Ermotti Says UBS Won't Shrink in Response to Swiss Capital Rules
'Having a global diversified business is a strength for us and for Switzerland,' Ermotti said in a Bloomberg TV on Wednesday. 'Shrinking is not an option.'
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The Hill
an hour ago
- The Hill
Rubio, Swiss president discuss trade ahead of tariff deadline
Secretary of State Marco Rubio and Swiss President Karin Keller-Sutter met to discuss trade on Wednesday, one day before President Trump's steep tariffs were slated to take effect. Keller-Sutter, who also serves as finance minister, and Vice President Guy Parmelin, who is also the economic minister, traveled to Washington this week in a last-ditch effort to strike a deal with the United States after Trump announced last week a 39 percent tariff rate on exports from Switzerland. When Trump initially unveiled his sweeping tariffs in April, it was lower, at 31 percent. In a readout of the meeting of the three officials, State Department spokesperson Tammy Bruce did not offer any details about a prospective deal but said Rubio met with the Swiss leaders 'to discuss the importance of a fair and balanced trade relationship that benefits the American people.' She said they also 'reaffirmed their commitment to strengthening bilateral defense cooperation.' Swiss companies are slated to face some of the steepest U.S. tariffs, with only Laos, Myanmar and Syria paying higher rates, at 40 percent to 41 percent. Ahead of the meeting, the nation's cabinet, the Federal Council, said in a statement, ='Switzerland enters this new phase ready to present a more attractive offer, taking U.S. concerns into account and seeking to ease the current tariff situation,' according to Reuters.
Yahoo
3 hours ago
- Yahoo
Avidity Biosciences stock soars on Novartis takeover approach report
-- Avidity Biosciences (NASDAQ:RNA) stock surged 18% Wednesday after the Financial Times reported that Swiss pharmaceutical giant Novartis (NYSE:NVS) has approached the rare disease-focused biotech company about a potential takeover. According to the report, which cited unidentified people familiar with the matter, Novartis has been evaluating a bid for Avidity and expressed interest in an acquisition in recent weeks. Avidity is reportedly working with advisers to assess its options. The discussions are said to be at an early stage, and there is no guarantee that a deal will materialize, according to the sources cited in the report. The news also lifted shares of Dyne Therapeutics (NASDAQ:DYN), a company operating in a similar space, which also jumped 18% on Wednesday. Novartis has been actively reshaping its portfolio in recent years, focusing on high-growth areas including rare diseases. Any potential acquisition of Avidity would align with this strategy, potentially strengthening Novartis's position in the rare disease treatment market. Related articles Avidity Biosciences stock soars on Novartis takeover approach report Apollo economist warns: AI bubble now bigger than 1990s tech mania If Powell goes, does Fed trust go with him? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 hours ago
- Yahoo
Stock market today: S&P 500, Nasdaq lead stocks higher as Apple surges
US stocks pushed higher on Wednesday amid another batch of corporate earnings and as President Trump's new deadline to impose tariffs loomed. The Dow Jones Industrial Average (^DJI) rose about 0.3%, while the benchmark S&P 500 (^GSPC) climbed nearly 0.7%. The tech-heavy Nasdaq (^IXIC) was up about 0.9%, led by a more than 5% surge in Apple (AAPL) shares. Apple stock rose Wednesday on news that CEO Tim Cook will join President Trump at the White House to announce a new $100 billion investment in domestic manufacturing. The tech giant previously announced $500 billion investment in the US over the next four years as it looks to avoid steep tariffs on its products. Also in focus, earnings season continued apace on Wednesday, with Disney's (DIS) third quarter results taking the spotlight. Disney beat Wall Street estimates on strong parks and streaming showings. Separately, it announced a deal to buy media assets from the NFL, further entangling itself with the league. Meanwhile, AMD (AMD) stock tumbled after its mixed showing on Tuesday, somewhat dragging on shares of its rival and market leader Nvidia (NVDA). Server maker Super Micro Computer (SMCI) and Snapchat parent company Snap (SNAP) also saw their shares plunge after disappointing quarterly results. McDonald's (MCD) stock rose after the company reversed its US sales slump. And Uber (UBER) announced a revenue beat along with a $20 billion stock buyback. Airbnb (ABNB), DoorDash (DASH), and Lyft (LYFT) are among the names to report after the market closes. Meanwhile, US trade partners are scrambling to strike trade deals before Trump's new tariff deadline arrives Thursday. The Swiss president flew to Washington