TL;DR

SEC greenlights in-kind crypto ETF flows; Nvidia boosts China chip supply; AmEx, Visa, Starbucks beat.

Highlights

• SEC approved in-kind creation/redemption for spot Bitcoin and Ethereum ETFs, expected to improve liquidity and reduce costs 1.
• Nvidia ordered 300,000 more H20 AI chips to meet strong China demand; US signals it wants chip sales to continue 3.
• Mexico awaits Trump’s decision on a proposed 30% tariff on imports; outcome expected this week 2.
• American Express and Visa beat estimates on robust card spending; both maintain positive outlooks 5.
• Starbucks shares rose 4–5% post-market as management outlined turnaround steps despite a sixth consecutive sales decline 4.
• SoFi fell ~6% after announcing a $1.5B stock offering, reversing earlier earnings-driven gains 6.
• Mondelez beat Q2 estimates but maintained guidance for a 10% EPS decline in 2025 due to higher cocoa costs; dividend raised 7.
• Booking Holdings topped Q2 expectations on strong travel demand but shares slipped 2–4% after hours 8.
• Electronic Arts beat Q1 estimates but issued softer Q2 guidance; Battlefield 6 reveal upcoming 9.
• Seagate beat Q4 forecasts, guided in line with consensus for FY26, signaling steady growth 10.
• Blackstone closed NYC offices after a fatal Midtown shooting; firms reviewing security protocols 12.
• Israel condemned UK’s plan to recognize a Palestinian state; UN and European states push for two-state solution 1114.

Commentary

After the close, US traders saw a mix of regulatory and earnings news with implications for several asset classes. The SEC’s approval of in-kind creation and redemption for spot Bitcoin and Ethereum ETFs marks a significant structural change for crypto ETPs 1. This is expected to narrow trading spreads, lower management costs, and draw more institutional participation, likely supporting both ETF volumes and spot crypto prices 1.

Nvidia ’s move to secure an additional 300,000 H20 chips highlights persistent AI hardware demand in China 3. The US administration’s current stance—preferring continued chip sales to China—may help ease fears of imminent export restrictions, supporting semiconductors and related supply chain equities 3. However, any change in US-China tech policy remains a key risk to monitor.

Consumer spending remains resilient, as American Express and Visa both reported strong results and maintained constructive outlooks 5. Travel demand also held up, with Booking Holdings beating expectations, though shares slipped on guidance scrutiny 8. Starbucks ’ shares gained on management’s turnaround roadmap, despite ongoing sales declines 4. In contrast, SoFi ’s secondary offering weighed on its stock, reflecting capital-raising headwinds in certain fintech names 6.

On the macro and geopolitical front, traders should closely watch for Trump’s decision on Mexican tariffs, which could impact autos, industrials, and cross-border supply chains 2. The Blackstone office shooting and heightened Middle East tensions add to the risk environment but are unlikely to drive broad market moves unless they escalate further 1211.