Market Snapshot
| Dow | 43975.09 | -200.52 | (-0.45%) | | Nasdaq | 21384.01 | -64.62 | (-0.30%) | | SP 500 | 6373.45 | -16.00 | (-0.25%) | | 10-yr Note |
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| | NYSE | Adv 1206 | Dec 1533 | Vol 1.05 bln | | Nasdaq | Adv 1971 | Dec 2574 | Vol 9.14 bln |
Industry Watch
| Strong: Health Care, Consumer Discretionary, Consumer Staples |
| | Weak: Utilities, Materials, Energy, Industrials, Communication Services, Energy, Financials |
Moving the Market
NVIDIA (NVDA) and Advanced Micro Devices (AMD) will pay the U.S. government 15% of their AI chip sales to China in exchange for export licenses
Fed Governor Bowman (FOMC voter) reaffirmed her stance that three rate cuts could be appropriate before the end of the year
The market anticipates key economic data releases this week including PPI, CPI, and Retail Sales
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Nasdaq Composite notches all-time high before market retreat
11-Aug-25 16:35 ET
Dow -200.52 at 43975.09, Nasdaq -64.62 at 21384.01, S&P -16.00 at 6373.45
[BRIEFING.COM] The stock market's early gains quickly propelled the Nasdaq Composite (-0.3%) to new all-time high levels, but a lack of conviction in the market saw the early gains negated, ultimately leading the major averages to finish with modest losses.
At its peak just after 12:00 PM ET, the Nasdaq Composite notched a record high level of 21,549.73. The S&P 500 (-0.3%) traded above its record closing high at the same time, but the gains did not hold throughout the afternoon. The DJIA (-0.5%) spent the vast majority of the session in negative territory.
While the noncommittal nature of today's trade is not surprising considering the market will receive July CPI data tomorrow, there was certainly no lack of headlines for the market to digest, despite an empty economic calendar. Tariff extensions, rate cut expectations, geopolitical summits, and semiconductor policy provided a multitude of talking points, though the markets were not swayed too far in any direction.
The market digested Vice Fed Chair Michelle Bowman's (FOMC voting member) Saturday comments in which she stated that three rate cuts could be appropriate this year, citing a recent softening in the labor market as a motivating factor. Later in the afternoon, Bloomberg reported that Bowman, Fed Vice Chair Phillip Jefferson, and Dallas Fed President Lorie Logan were added to the Trump administration's list of possible Fed Chair nominees, which also includes James Bullard, Marc Summerlin, Kevin Hasset, Christopher Waller, and Kevin Warsh.
Shares of NVIDIA (NVDA 182.15, -0.55, -0.30%) and Advanced Micro Devices (AMD 172.28, -0.48, -0.28%) traded lower before the open today, following a report from Financial Times that the companies will cede 15% of their AI chip sales in China to the U.S. government in exchange for export licenses.
Upside Q4 (Aug) EPS and revenue guidance from Micron (MU 123.76, +4.86, +4.09%), and headlines of a visit between President Trump and Intel (INTC 20.68, +0.73, +3.66%) CEO Lip-Bu Tan buoyed the PHLX Semiconductor Index as high as 1.5%, though the index ultimately closed with a loss of 0.1%
The information technology sector (-0.7%) spent time among the best-performing S&P 500 sectors today before finishing among the worst. Other laggards included the energy (-0.8%), real estate (-0.7%), and utilities (-0.4%) sectors.
Several S&P 500 sectors spent time oscillating between positive and negative territory before a late-session sell-off eroded sector strength and saw eight sectors close with losses. The selling activity led to the major averages closing near session lows.
Only the consumer staples (+0.2%), consumer discretionary (+0.1%), and health care (+0.1%) sectors finished with modest gains.
