Trade Secrets: Dailies 08.27.2026

US Stocks open broadly higher as Nvidia's 15th consecutive earnings beat — revenue of $96.2 billion up 106% year-on-year and fiscal 2028 guidance implying 70% growth — reignites the AI trade and pushes Nasdaq-100 futures up 0.9%, even as sticky core PCE and a Bank of Korea rate hike to 3% push bond yields higher ahead of Fed Chair Warsh's pivotal Jackson Hole keynote tomorrow.

Nasdaq-100 futures jumped 0.9% and S&P 500 futures rose 0.4% in premarket, while Dow futures advanced more modestly, as Nvidia's blowout results — beating analyst estimates for a 15th straight quarter — broke the stock's recent eight-session losing streak. Wednesday's full session closed flat with the S&P 500 ending at essentially unchanged levels after July PCE came in at 0.2% month-on-month and 3.7% year-on-year — slightly above the 3.6% consensus — while core PCE held steady at 3.3% year-on-year, in line with expectations. The 10-year Treasury yield held at 4.647%, with Societe Generale analysts warning "the inflation backdrop looks somewhat firmer heading into the September FOMC meeting."
Nvidia (NVDA) surged 6–7% in premarket after reporting fiscal Q2 2027 revenue of $96.2 billion — up 106% from $46.7 billion a year ago — and EPS of $2.22, up 111.4% year-on-year, with a gross margin of 75.0%. The company guided Q3 revenue of $108 billion, plus or minus 2%, representing year-over-year growth of more than 89% from Q3 fiscal 2026's $57.01 billion — and CFO Colette Kress told analysts the company expects 70% revenue growth for fiscal 2028, handily beating Wall Street's 44% projection. Amazon Web Services committed to purchasing 2 million Nvidia GPUs — the largest single customer commitment in the company's history — offering direct reassurance to investors who had worried hyperscaler spending could slow. Nvidia's supply constraints, rather than demand, are now the binding factor on growth, with Edge Computing revenue alone growing 27.5% annually to $7.20 billion.
The AI trade broadened sharply in premarket. Salesforce (CRM) jumped 10.4–11.2% after beating Q2 earnings and announcing an expanded Nvidia partnership, while CrowdStrike (CRWD) surged 9% on strong results and raised guidance. Okta (OKTA) soared 17.4–20% after posting a strong Q2 beat with an upward revision to full-year guidance, driven by spiking demand for identity security products from agentic AI deployments. Marvell Technology (MRVL) and SanDisk (SNDK) both rose in sympathy with Nvidia's results ahead of their own after-close reports today. Dick's Sporting Goods (DKS) plunged nearly 19% in premarket after missing both top and bottom lines and slashing its full-year net sales and operating income outlook — Telsey Advisory Group's Cristina Fernandez called the guidance cut "a surprise" even given prior athletic brand warnings about US wholesale softness.
Dollar General (DG), Dollar Tree (DLTR), Burlington Stores (BURL), Best Buy (BBY), Autodesk (ADSK), Workday (WDAY), Affirm Holdings (AFRM), and Ulta Beauty (ULTA) all report today alongside Marvell — making Thursday the busiest earnings day of the back half of summer. Royal Bank of Canada and Toronto-Dominion Bank also report, providing a read on the North American consumer credit backdrop amid the escalating US-Canada tariff dispute.
Jackson Hole is tomorrow's defining event. Fed Chair Kevin Warsh delivers his keynote at the Federal Reserve's annual Economic Symposium in Wyoming — his most consequential public appearance since the three-dissent July FOMC meeting — and markets will be scrutinizing every word for any signal on whether September remains live for a hike, whether the dot plot will be retired, and how Warsh frames the tension between sticky energy-driven inflation and two consecutive soft jobs reports. Capital.com's Daniela Hathorn noted that "the macroeconomic backdrop is more finely balanced, with core PCE inflation remaining stuck at 3.3%, reinforcing the idea that disinflation may be stalling." Big investors separately warned that Treasury Secretary Bessent's bond market buyback intervention is pulling in the opposite direction to the Fed's inflation fight — a structural tension that Warsh may need to address directly.
South Korea's KOSPI opened 2.76% higher at 6,996.12, eyeing the psychologically critical 7,000 level, as Samsung Electronics surged 3.25% and SK Hynix climbed 5.45% — both driven by Nvidia's supply-chain-validating results and its explicit confirmation that HBM memory demand extends well into 2027 and 2028. Meritz Securities analyst Hwang Su-wook said "AI investment is spreading beyond hyperscalers" through Nvidia's own financing support mechanisms. The KOSPI pared some gains after the Bank of Korea raised its benchmark rate 25 basis points to 3.0% — in line with market expectations that had narrowly favored a hike — closing the session up 1.5% as monetary tightening tempered the tech-driven rally. Taiwan's TAIEX rose 0.9%.
Japan's Nikkei 225 slipped 0.2–0.4%, a notable laggard relative to other regional tech-heavy indexes, as the BOK rate hike and Warsh Jackson Hole caution kept Japanese investors from fully embracing Thursday's AI relief rally. The Nikkei closed Wednesday at 66,262.16, up 0.62%, with Nikkei futures indicating an open near 67,080–67,105 before trimming gains. SoftBank Group is in discussions with investment banks about a potential $10–$20 billion bond offering to refinance its OpenAI investment loans. China's Shanghai Composite rose 0.8%, outperforming the region as domestic AI names benefited from the Nvidia demand validation. Hong Kong's Hang Seng edged down 0.2% as short-selling activity remained elevated in key tech and property names. Australia's S&P/ASX 200 closed Wednesday at 9,128, down 0.4%, with bond yields rising on the sticky PCE backdrop — Australia's money markets moved to price a 95% probability of a rate hike by December, up sharply from 67% before the PCE release, as the RBA board remains divided on the pace of tightening. India's BSE Sensex dropped 0.2% to 77,473 on Wednesday.

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