US Pre-Market, 25 August 2026: Chips Rebound 2.3% Ahead of Nvidia Earnings
Sentiment: mixed S&P 500 futures: +0.46% | Nasdaq 100 futures: +0.94%
Nasdaq 100 futures lead the US pre-market at 29,379.75, up 0.94%, as semiconductors recover Monday's 2.70% decline in the PHLX Semiconductor index ahead of Nvidia's Wednesday report. DKS.US is the largest single-name move at -19.02% after a Q2 miss and a cut to full-year guidance. The US 10-year Treasury yield fell 4 basis points to 4.66%, a second straight session lower, heading into Friday's Jackson Hole keynote from Fed Chair Kevin Warsh.
Overnight drivers
- Semiconductors recover: SOXX.US +2.31% in the pre-market after the PHLX Semiconductor index closed Monday at 11,423.17, down 2.70%. INTC.US +3.29%, LRCX.US +3.16%, AMD.US +3.01% and MU.US +2.18% lead. NVDA.US +1.27% to US$211.12 after seven consecutive losing sessions.
- Enterprise software sells off: INTU.US -2.49%, NOW.US -2.21%, CRM.US -1.99%, ACN.US -1.88% and ADBE.US -1.73%. S&P 500 futures sit at +0.46% against the Nasdaq's +0.94% on that gap.
- Crude -2.86% to US$82.58: XLE.US -1.17%, with COP.US -1.66%, EOG.US -1.51% and XOM.US -1.35% lower. Brent fell 2.62% to US$88.17.
- Rates ease: US 10-year at 4.66%, down 4 basis points. The US Dollar Index is flat at 99.02 and gold trades at US$4,689.20, down 0.18%.
Monday's close
- S&P 500: 7,652.86 (-0.28%)
- Nasdaq Composite: 25,980.19 (-0.77%)
- Dow: 53,417.16 (+0.26%)
- Russell 2000: 2,995.08 (-0.76%)
- VIX: 15.76
STX.US fell 6.51% on Monday, SNDK.US 6.45%, MU.US 5.83%, WDC.US 5.24% and NVDA.US 2.91%. WMT.US rose 2.69%, COST.US 2.50%, UNH.US 2.22% and JPM.US 1.37%. The Dow closed higher on that mix while the Nasdaq Composite gave up 200 points. Nvidia told customers it would raise server prices, a Monday report that weighed on chip sentiment.
Overnight Asia and Europe
- Nikkei 225: 65,856.43 (+0.50%)
- KOSPI: 6,742.74 (+0.68%)
- Shanghai Composite: 3,889.44 (+0.19%)
- Hang Seng: 25,511.10 (-0.02%)
- DAX: 26,302.71 (+0.75%)
- STOXX 600: 657.15 (+0.45%)
- CAC 40: 8,478.56 (+0.30%)
- FTSE 100: 10,865.00 (+0.10%)
SKHY.US trades 2.79% higher in the US pre-market after Korea's KOSPI closed up 0.68%. Germany's DAX leads Europe at 26,302.71, up 0.75%.
Pre-market movers
| Ticker | Move | Reason |
|---|---|---|
| INTC.US | +3.29% | Largest gainer in the pre-market chip rebound |
| SNDK.US | +3.24% | Memory names recover Monday's 6.45% fall |
| LRCX.US | +3.16% | Chip equipment tracks SOXX.US +2.31% |
| PWR.US | +3.14% | Power and grid names rise, with GEV.US +2.55% |
| AMD.US | +3.01% | Recovers Monday's 3.49% decline |
| DKS.US | -19.02% | Q2 miss and full-year guidance cut |
| INTU.US | -2.49% | Enterprise software lower across the group |
| NOW.US | -2.21% | Unannounced, likely flow-driven |
| PSX.US | -1.85% | Refiners fall with crude at US$82.58 |
| COP.US | -1.66% | Producers track the 2.86% crude decline |
US economic calendar today (ET)
- 09:00 S&P CoreLogic Case-Shiller home price index (June)
- 10:00 Consumer confidence (August)
- 10:00 New home sales (July)
- 10:00 Richmond Fed manufacturing index (August)
Next catalysts (ET)
- Wed 26 Aug, 17:00 Nvidia reports Q2 FY2027, with consensus near US$2.13 adjusted EPS on revenue of about US$93.5bn
- Thu 27 Aug to Sat 29 Aug Jackson Hole economic symposium, themed "Financial Innovation: Implications for Payments and Policy"
- Fri 28 Aug, about 10:00 Kevin Warsh delivers his first Jackson Hole keynote as Fed Chair
What to watch
- Nasdaq 100 futures lead S&P 500 futures by 48 basis points. Monday's cash close ran the other way, with the Nasdaq Composite finishing 49 basis points behind the S&P 500.
- VIX at 15.76 sits below 20 ahead of two events in three sessions: Nvidia on Wednesday and Warsh on Friday.
- XLE.US fell 1.17% and XLK.US rose 1.04% in the pre-market.
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