US Market Preview | NVIDIA surges 7%+ pre-market on earnings beat; Salesforce jumps 10%+ on strong results; PCE inflation tops estimates, rate hike fears mount

Market Snapshot

US stock futures were mixed in pre-market trading on Thursday. As of writing, Dow futures slipped 0.09%, Nasdaq 100 futures gained 0.79%, and S&P 500 futures rose 0.33%.

European major indices were mixed, with Germany's DAX up 0.37%, the UK's FTSE 100 down 0.33%, France's CAC 40 down 0.90%, and the Euro Stoxx 50 down 0.08%. In commodities, WTI crude rose 0.45% to USD 82.60/barrel; Brent crude gained 0.64% to USD 87.50/barrel; COMEX gold edged down 0.10% to USD 4,648.60/oz.

AI chip stocks rallied across the board pre-market: $NVIDIA(NVDA.US)$ surged over 7%, $Micron Technology(MU.US)$ rose 3.85%, $SanDisk(SNDK.US)$ gained 4.41%, $Marvell Technology(MRVL.US)$ advanced 3.87%, $Intel(INTC.US)$ added 1.89%, and $AMD(AMD.US)$ rose 1.07%. $Direxion Daily Semiconductor Bull 3X Shares(SOXL.US)$ jumped 7.08%, and $NVIDIA 2X Leveraged ETF(NVDL.US)$ soared 11.91%.

Pre-market Turnover TOP20

1. $NVIDIA(NVDA.US)$ turnover USD 1.233 billion, up 6.11%
2. $Micron Technology(MU.US)$ turnover USD 421 million, up 3.85%
3. $SanDisk(SNDK.US)$ turnover USD 292 million, up 4.41%
4. $Invesco QQQ Trust(QQQ.US)$ turnover USD 281 million, up 0.88%
5. $Direxion Daily Semiconductor Bull 3X Shares(SOXL.US)$ turnover USD 176 million, up 7.08%
6. $Intel(INTC.US)$ turnover USD 153 million, up 1.89%
7. $SPDR S&P 500 ETF(SPY.US)$ turnover USD 119 million, up 0.39%
8. $Marvell Technology(MRVL.US)$ turnover USD 108 million, up 3.87%
9. $ProShares UltraPro QQQ(TQQQ.US)$ turnover USD 88.11 million, up 2.58%
10. $SpaceX(SPCX.US)$ turnover USD 85.06 million, up 0.44%
11. $Nebius(NBIS.US)$ turnover USD 82.46 million, up 6.10%
12. $AMD(AMD.US)$ turnover USD 73.90 million, up 1.07%
13. $Salesforce(CRM.US)$ turnover USD 73.46 million, up 10.40%
14. $Moderna(MRNA.US)$ turnover USD 71.38 million, down 5.36%
15. $Apple(AAPL.US)$ turnover USD 67.09 million, down 0.91%
16. $iShares US Financials ETF(IYF.US)$ turnover USD 65.47 million, down 2.53%
17. $Broadcom(AVGO.US)$ turnover USD 63.88 million, up 1.08%
18. $Direxion Daily Semiconductor Bear 3X Shares(SOXS.US)$ turnover USD 62.68 million, down 6.88%
19. $NVIDIA 2X Leveraged ETF(NVDL.US)$ turnover USD 60.98 million, up 11.91%
20. $Strategy(MSTR.US)$ turnover USD 60.90 million, up 2.52%

Stock News

1. NVIDIA Q2 earnings beat across the board, shares surge 7%+ pre-market: $NVIDIA(NVDA.US)$ reported fiscal 2027 second-quarter results after the close on August 26, with revenue reaching USD 96.2 billion, up 106% year-over-year, and adjusted EPS of USD 2.22, up 120% year-over-year, both significantly beating market expectations. The company issued strong forward guidance, projecting Q3 revenue of approximately USD 108 billion, and released its first full-year forecast, calling for fiscal 2028 revenue growth of roughly 70%, far exceeding Wall Street's 44% estimate. CEO Jensen Huang said actual demand far exceeds the 70% growth pace, with supply chain bottlenecks such as HBM being the primary constraint. JPMorgan, Goldman Sachs, and other Wall Street firms raised their price targets, while prominent research firm Citrini predicted NVIDIA shares are about to hit a new all-time high. As of writing, NVIDIA was up over 7% pre-market at USD 224.60.

2. Salesforce Q2 results beat estimates, raises full-year guidance, shares jump 10%+ pre-market: $Salesforce(CRM.US)$ reported fiscal 2027 second-quarter results after the close on August 26, with revenue of USD 11.35 billion, up 11% year-over-year, and adjusted EPS of USD 5.90, far exceeding the consensus estimate of USD 3.27. The company raised its full-year revenue guidance to USD 46.1 billion–USD 46.4 billion, a USD 200 million increase from prior guidance, driven primarily by accelerating demand for AI products. CEO Marc Benioff emphasized that AI is driving transformation in the CRM space. Salesforce rose 10.40% pre-market to USD 227.00, on track for a new year-to-date high.