Stocks of all sizes retreated today. The Vanguard Mega Cap Growth ETF closed with a loss of 0.2%, with Tesla (TSLA 339.13, +9.48, +2.87%) preventing further losses following a CNBC report that the company submitted a formal license request to become an electricity provider in the U.K. Meanwhile, the S&P Mid Cap 400 finished with a loss of 0.4%, and the Russell 2000 slightly outperformed, closing on its flatline.
On the trade front, Treasury Secretary Bessent said in an interview with Nikkei that tariff rates may be subject to reduction for countries in which the U.S. sees a decreased trade deficit and that he expects trade issues to be largely sorted out by the end of October.
Separately, President Trump signed an executive order this afternoon extending the tariff truce with China for an additional 90 days.
The president is set to meet with Russian President Vladimir Putin in Alaska on Friday to discuss an end to the war in Ukraine. The Telegraph reported that Ukrainian President Volodymyr Zelenskyy told other European leaders he is not willing to concede any territory that is currently held by Ukraine, but territory that Russia currently occupies could be negotiated as part of a ceasefire deal.
Longer-dated Treasuries started the week on a modestly higher note, while the 2-year note lagged slightly, spending the session near its unchanged level. The 2-year note yield settled down one basis point to 3.75%, and the 10-year note yield also settled down one basis point to 4.27%.
- Russell 2000: UNCH WTD
- S&P 500: -0.3% WTD
- Nasdaq Composite: -0.3% WTD
- DJIA: -0.5% WTD
Major averages below record closing high levels
11-Aug-25 15:25 ET
Dow -174.58 at 44001.03, Nasdaq -31.95 at 21416.68, S&P -7.61 at 6381.84
[BRIEFING.COM] While the Nasdaq Composite (-0.2%) reached a new intraday high during today's session, the index is currently trading about 30 points below the necessary level to notch a new all-time closing high.
Meanwhile, the S&P 500 (-0.1%), which did not set a new intraday high, trades about six points below its record closing level.
The stock market has had a noncommittal session, with a lack of conviction in the market leading to several sectors flipping between positive and negative territory throughout the day. Currently, the consumer discretionary (+0.3%), health care (+0.2%), and consumer staples (+0.2%) sectors hold modest gains, while the communications services and financials sectors sit on their flatlines.
The other six sectors hold modest losses, with only the energy sector (-0.5%) retreating more than 0.5%.
The release of July CPI data tomorrow will be pivotal to the FOMC's policy rate decisions, with the market expected to key in on prices in goods categories to evaluate the current effect of increased tariff levels.
Major averages near session lows
11-Aug-25 14:50 ET
Dow -198.63 at 43976.98, Nasdaq -17.24 at 21431.39, S&P -7.09 at 6382.36
[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.1%), and DJIA (-0.4%) now trade near their session lows amid declining sector strength.
A White House official told CNBC that President Trump signed an executive order extending the lower tariff truce with China for an additional 90 days.
Separately, the president announced via Truth Social that gold will not be subject to tariffs. GC00-USA gold settled today's session $86.30 lower (-2.5%) at $3,404.90/ozt.
Bloomberg reports that Fed Vice Chair Michelle Bowman, Fed Vice Chair Phillip Jefferson, and Fed President Lorie Logan are being considered for the Fed Chair nomination. They now join James Bullard, Marc Summerlin, Kevin Hasset, Christopher Waller, and Kevin Warsh on a growing list of potential candidates.
Nasdaq Composite charts record high though broader market lacks conviction
11-Aug-25 13:00 ET
Dow -129.12 at 44046.49, Nasdaq +36.88 at 21485.51, S&P +3.58 at 6393.03
[BRIEFING.COM] While the major averages trade in a mixed disposition, gains in the Nasdaq Composite (+0.2%) have seen the index chart new all-time highs amid some notable trade and geopolitical developments.
Sector strength is mixed today, with no S&P 500 sector holding a gain or loss wider than 0.6%. Breadth figures are also razor thin. The relative lack of conviction suggests that the market is still largely awaiting tomorrow's release of July CPI data to influence a more decisive move.