to attempt to avert a massive 39% tariff on her country's goods, while Trump hit India with an additional 25% tariff because of the country's purchase of Russian oil. Read more: The latest on Trump's tariffs Snap stock plummets as ad platform glitch weighs on Q2 revenue, earnings Snap (SNAP) stock sank more than 18% Wednesday after the Snapchat parent company reported second quarter earnings and revenue the prior afternoon that missed Wall Street's estimates amid a problem with its ad platform. Snap's second quarter advertising revenue grew at its slowest pace in more than a year, rising roughly 4% to $1.17 billion in the second quarter, less than the $1.22 billion expected by Wall Street analysts tracked by Bloomberg. The company said in a call with analysts that an issue with its auction system — which is used to price advertising campaigns for marketers on its platform — caused campaigns to sell for 'substantially reduced prices.' The social media platform faced heightened expectations from Wall Street going into its report after a string of corporate earnings from tech firms such as Meta (META), Reddit (RDDT), Alphabet (GOOGL, GOOG) and Amazon (AMZN) highlighted strength in their advertising businesses. Under CEO Evan Spiegal, Snap has been fighting to regain traction in its ad business. Read the full story here. White House says Apple will announce new $100 billion investment in US Apple (AAPL) stock gained more than 5% in morning trading Wednesday on news that the company is planning to invest another $100 billion in US manufacturing. CEO Tim Cook is expected to join President Trump at the White House today to tout the commitment. Already, Apple has committed to spending $500 billion over the next four years to build out its US manufacturing presence. This latest pledge comes as Apple has faced — and is looking to avoid — steep tariffs imposed by the Trump administration. In the second quarter, Apple said tariffs cost the iPhone maker $800 million. In the current quarter, Apple said it expects a $1.1 billion headwind from Trump's tariffs. Since an escalation of the trade war between the US and China briefly sent duties on the country into the triple digits, Apple shifted much of its US iPhone production to India. However, Apple's supply chain repositioning may not be enough to avoid high tariff costs, as Trump signed an executive order on Wednesday, hiking tariffs on goods from India by an additional 25% over its purchases of Russian oil. Read more here. Oil prices jump as Trump raises tariffs on India to 50% over purchase of Russian crude Oil prices rose on Wednesday after President Trump hit India with an additional 25% tariffs because of the country's purchase of Russian oil. "I find that the Government of India is currently directly or indirectly importing Russian Federation oil," said a White House executive order. West Texas Intermediate crude jumped more than 1% while Brent, the international benchmark, also rose 1.2%. Earlier this week Trump threatened to raise the 25% tariffs previously announced on imports from India, essentially accusing New Dehil of helping fund Russia in its continued war with Ukraine. Wednesday's executive order raises the total tariff rate on India to 50%. Lucid stock drops as CEO says company 'not where we want to be' with Gravity SUV ramp Lucid (LCID) shares fell more than 7% Wednesday morning after CEO Marc Winterhoff said the electric vehicle company is not where it hoped to be in terms of scaling up production of its new SUV. Yahoo Finance's Pras Subramanian reports: Read the full story here. Shopify stock soars 21% following second quarter earnings Shopify (SHOP) stock hit an intraday 52-week high at the open after the commerce technology company provided an upbeat forecast and positive second quarter results. US-listed shares of the Ottawa-based company soared 21% in early trading to $154 per share. Gross profit rose to $1.3 billion in the quarter, while revenue reached $2.68 billion, compared to estimates of $2.54 billion. Shopify's second quarter revenue marked a 31% increase from a year ago as the company benefited from investments in product features and artificial intelligence. For the third quarter, Shopify anticipates revenue to grow at a mid-to-high twenties percentage rate on a year-over-year basis. Gross profit dollars are expected to grow at a low-twenties percentage rate annually. Shopify is one of several stocks making outsized moves on quarterly results. Other names seeing large stock swings include Novavax (up 20%), Super Micro Computer (down 17%), Snap (down 20%), and Lucid (down 7%). Read more live coverage of corporate earnings here It's official: NFL to take 10% stake in Disney's ESPN Disney (DIS) said late Tuesday that ESPN has reached a preliminary agreement with the NFL to acquire media assets including NFL Network, NFL RedZone, and NFL Fantasy in exchange for a 10% equity