3. AI chip chain rallies broadly, new cloud provider Nebius gains over 6%: NVIDIA's strong earnings and capex guidance lifted the AI chip, memory, and cloud infrastructure sectors across the board. $Micron Technology(MU.US)$ rose 3.85% pre-market, $SanDisk(SNDK.US)$ gained 4.41%, $Marvell Technology(MRVL.US)$ advanced 3.87%, and $Broadcom(AVGO.US)$ added 1.08%. AI cloud infrastructure company $Nebius(NBIS.US)$ rose 6.10% pre-market; NVIDIA named Nebius and other new cloud partners during its earnings call, projecting new cloud partner capacity to reach 8 GW by end-2026. The 3x leveraged semiconductor ETF $Direxion Daily Semiconductor Bull 3X Shares(SOXL.US)$ surged over 7%.

4. Moderna drops over 5% pre-market as profit-taking pressure emerges: $Moderna(MRNA.US)$ fell 5.36% pre-market to USD 141.63. The stock has surged 392% year-to-date in 2026, driven primarily by positive results from the Phase III melanoma trial of its personalized mRNA cancer vaccine developed in partnership with Merck. However, the company's latest quarterly revenue was just USD 145 million with a net loss of USD 782 million, meaning commercialization revenue remains years away. Investors opted to lock in profits after the sharp rally, awaiting full clinical data and regulatory progress.

5. Apple CEO transition looms as Tim Cook's 15-year tenure delivers 2,230% return: $Apple(AAPL.US)$ CEO Tim Cook is set to step down in September 2026, with hardware engineering veteran John Ternus taking the helm. Cook's 15-year tenure delivered approximately 2,230% in shareholder returns, pushing Apple's market cap to USD 4.5 trillion. Ternus brings a product-first background, with iPhone revenue having grown 22% in fiscal 2026. The market is watching whether the new CEO can sustain Apple's growth trajectory. Apple edged down 0.91% pre-market.

6. Meta settles teen addiction claims for USD 16.7 billion, but legal risks persist: $Meta Platforms(META.US)$ agreed to a USD 16.7 billion settlement with 51 state attorneys general over social media addiction allegations, and committed to implementing usage limits and other app changes for teen users. However, the settlement carries no preclusive effect, with Florida and Texas still pursuing separate lawsuits and litigation from school districts and individuals still pending. Analysts note that while some uncertainty has been resolved, Meta and its peers still face significant civil liability and potential regulatory constraints.

7. Baidu dual primary listing effective September 1, Stock Connect inclusion as early as September 7: $Baidu(BIDU.US)$ announced that its dual primary listing on the Hong Kong Stock Exchange will take effect on September 1, with no new shares being issued. CFO He Haijian stated that the dual primary listing will broaden the investor base and enhance share liquidity. Based on current rules and review cycles, Baidu could be included in the Stock Connect program as early as September 7, allowing mainland Chinese investors to trade Baidu shares directly via the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect schemes.

Global Macro

1. US July PCE inflation hits 3.7%, topping estimates, rate hike fears mount: The US July PCE price index rose 3.7% year-over-year, exceeding market expectations and fueling concerns over further Fed rate hikes. The Fed has now missed its 2% inflation target for 65 consecutive months. US equities closed broadly lower on Wednesday, with the Dow down 0.21%, the S&P 500 nearly flat, and the Nasdaq down 0.08%. Markets now await today's initial jobless claims and wholesale inventories data for further clues on the economic trajectory.

2. Fed Chair Walsh's Jackson Hole speech imminent, credibility under scrutiny: Newly appointed Fed Chair Walsh is set to deliver remarks at the Jackson Hole Economic Symposium. With inflation remaining persistently elevated, markets are closely watching whether he will articulate a clear policy response. Analysts worry his comments may prove too vague and that political pressures could undermine the Fed's independence if he fails to convey a credible commitment to taming inflation. The speech is seen as a critical window into Walsh's policy stance.

3. Changpeng Zhao: Bitcoin will hit USD 1 million, no need to wait 25 years: Binance founder Changpeng Zhao declared at the Bitcoin Asia 2026 conference that Bitcoin will inevitably reach USD 1 million without needing a 25-year wait. He emphasized the importance of expanding utility, large-scale payment adoption, and becoming a pension reserve asset. Zhao recommended that countries allocate crypto by market cap weighting, with Bitcoin comprising over 50%. He noted that traditional finance's attitude toward Bitcoin has fundamentally shifted, and tokenized equities are growing rapidly.

US Economic Calendar

(All times in Beijing time)

20:30 Initial Jobless Claims
20:30 Initial Jobless Claims 4-Week Moving Average
20:30 Continuing Jobless Claims
20:30 Advance Goods Trade Balance
20:30 Wholesale Inventories
22:30 EIA Natural Gas Storage
23:00 Kansas City Fed Manufacturing Production Index
23:00 Kansas City Fed Composite Index

US Earnings Calendar

No major earnings reports scheduled for after the close today.