TL;DR

Nvidia slips post-earnings on data-center miss; S&P 500 hits record; Fed signals September rate cut.

Highlights

• • Nvidia beat Q2 estimates and announced a $60B buyback; shares fell 4–5% after hours on a slight data-center revenue miss and regulatory uncertainty over H20 chip sales to China12.
• • S&P 500 closed at a record 6,481.29 (+0.24%) ahead of Nvidia results; Fed commentary reinforced September rate-cut bets6.
• • HP Inc. topped Q3 revenue estimates on AI PC demand, raised Q4 outlook; shares rose 4–6% after hours8.
• • Snowflake surged 10%+ post-market on a strong Q2 beat and raised full-year guidance; Bill Holdings launched a $300M buyback amid cautious FY26 guidance9.
• • Okta raised its outlook and gained up to 8% after hours; CrowdStrike beat Q2 but guided Q3 revenue light, sending shares down 7%1011.
• • Five Below beat Q2 estimates and lifted 2025 outlook despite ongoing tariff pressures12.
• • Mexico plans new tariffs on Chinese goods in its 2026 budget, responding to U.S. pressure and supply-chain shifts5.
• • U.S. offered India a 25% tariff cut if it stops buying Russian oil, tying trade terms to energy policy4.
• • Pentagon ordered an audit of Microsoft’s cloud services and barred Chinese support, increasing scrutiny on tech sector security3.
• • CDC director ousted after four weeks; FDA revoked Covid-19 vaccine EUAs, adding to healthcare sector uncertainty14.
• • Trump administration proposed fixed time limits for student, exchange, and media visas, potentially impacting U.S. universities and media firms15.
• • Aave launched Horizon, letting institutions borrow stablecoins against tokenized Treasuries and other real-world assets13.

Commentary

Nvidia ’s Q2 results were the focal point, with headline beats on revenue and earnings, a $60B buyback, and slightly positive Q3 guidance1. However, a minor miss in data-center revenue and new regulatory uncertainty over H20 chip sales to China weighed on sentiment, sending shares down 4–5% after hours12. Given Nvidia ’s heavy index weight, this is likely to pressure tech and broader benchmarks in the next session, despite the S&P 500 closing at a record earlier as traders positioned for these results16.

Earnings from enterprise software and cybersecurity firms were mixed. Snowflake ’s strong quarter and raised outlook drove a sharp after-hours rally, while Okta’s raised guidance contrasted with CrowdStrike ’s softer Q3 revenue forecast, which led to a post-market drop91011. HP ’s beat and improved outlook, driven by AI PC demand, and Five Below’s strong retail results highlight selective resilience in consumer and enterprise demand, though both flagged ongoing tariff and supply-chain headwinds812.

Macro and policy developments remain active. The Fed’s dovish tone kept rate-cut expectations firm for September, supporting risk assets6. Meanwhile, Mexico’s planned tariffs on Chinese imports and the U.S. offer to India to cut tariffs in exchange for reduced Russian oil purchases signal continued trade realignment and potential supply-chain adjustments45. The Pentagon’s audit of Microsoft ’s cloud and ban on Chinese support increases compliance risk for tech vendors serving the U.S. government3.

Healthcare and immigration policy added uncertainty: the abrupt ouster of the CDC director and the FDA’s revocation of Covid-19 vaccine EUAs create new questions for the sector14. The Trump administration’s move to impose fixed time limits on student and media visas could disrupt U.S. universities and media organizations reliant on international talent15. In crypto, Aave’s institutional lending platform launch points to further integration of traditional assets with DeFi13.

Traders should watch for continued volatility in tech, especially Nvidia and index-linked names, as well as reactions to mixed software earnings, evolving trade policy, and any regulatory headlines impacting sector sentiment.