial conditions.
Housing and Consumer Confidence Are Flashing the Same Warning
U.S. new-home sales fell sharply in July as elevated mortgage rates kept buyers on the sidelines, while consumer confidence slipped to a seven-month low. The combination suggests households are becoming more cautious about large purchases and future income, adding another softer signal to an economy already showing slower job growth.
AI & Platforms
China’s Moonshot AI Is Knocking on Big Tech’s Door
Moonshot AI is negotiating with Microsoft, Amazon, and Google over revenue-sharing agreements that could bring its Kimi K3 model onto major U.S. cloud platforms. A deal would mark an unusual commercial bridge between Chinese AI development and American cloud infrastructure, particularly as lower-cost Chinese models gain attention outside their home market.
Meta Finds Out AI Can’t Replace a Workforce Overnight
Meta explored cutting some teams by as much as 60% as part of an effort to make the company more AI-driven, but internal resistance helped derail the most aggressive plans. The episode offers a useful reality check for the corporate AI boom: automating individual tasks is moving quickly, but replacing entire teams without hurting execution is proving much harder.
Software & Enterprise
Intuit Sacrifices Near-Term Growth to Chase More Customers
Intuit forecast slower fiscal 2027 revenue growth as lower pricing, weaker Mailchimp performance, and declining desktop sales weigh on the outlook. Management is intentionally prioritizing customer acquisition and market share, but the strategy means investors may have to wait longer for AI investments and new products to translate into faster earnings growth.
Zoom’s AI Push Still Has a Competition Problem
Zoom forecast quarterly profit below expectations despite continuing to add AI capabilities across its communications platform. The challenge is increasingly clear: AI can make Zoom’s product better, but Microsoft, Google, and other enterprise platforms are adding many of the same features inside ecosystems customers already use.
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Retail & Autos
Dick’s $2.4 Billion Foot Locker Bet Hits a Rough Patch
Dick’s Sporting Goods cut its full-year forecasts as weak sneaker launches and excess inventory weighed on its recently acquired Foot Locker business. Consumers are shifting spending toward newer wellness and performance categories, leaving traditional footwear styles vulnerable to deeper discounts and putting pressure on the logic behind last year’s acquisition.
China’s Biggest Auto Recall Puts High-Tech Door Handles on Notice
A recall covering roughly 4.3 million vehicles has put electronic door handles under fresh scrutiny over concerns that passengers could struggle to exit after an electrical failure or serious crash. China plans to ban concealed door handles from 2027, potentially setting a safety standard that automakers around the world eventually have to follow.
Banks & Capital
National Bank Finds Growth in Wealth and Trading
National Bank of Canada reported stronger third-quarter profit as capital-markets earnings jumped 32% and wealth-management profit increased 21%. The results continue a strong run for Canadian lenders, where fee-based businesses and manageable credit losses are helping offset concerns around trade tensions and slower economic growth.
Global Banks Want a Bigger Piece of Vietnam
BNP Paribas and South Korea’s KB Kookmin Bank are separately exploring stakes in Techcombank that could value the transaction at roughly $2 billion. A strategic investment would give either lender greater exposure to one of Southeast Asia’s fastest-growing banking markets as global financial firms look beyond mature economies for their next leg of expansion.
Poll: Which of these has genuinely hurt your returns the most over your investing career?
Movers and Shakers
Intuit [INTU]: Premarket Move: −12%
Intuit plunged after its fiscal 2027 outlook pointed to a sharp slowdown in growth, overshadowing a fourth-quarter earnings beat. Management expects revenue to rise just 9% to 10% this year after 14% growth in fiscal 2026, while weaker TurboTax customer retention and slower desktop software demand added to concerns about the company’s growth trajectory.
Photronics [PLAB]: Premarket Move: +17%
Photronics surged after reporting its fiscal third-quarter results, sparking a sharp rebound in the semiconductor photomask maker. The move is especially notable after Photronics missed both earnings and revenue expectations last quarter, with traders responding positively to signs that business conditions are improving.
J.M. Smucker [SJM]: Premarket Move: +5%
J.M. Smucker climbed after first-quarter results comfortably beat Wall Street expectations and prompted a stronger full-year profit outlook. Adjusted EPS jumped 71% to $3.24, while revenue increased 5% to $2.22 billion and management lifted its fiscal 2027 adjusted EPS forecast to $10.50 to $11.00.
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Everything Else
📈 Wall Street survived a brutal first quarter and is now doubling down. Analysts tracking the flow have identified 10 stocks drawing the most fresh institutional capital right now.
💊 McKesson agreed to buy Precision Medicine for about $2.25 billion as the drug distributor expands further into higher-growth oncology and specialty-care services.
🛡️ California says there are no settlement talks scheduled with Paramount over its proposed $110 billion acquisition of Warner Bros. Discovery.
⚡ Aggreko filed for a U.S. IPO as rising electricity demand from data centers boosts interest in power-infrastructure businesses.
🔧 nVent Electric agreed to buy Maverick Power for $1.75 billion to deepen its exposure to the fast-growing data-center equipment market.
🛢️ Gunvor is in talks to buy U.S. gas assets worth roughly $1.2 billion to $1.5 billion as it bets on rising demand from LNG exports and AI data centers.
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