Regardless, the Nasdaq Composite (+0.2%) and S&P 500 (+0.1%) hold modest gains for the day, while the DJIA (-0.3%) lags the group.
The consumer discretionary sector (+0.5%) leads the way, as the sector is seeing strong leadership from Tesla (TSLA 345.67, +16.02, +4.86%) following headlines that the company submitted a formal license request to become an electricity provider in the U.K., according to CNBC.
The information technology sector (+0.3%) is the next best performer, though its modest gains mask a relatively busy morning for the sector from a headlines perspective.
Shares of NVIDIA (NVDA 183.40, +0.70, +0.39%) and Advanced Micro Devices (AMD 175.00, +2.24, +1.30%) traded lower before the open after Financial Times reported that both companies will concede 15% of their AI chip sales in China to the U.S. government in exchange for export licenses.
President Trump remarked in a press conference today that while the chips NVIDIA is selling to China are less advanced, there is a possibility that we could sign off on the sale of the more advanced Blackwell chips for a 30-50% fee.
Chipmakers also benefit from Micron (MU 122.18, +3.28, +2.76%) raising its fiscal Q4 (Aug) EPS and revenue guidance above consensus, citing improved pricing and strong execution, and reports that Intel (INTC 20.88, +0.92, +4.64%) CEO Lip-Bu Tan will visit the White House to discuss a variety of topics with President Trump, according to The Wall Street Journal.
The PHLX Semiconductor is up 0.8% today.
In the same press conference in which President Trump spoke about NVIDIA, he did not give a definitive answer as to whether the trade deadline with China will be extended but noted that China has been "dealing nicely" and "we will see what happens."
On the geopolitical front, the president expressed optimism that his summit with Russian President Vladimir Putin will result in an end to the war in Ukraine. The Telegraph reports that Ukrainian President Volodymyr Zelenskyy told other European leaders that while he is not willing to concede any territory that is currently held by Ukraine, territory that Russia currently occupies could be negotiated as part of a ceasefire deal.
Major averages at session highs
11-Aug-25 12:25 ET
Dow -14.55 at 44161.06, Nasdaq +82.45 at 21531.08, S&P +13.90 at 6403.35
[BRIEFING.COM] The S&P 500 (+0.2%) and Nasdaq Composite (+0.4%) trade at their best levels of the session, while the DJIA has managed to get back to its flat line.
The information technology sector (+0.4%) trades at session highs, due in part to Apple (AAPL 228.82, -0.53, -0.23%) narrowing its loss after being down 1.3% earlier in the session.
Breadth figures were slightly negative for most of the morning but now favor advancers over decliners by a roughly 13-to-12 margin on the NYSE and a roughly 21-to-20 margin on the NASDAQ.
AMC Entertainment higher after Q2 report; global box office recovery the catalyst for upside results
AMC Entertainment (AMC +3.5%) is trading higher today following its Q2 results this morning. This movie exhibition company reported its largest EPS beat in four quarters. Notably, breakeven EPS marks the first non-loss quarter in over five years. AMC also bounced back nicely following a 9% yr/yr decline in revenue last quarter to report its highest revenue growth in six quarters. Revenue soared 35.6% yr/yr to $1.40 bln, which was above expectations.
- Digging into the numbers, AMC's increase in revenue drove a 391.4% increase in adjusted EBITDA to $189.2 mln. With such a sizeable increase, net cash from operating activities surged to a positive $138.4 mln, a stark difference from the $38.5 mln used in operations in the year ago period. As a result, the company significantly narrowed its net loss to $4.7 mln from $32.8 last year.
