US Pre-Market, 26 August 2026: Intuit Guidance Sends Software Lower Before Nvidia
Sentiment: mixed S&P 500 futures: 7,692.25 (+0.00%) Nasdaq 100 futures: 29,235.75 (-0.14%)
Nasdaq 100 futures traded at 29,235.75, down 0.14% at 8:35am ET on 26 August 2026, while S&P 500 futures held flat at 7,692.25 and Dow futures added 0.16%. INTU.US fell 9.73% pre-market to $322.69 after guiding fiscal 2027 revenue growth to a range of 9% to 10% against the 14% it delivered in fiscal 2026, and nine more software names fell with it. July core PCE held at 3.3% year on year in line with consensus, headline PCE printed 3.7% against a 3.6% forecast, and the 10-year yield eased to 4.63%.
Why Nasdaq futures are lagging
- INTU.US -9.73% on the fiscal 2027 guide: revenue growth of 9% to 10% decelerates from the 14% Intuit posted in fiscal 2026. Intuit also stopped excluding share-based compensation from adjusted earnings on 1 August, which accounts for $5.81 a share of the new $22.88 to $23.12 range and makes the raw comparison against a roughly $27.30 consensus misleading.
- Nine more software names followed INTU.US lower: SAP.US -4.14%, TEAM.US -3.48%, MDB.US -3.44%, NOW.US -2.60%, WDAY.US -2.53%, ADBE.US -2.47%, CRM.US -2.23%, SNOW.US -2.17%, DDOG.US -1.93%. ZM.US -6.62% added to it, guiding third-quarter adjusted earnings of $1.46 to $1.48 against a $1.50 consensus after beating on both lines for the second quarter.
- PCE removed a tail risk without changing the rate path: core at 3.3% marks the 65th consecutive month above the Fed's 2% target. S&P 500 futures sat 0.03% lower before the 8:30am print and flat after it, the 10-year slipped to 4.63% and the dollar index sat at 98.96, up 0.05%.
- NVDA.US trades at $212.75, down 0.14%: Nvidia reports after the close, and none of the four US index futures has moved more than 0.16% either way. Wall Street expects networking revenue to approach $17 billion for the quarter.
Tuesday's close
- S&P 500: 7,677.28 (+0.32%)
- Nasdaq Composite: 26,151.30 (+0.66%)
- Dow: 53,577.40 (+0.30%)
- Russell 2000: 3,010.02 (+0.50%)
- VIX: 15.63 (+1.16%)
Falling yields and cheaper crude drove Tuesday's gains. GS.US +2.18% and NVDA.US +2.19% led the large-cap advance while energy lagged, with XOM.US -2.08% and CVX.US -1.58% tracking the oil move.
Overnight Asia and Europe
- Nikkei 225: 66,262.16 (+0.62%)
- Hang Seng: 25,652.97 (+0.56%)
- KOSPI: 6,808.21 (+0.97%)
- STOXX 600: 658.13 (+0.25%)
- DAX: 26,379.14 (+0.43%)
- FTSE 100: 10,883.74 (-0.02%)
European banks led the region. DB.US +4.31% pre-market to $40.70, with a 500 million euro buyback that began on 25 August. SAN.US +1.30% and UBS.US +0.74% followed, and MUFG.US +1.08% extended the move out of the Tokyo session.
Pre-market movers
| Ticker | Move | Reason |
|---|---|---|
| SMMT.US | +14.67% | Clinical trial data release |
| SEDG.US | +6.02% | UBS upgrade to buy, plus an FCC ruling on foreign inverters |
| DB.US | +4.31% | 500 million euro buyback started 25 August |
| NEOG.US | +3.67% | Piper Sandler upgrade |
| META.US | +1.93% | Meta and state AGs discuss a mid-trial settlement |
| SYRE.US | -12.14% | Mixed Phase 2 data, drops SPY072 as a monotherapy |
| INTU.US | -9.73% | Fiscal 2027 revenue growth guided to 9% to 10% |
| KSS.US | -7.00% | Falls after earnings despite better same-store sales |
| ZM.US | -6.62% | Third-quarter guide of $1.46 to $1.48 trails $1.50 |
| BSX.US | -5.73% | Cybersecurity incident disrupts global operations |
BSX.US filed an 8-K on 26 August disclosing a cybersecurity incident identified on 25 August that has limited access to the systems supporting order processing and shipping. The company has not given a restoration timeline.
Commodities, rates and the dollar
- WTI crude: US$80.35 (-2.44%)
- Brent crude: US$85.29 (-2.27%)
- Gold: US$4,682.90/oz (-0.25%)
- US 10-year yield: 4.63%
- US Dollar Index: 98.96 (+0.05%)
Crude sits at a more than two-week low after Iran and Oman said on 25 August that they discussed a joint temporary navigational corridor through the Strait of Hormuz and agreed to clear it of mines. The waterway handled a fifth of global oil and LNG shipments before it closed in February.
US economic calendar today (ET)
- 8:30am Core PCE, July: 3.3% year on year, matching consensus, and 0.2% month on month
- 8:30am Headline PCE, July: 3.7% year on year against a 3.6% consensus
- 8:30am GDP second estimate, Q2: 1.5% annualised, unrevised, down from 2.1% in Q1
- 8:30am Durable goods orders, July: +1.1% month on month against a +0.5% consensus
- 8:30am Real personal spending, July: 0.0% month on month against a +0.2% consensus
- 10:30am EIA weekly crude inventories
- 11:45am Fed's Barkin speaks
- After the close NVDA.US quarterly results
What to watch
- Real personal spending at 0.0% against nominal spending of +0.2% means July price rises absorbed the entire gain.
- Dispersion inside software is wide: INTU.US -9.73% against ORCL.US +1.05% pre-market.
- Fed funds futures price roughly 40% odds of a September rate rise. Jackson Hole runs Thursday and Friday, with Chair Warsh scheduled for Friday.
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