stake. The new partnership aims to broaden the reach of NFL content through Disney's expanding streaming footprint. ESPN plans to integrate NFL Network into its upcoming direct-to-consumer platform, set to launch Aug. 21 at a price point of $29.99 a month, while preserving distribution via cable and satellite. The value of the stake was not disclosed. Disney stock initially rose following the NFL news, but slipped about 2% shortly after Wednesday's open as investors digested the company's Q3 earnings report. "This deal helps fuel ESPN's digital future, laying the foundation for an even more robust offering as we prepare to launch our new direct-to-consumer service," Jimmy Pitaro, chairman of ESPN, said in a statement. On the earnings call Wednesday, Disney CEO Bob Iger said the NFL deal will be accretive in its first year post-close, citing increased revenue and operating income from distributing NFL media assets, plus potential upside from lower churn and advertising. Alongside the acquisition, ESPN and the NFL have also entered into a second non-binding agreement. Under the terms, the league will license certain NFL content and intellectual property to ESPN for use across the newly acquired NFL Media assets. The NFL agreement comes ahead of another major rights deal unveiled this week: ESPN will become the exclusive US streaming home of WWE Premium Live Events, including WrestleMania and SummerSlam, beginning in 2026 — a move seen as further strengthening the content lineup for its new DTC service. Read more here. Stocks inch higher at the open US stocks mostly edged higher the open on Wednesday as a fresh round of corporate earnings rolled in and trade uncertainty persisted. The Dow Jones Industrial Average (^DJI) hovered around the flat line, paring premarket gains. The benchmark S&P 500 (^GSPC) edged up 0.2%. The tech-heavy Nasdaq (^IXIC) was up nearly 0.4%. AI and GLP-1s were the hot post-pandemic trades, but only one is thriving Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here or sign up to receive the Morning Brief in your inbox every morning. Super Micro's quarterly results underwhelm, shares tumble Super Micro (SMCI) stock fell 17% before the bell on Wednesday after missing Wall Street estimates for its fourth-quarter revenue and profit. The company is grappling with larger server makers for high-performance computers used to train artificial intelligence models. Reuters reports: Read more here. Honda shares rise after lifting full-year forecast but report 50% drop in Q1 operating profit Shares in Honda Motor (HMC) rose 2% after the automaker reported a 50% drop in first-quarter operating profit on Wednesday as a stronger yen and the impact of US President Donald Trump's tariffs took its toll, but the company raised its full-year forecast. Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: MBA mortgage applications (week ending Aug. 1) Earnings: AppLovin (APP), e.l.f. Beauty (ELF), Disney (DIS), DraftKings (DKNG), McDonald's (MCD), Novo Nordisk (NVO), Shopify (SHOP), Six Flags (FUN), Uber (UBER) Here are some of the biggest stories you may have missed overnight and early this morning: Disney announces ESPN deal as parks, streaming drive earnings beat McDonald's stock rises after company reverses US sales slump NFL to take 10% stake in ESPN in deal with Disney AI and GLP-1s were hot post-pandemic trades, but only one is thriving Novo reports Q2 earnings missing estimates on slower GLP-1 sales China pushes back on US chip tracking amid ongoing trade tensions Shopify jumps on Q3 revenue forecast, boosted by AI upgrades Trump says Japan to import Ford's huge F-150 pickup trucks Goldman trader says buoyant stocks are ignoring recession risks McDonald's stock rises after company reverses US sales slump McDonald's (MCD) stock rose 3% in premarket trading after The fast-food chain reported a return to sales growth in the second quarter. Global comparable sales jumped 3.8%, above analysts' estimates for a 2.5% increase, while US same-store sales increased 2.5% in the company's fiscal second quarter, marking a turnaround from the 3.6% drop in the first quarter. McDonald's also beat Wall Street estimates for earnings and revenue, reporting profits of $3.19 per share on $6.84 billion in revenue. Analysts were expecting earnings per share of $2.97 on $6.70 billion in revenue. The company still expects same-store sales to grow 1.9% for the full fiscal year, and US same-store sales to rise 1.2%. Read more here. Disney beats on earnings but linear TV struggles weigh on stock Disney (DIS) reported fiscal third quarter earnings on Wednesday that beat expectations, driven by continued strength in its domestic parks business and a year-over-year swing to profitability in its streaming unit. Revenue came in roughly in line with forecasts. The direct-to-consumer segment posted a profit of $346 million, compared to a $19 million loss a