Tuesday 25th August 2026
🌍The market Story
US stocks were mixed on Monday as technology shares fell ahead of Nvidia’s earnings, while banks and other financial companies helped keep the wider market steadier.
The S&P 500 slipped 0.3% and the Nasdaq fell 0.8%, while the Dow rose 0.3%. Nvidia, Micron and Broadcom all moved lower as investors became more cautious before Nvidia’s results on Wednesday.
At the same time, borrowing costs remain high and oil is still above $90, which continues to make investors more careful about expensive growth stocks.
📊 Market Snapshot
US Markets:
Index | Close | Daily Move |
|---|---|---|
S&P 500 | 7,652.86 | −0.28% |
Nasdaq | 25,980.19 | −0.76% |
Dow Jones | 53,417.16 | +0.26% |
Russell 2000 | 2,995.08 | −0.76% |
Market Takeaway: Most stocks moved lower, with financials providing one of the few areas of strength.
Key Markets:
Gold: $4,636 per ounce
Gold is slightly lower this morning after a very strong run.
Oil: $92.40 per barrel
Oil has eased from last week’s highs but remains elevated.
Bitcoin: $80,000
Bitcoin has pushed above $80,000 for the first time since May.
Dollar: The dollar is slightly firmer this morning.
Key Markets Takeaway:
Oil and yields remain the main pressure points, while Bitcoin continues to stand out as one of the strongest major assets.
🔎 Why Markets Moved
1. Tech and chip stocks dragged the market lower
Nvidia fell 2.9%, Micron 5.8% and Broadcom 2.6% as investors became more cautious ahead of Nvidia’s earnings.
Why markets cared:
These companies are large enough to have a big impact on the S&P 500 and Nasdaq, so weakness in semiconductors pulled the major indices lower.
2. High yields and oil kept the pressure on
The 10-year Treasury stayed near 4.7%, while Brent remained around $92.
Why markets cared:
High yields keep borrowing costs elevated, while expensive oil can push up inflation and squeeze consumers. Together, they make the backdrop harder for stocks.
3. Financials helped limit the damage
JPMorgan rose 1.4% and Visa gained 3%, helping the Dow finish in positive territory.
Why markets cared:
Their gains offset some of the weakness in technology and showed investors were still willing to buy other parts of the market.
💡Market highlight: PCE
Why PCE Matters Tomorrow
Tomorrow brings the PCE inflation report, the Fed’s preferred measure of inflation.
Unlike the more familiar CPI report, PCE looks at a broader range of spending and adjusts as consumers change what they buy. That is one reason the Fed pays particularly close attention to it when deciding where interest rates should go.
Why it matters:
A softer inflation reading could help bring bond yields down and give stocks some breathing room. A hotter reading would strengthen the case for rates staying high and could put more pressure on markets.
The key question: is inflation cooling enough to outweigh the recent rise in oil prices?
Biggest Winners 📈 & Biggest Losers 📉
Winners -
📈 Visa: +3.0%
Visa was one of the strongest large-cap names on Monday.
Why it moved:
Financial stocks held up better than technology, helping the Dow finish higher even as the Nasdaq fell.
📈PMorgan: +1.4%
JPMorgan also gained as banks benefited from higher long-term interest rates and a steeper yield curve.
Why it matters:
Strength in financials helped stop the market weakness from becoming more broad-based.
Losers -
📉 Micron: −5.8%
Micron was one of the biggest semiconductor losers.
Why it moved:
Investors reduced exposure to chip stocks ahead of Nvidia’s earnings, with expectations already very high.
📉 Nvidia: −2.9%
Nvidia fell for a seventh straight session ahead of Wednesday’s earnings.
📉 J.B. Hunt: −5.7%
The trucking company fell as renewed US-Canada trade tensions raised concerns around freight volumes and supply chains
The takeaway:
The biggest losers were concentrated in semiconductors and trade-sensitive companies, while financials were one of the few areas providing support.
⚠️ Key Risks
1. Nvidia disappoints
Nvidia reports tomorrow with expectations extremely high.
Why it matters:
Even strong results may not be enough if guidance disappoints, which could put more pressure on semiconductors and the Nasdaq.
2. Yields and oil stay high
The 10-year Treasury is near 4.7% and Brent remains above $90.
Why it matters:
High borrowing costs and expensive energy are a difficult combination for stocks, consumers and inflation.
3. PCE inflation comes in hot
Tomorrow’s PCE report is the Fed’s preferred inflation measure.
Why it matters:
A stronger-than-expected reading could push bond yields higher and increase pressure on growth stocks.
👀 What To Watch Today
1. Treasury yields and oil
The 10-year Treasury is around 4.71% and Brent is near $92.
Why it matters:
If both move higher again, pressure on stocks could build quickly. If they ease, markets should get some breathing room.
2. Consumer confidence
Today’s US consumer-confidence data will show whether households are becoming more worried about jobs, prices and the economy.
Why it matters:
A weak reading would add to recent signs that consumers are becoming more cautious.
3. Semiconductors ahead of Nvidia
Chip stocks remain under pressure ahead of Nvidia’s earnings tomorrow.
Why it matters:
How Nvidia and other semiconductor shares trade today will show whether investors are starting to rebuild confidence or continuing to cut risk.
Bottom Line
Stocks are holding up, but tech remains under pressure while high yields and oil keep the backdrop difficult.
Tomorrow brings two major tests: PCE inflation and Nvidia earnings. If both come in well, the market could quickly regain momentum. If not, the pullback could deepen.
But today…it’s a waiting game.