- The results reflect a combination of a recovering industry-wide box office and AMC's efforts in its "AMC Go Plan". This is most evident in the 25.6% yr/yr increase in movie theater attendance, a sharp acceleration from the 10.1% decline in Q1. Another positive, AMC broke records in nearly every per patron metric. Consolidated revenue per patron was $12.14, topping $12 for the first time. Consolidated food and beverage revenue per guest jumped to $7.85 and total consolidated revenue per patron reached an "unprecedented" $22.26. Despite lower consumer confidence, this tells us its consumer is willing to spend at the theaters.
- What stands out to us is here is that, based on recent performance, management expects to capitalize on the industry's growth momentum, particularly in Q4 and extending deep into FY26. We think investors are pleased to hear AMC's bullish outlook for continued box office momentum a few quarters out.
- Finally, management noted that even before the industry's box office roar in Q2, its AMC Go Plan, which focuses on investments in laser projection, comfortable seating, and expanded offerings, had already driven increase theater attendance. AMC highlighted that its premium auditoriums operate at nearly three times the occupancy of a regular auditorium and command a healthy premium.
Overall, this was a strong report from AMC, particularly with the company breaking even when analysts had expected a loss. Another positive was the surge in top-line growth and adjusted EBITDA. The recovery in the global box office is clearly propelling AMC forward, and we think investors are encouraged by management's bullish commentary, which expects the momentum to extend deep into FY26.
RadNet is looking pretty rad to investors following upside Q2 results (RDNT)
RadNet (RDNT +22%) is looking pretty rad to investors today. Shares of this diagnostic imaging company are surging following its Q2 report this morning. Adjusted EPS nearly doubled yr/yr to $0.31, which was much better than expected. Revenue was also impressive, growing 8.4% yr/yr to $498.2 mln, which was a good bit above analyst expectations. Adjusted EBITDA margin improved to 16.3% from 15.7% a year ago.
- Both its Imaging Center and Digital Health operating segments performed well in Q2 and they achieved record quarterly results. Its Digital Health segment was the star of the show with segment revs up 30.9% yr/yr. Growth was driven by strong increases in procedural volumes, improved reimbursement from payors, a continuing shift in volumes towards advanced imaging modalities and incremental sales and licenses of workflow software and AI.
- RadNet's focus has been driving more advanced imaging procedures (MRI, CT and PET/CT) and increasing advanced imaging capacity at imaging centers. Within MRI, RadNet posted +6.6% same center growth in Q2, which was partially from capacity created from investments made in MRI software upgrades and operating protocols which enable shorter scan times.
- Another bright spot was CT, as RadNet's programs have expanded on both coasts to offer more complex procedures, such as Cardiac CT Angiography, which is often enhanced with AI-assisted analytics. Within PET/CT, RadNet's fastest growing modality with 22.4% yr/yr growth, emphasis has been on newer diagnostic and screening offerings for prostate cancer, Alzheimer's disease and dementia and new procedures with tumor-specific radioactive tracers.
- A headwind the industry has been facing is a shortage of technologist staffing. However, RadNet says its advanced imaging offerings, particularly MRI, has been helped by the implementation of Digital Health's TechLive, its remote screening technology recently cleared by the FDA. TechLive enables remote control of advanced imaging equipment to expand hours of operation which otherwise would have been closed.
- In terms of its footprint, RadNet is already the largest provider of freestanding, fixed-site outpatient diagnostic imaging in the US, with more than 400 centers. However, it has been constructing new imaging centers to handle high demand and patient backlogs in many of its local markets. A new facility was opened during Q2 in New Jersey, and nine additional de novo facility openings are projected for the remainder of 2025.
Overall, this was an impressive quarter for RadNet, especially the growth in EPS and the top line. The industry is really moving in RadNet's direction as payors are pushing patients to use lower cost freestanding centers. Hospitals typically charge insurance companies 200-500% more than what RadNet charges. We also think its remote screening technology, TechLive, will be key in its attempt to counter industry-wide challenges like labor shortages and rising costs. A possible concern is Medicaid cuts. However, investors like what they see with RadNet's Q2 report overall.