year ago. The company continues to prioritize consistent profitability in streaming amid the ongoing shift away from traditional pay-TV. Disney is targeting approximately $875 million in streaming profits for fiscal 2025. The company raised its full-year profit forecast to $5.85 a share, up from its May forecast of $5.75 and ahead of Wall Street expectations of $5.77. Prior to its earnings update, Disney also confirmed previous reports that ESPN has reached a preliminary deal to acquire key NFL Media assets, including NFL Network, NFL RedZone, and NFL Fantasy, in exchange for a 10% equity stake in the network. The stock gave up earlier gains and slipped around 2% in pre-market trading, as steep declines in the linear TV business overshadowed strength in parks and streaming. Read more here. How to think about Nvidia following AMD EPS sell-off Advanced Micro Devices (AMD) is off by 5% pre-market following EPS last night. Some squishy areas of the results such as margins falling and mixed third quarter guidance. Demand seemed OK to me. If there is one read through from the report to Nvidia's (NVDA) August 27 earnings day it's this: China chip risk will remain high in the near-term. That may suggest similarly mixed guidance from Nvidia when it reports. If there is a positive here, this risk is being priced into Nvidia shares today after the AMD results. And we are still watching Palantir! After a 7.85% post earnings pop on Tuesday, Palantir (PLTR) looks to be holding onto gains pre-market despite mixed results out of Advanced Micro Devices (AMD) last night. It's going to be hard to shake the Palantir bulls in the near-term. Palantir had the type of shocking quarter than ignited the Nvidia trade more than a year ago. Factor in the potential for a rate cut at the September Fed meeting that could fuel momentum stocks, and the setup on Palantir looks it doesn't. "We believe in the next few years Palantir has the potential to be a trillion dollar market cap as the AI Revolution takes hold," said Wedbush analyst Dan Ives. Palantir's current market cap: $411 billion. Snap stock plummets as ad platform glitch weighs on Q2 revenue, earnings Snap (SNAP) stock sank more than 18% Wednesday after the Snapchat parent company reported second quarter earnings and revenue the prior afternoon that missed Wall Street's estimates amid a problem with its ad platform. Snap's second quarter advertising revenue grew at its slowest pace in more than a year, rising roughly 4% to $1.17 billion in the second quarter, less than the $1.22 billion expected by Wall Street analysts tracked by Bloomberg. The company said in a call with analysts that an issue with its auction system — which is used to price advertising campaigns for marketers on its platform — caused campaigns to sell for 'substantially reduced prices.' The social media platform faced heightened expectations from Wall Street going into its report after a string of corporate earnings from tech firms such as Meta (META), Reddit (RDDT), Alphabet (GOOGL, GOOG) and Amazon (AMZN) highlighted strength in their advertising businesses. Under CEO Evan Spiegal, Snap has been fighting to regain traction in its ad business. Read the full story here. Snap (SNAP) stock sank more than 18% Wednesday after the Snapchat parent company reported second quarter earnings and revenue the prior afternoon that missed Wall Street's estimates amid a problem with its ad platform. Snap's second quarter advertising revenue grew at its slowest pace in more than a year, rising roughly 4% to $1.17 billion in the second quarter, less than the $1.22 billion expected by Wall Street analysts tracked by Bloomberg. The company said in a call with analysts that an issue with its auction system — which is used to price advertising campaigns for marketers on its platform — caused campaigns to sell for 'substantially reduced prices.' The social media platform faced heightened expectations from Wall Street going into its report after a string of corporate earnings from tech firms such as Meta (META), Reddit (RDDT), Alphabet (GOOGL, GOOG) and Amazon (AMZN) highlighted strength in their advertising businesses. Under CEO Evan Spiegal, Snap has been fighting to regain traction in its ad business. Read the full story here. White House says Apple will announce new $100 billion investment in US Apple (AAPL) stock gained more than 5% in morning trading Wednesday on news that the company is planning to invest another $100 billion in US manufacturing. CEO Tim Cook is expected to join President Trump at the White House today to tout the commitment. Already, Apple has committed to spending $500 billion over the next four years to build out its US manufacturing presence. This latest pledge comes as Apple has faced — and is looking to avoid — steep tariffs imposed by the Trump administration. In the second quarter, Apple said tariffs cost the iPhone maker $800 million. In