Good morning investors! Yesterday was all about earnings, especially Nvidia.
Fun fact: About two-thirds of global crude contracts reference Brent pricing.
Today we cover:
Nvidia Earnings
More Earnings
EV Tax Credit
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📊 Economy and News
Global Real Estate Bidding Activity Rises in July, Led by Multifamily Sector
Capital inflows are growing, and bidder dynamics are stabilizing, as indicated by JLL’s Global Bid Intensity Index, which improved in July for the first time since December.
The index tracks bidding activity to provide real-time insights into liquidity and competitiveness in private real estate capital markets.
The "living" sector, primarily multifamily apartments but also encompassing senior living and student housing, showed the most significant improvement.
Global hits:
Brazil might challenge tariffs in US courts, finance minister says.
South Korea’s central bank holds policy rate, as expected.
Russia slashes 2025 economic growth forecast to 1.5% from 2.5%.
Also check: Inflation likely stayed too hot for comfort in July, according to economists' expectations of the Federal Reserve's preferred measure.
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📈 Stocks
S&P 500 6,481.40 (+0.24%)
DJIA 45,565.23 (+0.32%)
NASDAQ 21,590.14 (+0.21%)
BRENT CRUDE 67.64 (-0.73%)
* Prices as of Aug 28th, 12:20 AM UTC
Nvidia's Earnings Beat Expectations, Stock Falls on Data Center Shortfall
Nvidia reported stronger-than-expected earnings and revenue, with adjusted earnings per share of $1.05 and revenue of $46.74 billion, surpassing analyst estimates.
The company forecasted $54 billion in revenue for the current quarter, above expectations. However, the stock declined in after-hours trading due to data center revenue of $41.1 billion missing estimates.
No H20 chip sales to China occurred, though $180 million in inventory was released to a non-China customer. Interestingly. Nvidia CEO Huang said bringing Blackwell AI chip to China ‘is a real possibility’
Net income rose 59% to $26.42 billion, driven by a 56% increase in data center revenue, despite a slight sequential decline in GPU chip sales.
The company approved a $60 billion buyback, and is expected to pay out $0.01/share in dividends on October 2nd. Still, the fall is due to the stock making stronger strides in the past that makes the current report looks weak (even tho it really isn’t).
More earnings:
Kohl’s surged after reporting a narrower loss and reiterating its full-year outlook, with traffic stabilizing and inventory down. Shares jumped double digits intraday as investors rewarded leaner merchandising.
Abercrombie & Fitch rallied on another clean beat and stronger margin commentary, pushing a record high on guidance. Watch comp cadence and full-price mix as promotions normalize.
MongoDB jumped after a results beat and better net ARR, with the company highlighting enterprise demand recovery and Atlas growth. Focus turns to guidance discipline and consumption trends next quarter.
Also check: Delta to pay $78.75 million to resolve fuel dump lawsuit.
Shares of Cracker Barrel Old Country Store rose more than 8% after the restaurant said it would discard its new logo amid widespread backlash. The switch occurred just hours after President Donald Trump weighed in on the rebranding. Cracker Barrel shares are close to restoring their original losses from when the new logo was first announced last week.
American Eagle rose after NFL star Travis Kelce announced a partnership with the apparel brand.
💵 Personal Finance
EV Tax Credit Deadline Looms: New Rules Offer Flexibility
The federal Clean Vehicle Credit, offering up to $7,500 for new electric vehicles and $4,000 for used ones, expires Sept. 30, 2025. New IRS guidance allows buyers to qualify by signing a binding contract and making a payment before the deadline, even if delivery occurs later.
Previously, eligibility required delivery by Sept. 30, risking the credit due to shipping delays. Now, the contract and payment date determine eligibility, reducing risks for buyers purchasing vehicles that need shipping or manufacturing.
Qualifying for the Credit
Vehicles: Must be assembled in North America and meet battery sourcing requirements.
Income Limits: $300,000 (joint) or $150,000 (single) for new EVs; $150,000 (joint) or $75,000 (single) for used EVs.
Price Caps: $80,000 for SUVs, vans, pickups; $55,000 for other new cars; $25,000 for used EVs (two model years old).
What to Do
Point-of-Sale Credit: Since 2024, buyers can transfer the credit at purchase, lowering the price instantly. Dealers verify vehicle eligibility, but buyers must confirm income eligibility.
Before Sept. 30: Secure a signed purchase agreement and record a deposit or trade-in. Retain contract, payment receipt, and dealer documentation.
Leasing Option: Leased EVs bypass income and sourcing restrictions, allowing dealers to apply the full $7,500 credit to most models.
Buyers should act quickly to meet the deadline and ensure eligibility.
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👩🏽⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.