Monday.com's strong Q2 results overshadowed by conservative outlook, triggering stock plunge (MNDY)
Monday.com (MNDY) reported robust 2Q25 results, continuing its impressive streak of surpassing analyst expectations. The strong results were driven by robust demand for its multi-product Work OS platform, significant investments in AI-driven features enhancing user productivity, and the scalable MondayDB 2.0 infrastructure, which supports efficient growth and enterprise adoption. However, despite beating revenue and EPS estimates, the stock has plummeted to 52-week lows, driven by the company's conservative revenue outlook for Q3 and FY25.
- While MNDY has a consistent track record of outperforming quarterly expectations, having topped EPS estimates in every quarter over the past year and only missing revenue expectations once in that period, the company's guidance history remains less predictable. The company guided Q3 revenue to $311-$313 mln, aligning closely with the consensus estimate, echoing the in-line Q2 guidance issued last quarter that disappointed investors.
- Furthermore, MNDY raised its FY25 revenue guidance by only $3.5 mln to $1.224-$1.229 bln, despite a $5.5 mln Q2 revenue beat, suggesting modest downside expectations for 2H25. This cautious guidance contrasts with the company’s strong execution and may reflect management's conservative approach amid macroeconomic uncertainties or competitive pressures in the project management software space.
- In terms of its Q2 results, key metrics underscore MNDY’s operational strength, particularly among its high-value customer base. The Net Dollar Retention Rate for customers with more than $100,000 in ARR held steady at an impressive 117%, reflecting robust upsell and cross-sell activity, especially among enterprise clients. The number of paid customers with over $100,000 in ARR surged 46% yr/yr to 1,472, demonstrating the platform’s stickiness and ability to drive expansion within larger accounts.
- These metrics are fueled by MNDY’s AI advancements, including new features like monday magic, monday vibe, and monday sidekick, which enhance platform flexibility and address core customer challenges, alongside the rapid growth of its CRM product, which reached $100 mln in ARR just three years after launch. The company’s focus on integrating AI across its product suite has driven strong adoption, particularly among enterprise customers seeking efficiency and strategic prioritization tools.
MNDY delivered a solid Q2 with a 16% yr/yr increase in adjusted EPS, reflecting resilient demand for its project management solutions and strong operating leverage. The company’s ongoing R&D investments in AI and product innovation continue to bolster its competitive edge, despite conservative guidance tempering investor enthusiasm.
Micron boosts Q4 outlook on soaring DRAM demand and HBM strength (MU)
Micron (MU) announced a significant upward revision to its Q4 guidance, reflecting robust demand and improving pricing dynamics in its DRAM portfolio. The company now expects EPS of $2.78-$2.92, up from the prior range of $2.35-$2.65, and revenue of $11.1-$11.3 bln, tightened and raised from $10.4-$11.0 bln. This adjustment is primarily driven by sustained strength in DRAM, particularly in high-bandwidth memory (HBM), fueled by escalating demand for AI and high-performance computing applications.
The updated guidance also reflects improved non-GAAP gross margins of 44.5%, +/- 0.5%, compared to the previous 42.0%, +/- 1.0%, signaling enhanced pricing power and operational efficiency. MU’s strategic focus on high-margin, AI-driven products and disciplined supply management underpins this optimistic outlook.
- This guidance follows MU’s strong Q3 earnings report on June 25, 2025, which showcased record DRAM revenue of $7.1 bln, up 51% yr/yr, including a nearly 50% sequential surge in HBM revenue, driven by booming data center demand. Despite this robust performance, MU’s stock experienced a nearly 7% decline since the Q3 report, partly due to investor concerns over potential tariff-related demand pull-ins, which could have inflated short-term orders.
- Today’s raised Q4 guidance should alleviate these concerns, as it indicates that customer orders remain aligned with sustained, organic demand rather than transient stockpiling, reinforcing confidence in MU’s market position and the durability of its growth trajectory.
