Market Summary
U.S. equities traded in a narrow, mixed range through midday Wednesday as investors digested a batch of largely in-line inflation data and positioned ahead of NVIDIA’s (NVDA) closely watched earnings report due after today’s close. At last check, the Dow Jones Industrial Average was off 103.80 points (-0.19%) to 53,473.60, the S&P 500 was down 8.78 points (-0.11%) to 7,668.50, and the Nasdaq Composite lagged with a 102.58-point decline (-0.39%) to 26,069.76.
Sector leadership was split roughly down the middle, with Industrials, Utilities, Materials, Information Technology, and Energy showing relative strength while Communication Services, Health Care, Consumer Discretionary, and Financials underperformed. The industrials sector paced gainers (+1.1%), lifted by courier and defense names, while information technology was little changed (+0.1%) as NVDA itself traded lower (-1.14%) ahead of its report. Single-stock catalysts dominated the tape: Abercrombie & Fitch (ANF) surged more than 37% on a beat-and-raise quarter, Meta Platforms (META) gained on a regulatory settlement, and Intuit (INTU) tumbled nearly 5% on soft FY27 guidance despite a top- and bottom-line beat.
This morning’s Personal Income/Outlays report showed income growth of 0.4% (vs. 0.2% expected) alongside a PCE Price Index that held at 3.7% year-over-year and core PCE steady at 3.3% year-over-year — both matching June’s readings. The muted deviation from expectations produced only a modest, fleeting reaction in equities and Treasuries, with the market’s attention squarely fixed on tonight’s NVIDIA report as the next major catalyst.
Market Snapshot
| Index | Level | Change | % Change |
|—|—|—|—|
| Dow Jones | 53,473.60 | -103.80 | -0.19% |
| S&P 500 | 7,668.50 | -8.78 | -0.11% |
| Nasdaq Composite | 26,069.76 | -102.58 | -0.39% |
Breadth (NYSE): Advancers 1,234 | Decliners 1,326 | Volume 204.03 mln
Breadth (Nasdaq): Advancers 1,600 | Decliners 2,431 | Volume 3.73 bln
WaveFinder Breadth Metrics:
- Primary Sentiment: Very Bullish (Bulls 1,152 / Bears 767)
- 4% Sentiment: Neutral (Bulls 62 / Bears 81)
- 40 SMA Sentiment: Neutral
- Stocks above 20-day SMA: 19%
- Stocks above 40-day SMA: 51.49%
- 9-Month Bulls/Bears: 8 / 12 (Bull Follow-Through: 12.12%)
Breadth data shows a market with mixed near-term participation (only 19% of names above their 20-day average) despite an overall “Very Bullish” primary sentiment reading, underscoring the narrow, mega-cap-driven character of today’s session.
Sector Performance
Strong (per Briefing.com Industry Watch):
1. Industrials — +1.1% (courier/defense strength)
2. Utilities — outperforming
3. Materials — outperforming
4. Information Technology — +0.1% (NVDA drag ahead of earnings)
5. Energy — outperforming
Weak (per Briefing.com Industry Watch):
6. Consumer Staples — not specifically quantified today
7. Real Estate — not specifically quantified today
8. Financials — underperforming
9. Consumer Discretionary — underperforming
10. Health Care — -0.6% (Moderna weighing)
11. Communication Services — underperforming (mixed: META +2.02% vs. Snap -7.01%)
WaveFinder Sector Volatility (ATR): Communication Services (3.03%, rising, P95) and Health Care (3.38%, rising, P84) show the highest volatility readings, consistent with today’s active single-stock moves in Meta, Snap, and Moderna. Technology ATR is falling (-0.88%, P53) alongside Utilities (-1.80%, P16) and Industrials (-0.46%, P16), suggesting compressed ranges in those groups relative to recent history.
Key Earnings & Movers
- Intuit (INTU) 339.63, -17.83 (-4.99%) — Beat Q4 (Jul) estimates and raised its dividend 15%, but soft Q1 (Oct) and FY27 guidance (+9-10% revenue growth vs. +13.9% in FY26) pressured shares.
- Abercrombie & Fitch (ANF) 149.72, +40.82 (+37.48%) — Beat-and-raise Q2 report; raised FY revenue growth guidance to ~5% (high end of prior range).
- Meta Platforms (META) 581.57, +11.52 (+2.02%) — Volatile after proposed settlement with 51 state AGs over teen social-media harm claims ($12.1-17.1 bln liability).
- Snap (SNAP) 5.50, -0.42 (-7.01%) — Pressured on read-through concerns from the Meta teen-safety settlement given its younger user base.
- Moderna (MRNA) 148.12, -10.71 (-6.74%) — Continued volatility following last week’s triple-digit surge.
- Dick’s Sporting Goods (DKS) 128.81, +4.50 (+3.62%) — Rebounding after yesterday’s earnings-driven selloff.
- NVIDIA (NVDA) 210.63, -2.42 (-1.14%) — Trading lower ahead of highly anticipated after-close earnings report.
- Urban Outfitters (URBN) 78.97, +3.19 (+4.21%) and American Eagle (AEO) 17.40, +0.66 (+3.97%) — Higher in sympathy with ANF’s apparel strength.
- Ferguson Enterprises (FERG) 239.29, +6.62 (+2.85%) and C.H. Robinson (CHRW) 147.82, +4.16 (+2.90%) — Outperforming within Industrials amid falling oil prices.
