ADDX GO Market Morning Wrap - 29th Aug

Stock Market  

On Thursday Eastern Time, the three major U.S. indices closed higher, with the S&P 500 and Dow Jones hitting new record highs as investors digested Nvidia’s earnings report and outlook. The market widely views this report as further evidence of the artificial intelligence (AI) boom.  

 

The S&P 500 closed at a historic high for the second consecutive trading day, while the Dow also reached a new peak. The Nasdaq approached its record but failed to refresh the high by the close, though it led gains among major indices.  

 

(Minute charts of the three major indices, source: TradingView)  

 

By the close, the Dow Jones Industrial Average rose 0.16% to 45,636.90 points; the S&P 500 gained 0.32% to 6,501.86 points; and the Nasdaq Composite increased 0.53% to 21,705.16 points.  

 

Most major tech stocks rose, with Google up over 2%, Amazon up more than 1%, and Apple, Microsoft, Netflix, Meta, and Intel posting modest gains. Tesla fell over 1%, while Nvidia saw a slight decline. Quantum computing stocks led the gains, with Quantum Computing up over 8%, Rigetti Computing up more than 7%, and D-Wave Quantum up over 4%.  

 

Nvidia’s earnings, released Wednesday, broadly exceeded market expectations, with Q2 revenue surging 56% year-over-year. However, two minor issues caught attention: data center revenue slightly missed forecasts, and the company’s Q3 revenue guidance of $54 billion was only marginally above the analyst consensus of $53.1 billion.  

 

Nvidia dropped over 5% in after-hours trading on Wednesday, briefly turned positive at Thursday’s open, but faced pressure throughout the day, ultimately closing down 0.79%. Traders and analysts noted that the revenue guidance excluded any H20 chip sales to China; if geopolitical conditions permit, Q3 revenue could significantly exceed current expectations.  

 

Several semiconductor analysts have turned more bullish on Nvidia, raising target prices. JPMorgan Chase, Citi, and Bernstein all believe the chip giant has further upside potential.  

 

Another driver of Thursday’s market rally came from an upward revision to U.S. Q2 GDP data. According to the U.S. Commerce Department, Q2 GDP growth was revised to 3.3% on an annualized basis, surpassing the initial 3.0% estimate and the market’s 3.1% expectation.  

Global Hotspots  

EU Plans to Remove U.S. Industrial Tariffs to Ease Auto Tariff Impact

 

On Thursday local time, the European Commission announced it will eliminate import tariffs on all U.S. industrial products and expand market access for U.S. agricultural goods. This move aims to give European automakers breathing room, preventing their U.S. exports from suffering due to higher tariffs.

 

The proposal aligns with a joint statement released last week by the EU and U.S., where the U.S. committed to reducing tariffs on EU autos and parts from 27.5% to 15%, and implementing zero or near-zero tariffs on cork, aircraft and parts, generic drugs, and chemical precursors starting September 1. In return, the EU pledged to lower tariffs on various U.S. products.  

 

U.S. Launches New High-Speed Train, Over $2B and 3 Years Delayed

 

On Thursday local time (August 28), Amtrak finally launched its long-delayed high-speed rail service, “NextGen Acela,” on U.S. soil. This $2.35 billion project, delayed for multiple reasons, will replace the 25-year-old Acela, boosting single-trip capacity by about 27%.

 

Macron: France and Germany Commit to Re-Arming Europe Amid Russia-Ukraine Conflict

 

On August 28, French President Macron met German Chancellor Merz at his summer residence in Bregancon Fort, southern France. Macron told the media beforehand that France and Germany are committed to maintaining Europe’s geopolitical stance in the Russia-Ukraine conflict, “re-arming” the continent to ensure its security.  

 

Germany, France, and UK Trigger Iran “Snapback” Sanctions Mechanism

 

On August 28, Germany, France, and the UK jointly wrote to the UN Security Council, activating the Iran nuclear deal’s “snapback” sanctions mechanism. The latest joint statement from the three foreign ministers clarified that this does not mark the end of diplomatic efforts, with all parties set to use the 30-day notice period for dialogue.

 

Under the new proposal, the trio will reinstate sanctions suspended under UN resolutions from a decade ago when the Iran nuclear deal was reached. The European trio noted that while Iran insists its nuclear program is for peaceful purposes, it has enriched uranium beyond levels needed for civilian nuclear energy, violating the 2015 agreement with Western nations.

 

Japan’s Economic Revitalization Minister Cancels U.S. Tariff Talks Trip

 

According to Kyodo News, the Japanese government announced on August 28 that Economic Revitalization Minister Ryosei Akazawa has canceled his planned visit to the U.S. from August 28-30. The cancellation stems from issues requiring clarification during tariff negotiations with the U.S., with no confirmation yet on whether Akazawa will reschedule the trip.  

 

After Months, Canada and India Appoint High Commissioners to Ease Tensions

 

On August 28 local time, Canadian Foreign Minister Anita Anand announced the appointment of Christopher Kut as the new High Commissioner to India. The same day, India appointed Dinesh K. Patnaik as its new High Commissioner to Canada.