- The standout driver of MU’s performance is its HBM3E chips, tailored for cutting-edge AI and high-performance computing workloads, which are commanding premium pricing due to their critical role in accelerating data-intensive applications. Key growth drivers for HBM3E include the exponential rise in AI model complexity, requiring greater memory bandwidth and density, and the increasing adoption of AI accelerators across data centers.
- MU’s HBM supply is fully booked for 2025, with robust demand extending into 2026, reflecting the company’s competitive edge in a market projected to reach $35 bln in 2025. To capitalize on this opportunity, MU has committed to investing over $200 bln over the next 20+ years in the U.S. to expand its HBM manufacturing and R&D capabilities, positioning it to capture a significant share of the growing AI infrastructure market.
- Beyond the data center, MU’s Q3 results highlighted broad-based strength across its consumer-oriented segments, particularly in PCs and smartphones. The Mobile Business Unit delivered a 45% sequential revenue increase to $1.6 bln, fueled by improving pricing conditions and rising demand for AI-enabled smartphones, which now require 12 to 16 GB of DRAM compared to 8 GB in last year’s flagship models.
MU’s re-raised Q4 guidance underscores the sustained strength in its DRAM portfolio, with HBM chips emerging as a pivotal growth engine. The surging demand for HBM3E positions MU to capitalize on the AI-driven memory market expansion. This momentum, coupled with strategic U.S. investments, makes MU a compelling player in the semiconductor space, with HBM poised to drive significant value creation into 2026 and beyond.
Expedia Group nicely higher after Q2 results; US travel demand may be turning the corner (EXPE)
Expedia Group (EXPE +5%) opened to a 3-year high today following its Q2 results last night. This online travel company reported EPS and revenue above expectations, similar to peers Airbnb (ABNB) and Booking Holdings (BKNG). What's different is that EXPE is seeing a nice move higher today while ABNB and BKNG traded lower. We think this is because the company raised its FY25 revenue and gross bookings guidance, while ABNB and BKNG struck a more cautious tone. Although EXPE saw muted US travel demand during the quarter, signs of improvement in the US and the outperformance of its other brands supported the move.
- EXPE posted sequential improvement across several key metrics in Q2, with gross bookings up 5% yr/yr (vs. 4% in Q1), booked room nights up 7% (vs. 6%), and revenue up 6% (vs. 3%). By region, booked room nights increased low-single digits in the US, mid-single digits in EMEA, and mid-teens in the rest of the world. Management pointed out that Asia was particularly strong with a 20% yr/yr increase in booked room nights.
- B2B and Advertising continue to be bright spots. B2B bookings increased 17% yr/yr, marking 16 consecutive quarters of double-digit growth. Advertising revenue was up 19%, driven by a record number of active partners.
- Its core brand, Expedia, continues to be its largest and fastest growing consumer brand, with multi-term attach rates at the highest level since the pandemic. Alternative brands include Hotels.com and VRBO. Hotel.com bookings declined slightly yr/yr while VRBO room nights were roughly in line with the US market. Management did point out that Hotels.com room nights accelerated from Q1.
- Taking a step back to EXPE's commentary on US travel demand and its consumer. EXPE noted that the US travel market was muted in Q2, with consumers at the higher end of the market remaining resilient, while those at the lower end have taken a more cautious approach to travel spend. What stood out to us is that since the beginning of July, management noted an uptick in overall travel demand, particularly in the US. As a result, the company raised both its FY25 revenue and gross bookings guidance growth to 3-5% from 2-4%, despite lapping a tough comparison in Q4.
Overall, this was a good quarter for EXPE. We were a bit cautious heading into this report given the commentary from peers ABNB and BKNG. While it was encouraging to see many metrics accelerate through the quarter, what really stood out was management's commentary on the uptick in US travel demand. We think investors are pleased to hear this since US travel demand has been particularly soft since the announcement of reciprocal tariffs.
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