- Zoom Communications (ZM) — Lower despite a Q2 beat, as soft Q3 guidance ($1.46-$1.48 adjusted EPS vs. $1.50 consensus) overshadowed strong Enterprise growth (+7.8% yr/yr) and raised FY27 targets.
Stock Spotlight
Abercrombie & Fitch (ANF) is the standout story of the session, surging 37.48% to $149.72 after a beat-and-raise Q2 report that extended a strong run since Q1. EPS of $4.17 included a $1.75 tariff-refund benefit but still topped expectations even excluding that boost, while revenue rose 5% year-over-year to a record $1.27 billion. Management raised full-year guidance to the high end of its prior range (~5% revenue growth, roughly $5.53 billion) and EPS of $13.10-$13.60.
Beyond the headline beat, the underlying quality of the results impressed: Abercrombie-branded comps turned positive (+4%) against an easier comparison, while Hollister’s 3% comp decline was viewed as less concerning given a difficult prior-year comparison and evidence that demand outpaced inventory at points in the quarter — with sales growth reportedly accelerating into August as inventory caught up. AUR rose on reduced promotional activity, EMEA returned to growth, and operating margin of 19.9% beat guidance by roughly 990 bps (about 200 bps of that from core operating leverage beyond the tariff refund). The results also lifted peers Urban Outfitters and American Eagle, and pushed the State Street SPDR S&P Retail ETF up 0.9% earlier in the session.
Bond Market & Treasuries
Treasuries gave back early gains after this morning’s data releases, with yields backing up to roughly Tuesday’s opening levels. As of the latest update (11:21 ET), the 10-year yield stood at 4.654% (-4/32 in price). Earlier in the session (10:17 ET), the broader curve showed:
- 2-yr: +2 bps to 4.22%
- 3-yr: +2 bps to 4.28%
- 5-yr: +3 bps to 4.38%
- 10-yr: +3 bps to 4.66%
- 30-yr: +2 bps to 5.19%
The early rally faded after Personal Income, durable goods, and Q2 GDP data pointed to steady growth without inflation relief — core PCE held at 3.3% year-over-year and the GDP Chain Deflator was revised up to 6.4%. The market now awaits results of the $70 billion 5-year Treasury note auction at 13:00 ET; the prior 5-year auction produced a 4.408% high yield with 2.28x bid-to-cover. USD/JPY traded at 159.37 and EUR/USD at 1.1650.
Commodities
(Latest available settle prices, as of Tuesday, Aug 25 close)
- Crude Oil: $82.29/bbl, -2.69 (-3.2%) — extended its retreat amid quiet geopolitical headlines
- Natural Gas: $2.83, unchanged
- Gold: $4,694.20/oz, -0.80
- Silver: $68.68/oz, +0.11
- Copper: $6.71/lb, +0.11
Briefing.com’s midday commentary noted “another retreat in oil prices” today, which helped lift oil-sensitive Industrials names such as Ferguson Enterprises and C.H. Robinson.
Overseas Markets
(Prior session, Tuesday, Aug 25)
- Europe: DAX +0.7%, FTSE +0.3%, CAC -0.2%
- Asia: Nikkei +0.5%, Hang Seng flat, Shanghai +0.2%
Overnight news flow into Wednesday’s session was described as “light,” with global equity markets showing limited movement as investors weighed the implications of a surprise U.S. military aircraft visit to Moscow, during which CIA Director Ratcliffe reportedly met with Russian intelligence officials. The purpose of the visit remains unconfirmed, with speculation centered on either the Iran pressure campaign or Russia’s mobilization exercises in Kaliningrad.
Economic Data
- Personal Income (Jul): +0.4% m/m (consensus +0.2%)
- Personal Spending (Jul): +0.2% m/m (consensus +0.2%)
- PCE Price Index (Jul): +0.2% m/m; +3.7% y/y (unchanged from June)
- Core PCE Price Index (Jul): +0.2% m/m; +3.3% y/y (unchanged from June)
- Durable Goods Orders (Jul): +1.1% m/m (consensus +0.5%); ex-transportation +0.4% (consensus +0.5%)
- Q2 GDP (Second Estimate): +1.5% (consensus +1.5%, unrevised); GDP Chain Deflator revised up to 6.4% (from 6.3%)
Market Impact: The data package pointed to steady growth but offered no relief on inflation, with both headline and core PCE holding at elevated year-over-year levels for a fifth consecutive month. The muted market reaction reflected a “known unknowns” mindset, with participants more focused on tonight’s NVIDIA earnings than on today’s economic releases.
Looking Ahead
- NVIDIA (NVDA) earnings — scheduled for release after today’s close; widely viewed as the most consequential catalyst for the broader market and the AI/semiconductor trade heading into Thursday’s session.
- $70 billion 5-year Treasury note auction — results due at 13:00 ET today, following a solid $69 billion 2-year note auction Tuesday.
- Continued focus on the diplomatic implications of CIA Director Ratcliffe’s Moscow visit, with markets watching for any official clarification.
- Ongoing earnings reactions to digest, including Intuit’s guidance cut, Zoom’s soft Q3 outlook, and Abercrombie & Fitch’s raised full-year forecast, which may continue to influence sector rotation within retail and software.