 

The Canadian Foreign Ministry stated, “These appointments are a significant step toward restoring essential diplomatic services for both nations’ citizens and businesses.” Last fall, tensions escalated after the Royal Canadian Mounted Police accused the Indian government of involvement in violent incidents, including murder and extortion, on Canadian soil, leading to mutual diplomat expulsions.  

 

IMF Deputy Chief Rings Alarm on Fragile Global Bond Market

 

IMF First Deputy Managing Director Gita Gopinath recently warned that the bond market is “in a fragile state” and expressed concern over global borrowing levels. In a Thursday interview, she said, “Global debt levels are astonishingly high—and still rising. In the past, you might have said, ‘So what? The market will absorb it,’ but that’s no longer the case, even in advanced economies.”  

Company News  

Intel Exec: U.S. Government Stake Aims to Prevent Chip Foundry Sale

 

On Thursday local time (August 28), Intel CFO David Zinsner stated that the Trump administration’s stake in Intel is intended to prevent the company from selling its chip manufacturing division. White House Press Secretary Caroline Leavitt confirmed that the deal between Intel and the U.S. government “is still being finalized by the Commerce Department, with details under discussion.”  

 

Nvidia and Google Co-Lead $863M Funding for Fusion Startup CFS

 

U.S. nuclear fusion energy startup Commonwealth Fusion Systems (CFS) announced on Thursday a new $863 million funding round, co-led by AI giant Nvidia. The funds will support the construction of CFS’s fusion energy demonstration system and accelerate the development of the first commercial fusion power plant.

 

According to a CFS statement, Nvidia’s venture arm NVentures participated, alongside existing investors Khosla Ventures and Alphabet (Google’s parent), plus sovereign wealth funds and investment banks.  

 

Dell Technologies Forecasts Full-Year Revenue of $105B-$109B, Above Prior Estimate

 

Dell Technologies reported Q2 FY2026 revenue of $29.776 billion, up from $25.026 billion last year, beating the market’s $29.17 billion expectation. For the first half of FY2026, AI solution shipments reached $10 billion. The company now forecasts full-year revenue at $105 billion-$109 billion, above the prior $101 billion-$105 billion estimate and analyst consensus of $105.2 billion.

 

It expects $20 billion in AI server shipments for the year (up from over $15 billion previously) and ISG revenue growth in the upper half of the 20%-30% range, with CSG growth in the lower half of the 0%-10% range. Q3 revenue is projected at $26.5 billion-$27.5 billion, slightly above the $26.46 billion analyst estimate.  

 

Autodesk Q2 Net Revenue Beats at $1.76B

 

Autodesk reported Q2 net revenue of $1.76 billion, exceeding the $1.72 billion analyst estimate. It forecasts full-year revenue at $7.03 billion-$7.08 billion, up from the prior $6.93 billion-$7.0 billion range, and Q3 revenue at $1.8 billion-$1.81 billion, above the $1.77 billion consensus.  

Forex & Commodities  

WTI October crude futures rose 0.7% to $64.60/barrel; Brent October crude futures gained 0.84% to $68.62/barrel.  

 

COMEX gold futures rose 0.83% to $3,477.20/oz; COMEX silver futures climbed 1.36% to $39.24/oz.  

 

At New York’s close, the U.S. Dollar Index fell 0.33% to 97.87, with most non-U.S. currencies gaining.  

Key Events  

India to Boost Russian Oil Imports Despite U.S. Pressure and Sanctions

 

Energy traders reveal that India plans to increase oil imports from Russia in September, as Ukrainian drone attacks on Russian energy facilities have damaged some refineries and reduced processing capacity, prompting Russian producers to lower prices and expand exports.

 

Since the Russia-Ukraine conflict began and Western sanctions were imposed, India has become Russia’s largest oil buyer, with refiners profiting from discounted crude.  

Cryptocurrency  

Bitcoin up 0.86% to $112,403.  

 

Ethereum (ETH-USD) down 0.32% to $4,501.  

 

XRP (XRP-USD) down 0.33%, BNB (BNB-USD) up 2.17%, Solana (SOL-USD) up 5.28%.  

 

Dogecoin (DOGE-USD) up 1.86%, Cardano (ADA-USD) up 0.48%.  

Key Events  

Viewpoint: Bitcoin May Replace Real Estate as Investment Choice, Homes to Return to Public Utility Role

 

At the Bitcoin Asia event in Hong Kong on August 28, 2025, Network School founder Balaji Srinivasan argued in a keynote that Bitcoin exhibits global safe-haven qualities. He noted that Western bonds are no longer truly risk-free; post-2008 financial crisis measures like printing money to buy mortgage-backed securities or taxing populations have spotlighted housing issues.

 

Bitcoin, with real value, is shifting people from viewing homes as investments to holding Bitcoin, potentially returning real estate to its public utility role.