the current quarter, Apple said it expects a $1.1 billion headwind from Trump's tariffs. Since an escalation of the trade war between the US and China briefly sent duties on the country into the triple digits, Apple shifted much of its US iPhone production to India. However, Apple's supply chain repositioning may not be enough to avoid high tariff costs, as Trump signed an executive order on Wednesday, hiking tariffs on goods from India by an additional 25% over its purchases of Russian oil. Read more here. Apple (AAPL) stock gained more than 5% in morning trading Wednesday on news that the company is planning to invest another $100 billion in US manufacturing. CEO Tim Cook is expected to join President Trump at the White House today to tout the commitment. Already, Apple has committed to spending $500 billion over the next four years to build out its US manufacturing presence. This latest pledge comes as Apple has faced — and is looking to avoid — steep tariffs imposed by the Trump administration. In the second quarter, Apple said tariffs cost the iPhone maker $800 million. In the current quarter, Apple said it expects a $1.1 billion headwind from Trump's tariffs. Since an escalation of the trade war between the US and China briefly sent duties on the country into the triple digits, Apple shifted much of its US iPhone production to India. However, Apple's supply chain repositioning may not be enough to avoid high tariff costs, as Trump signed an executive order on Wednesday, hiking tariffs on goods from India by an additional 25% over its purchases of Russian oil. Read more here. Oil prices jump as Trump raises tariffs on India to 50% over purchase of Russian crude Oil prices rose on Wednesday after President Trump hit India with an additional 25% tariffs because of the country's purchase of Russian oil. "I find that the Government of India is currently directly or indirectly importing Russian Federation oil," said a White House executive order. West Texas Intermediate crude jumped more than 1% while Brent, the international benchmark, also rose 1.2%. Earlier this week Trump threatened to raise the 25% tariffs previously announced on imports from India, essentially accusing New Dehil of helping fund Russia in its continued war with Ukraine. Wednesday's executive order raises the total tariff rate on India to 50%. Oil prices rose on Wednesday after President Trump hit India with an additional 25% tariffs because of the country's purchase of Russian oil. "I find that the Government of India is currently directly or indirectly importing Russian Federation oil," said a White House executive order. West Texas Intermediate crude jumped more than 1% while Brent, the international benchmark, also rose 1.2%. Earlier this week Trump threatened to raise the 25% tariffs previously announced on imports from India, essentially accusing New Dehil of helping fund Russia in its continued war with Ukraine. Wednesday's executive order raises the total tariff rate on India to 50%. Lucid stock drops as CEO says company 'not where we want to be' with Gravity SUV ramp Lucid (LCID) shares fell more than 7% Wednesday morning after CEO Marc Winterhoff said the electric vehicle company is not where it hoped to be in terms of scaling up production of its new SUV. Yahoo Finance's Pras Subramanian reports: Read the full story here. Lucid (LCID) shares fell more than 7% Wednesday morning after CEO Marc Winterhoff said the electric vehicle company is not where it hoped to be in terms of scaling up production of its new SUV. Yahoo Finance's Pras Subramanian reports: Read the full story here. Shopify stock soars 21% following second quarter earnings Shopify (SHOP) stock hit an intraday 52-week high at the open after the commerce technology company provided an upbeat forecast and positive second quarter results. US-listed shares of the Ottawa-based company soared 21% in early trading to $154 per share. Gross profit rose to $1.3 billion in the quarter, while revenue reached $2.68 billion, compared to estimates of $2.54 billion. Shopify's second quarter revenue marked a 31% increase from a year ago as the company benefited from investments in product features and artificial intelligence. For the third quarter, Shopify anticipates revenue to grow at a mid-to-high twenties percentage rate on a year-over-year basis. Gross profit dollars are expected to grow at a low-twenties percentage rate annually. Shopify is one of several stocks making outsized moves on quarterly results. Other names seeing large stock swings include Novavax (up 20%), Super Micro Computer (down 17%), Snap (down 20%), and Lucid (down 7%). Read more live coverage of corporate earnings here Shopify (SHOP) stock hit an intraday 52-week high at the open after the commerce technology company provided an upbeat forecast and positive second quarter results. US-listed shares of the Ottawa-based company soared 21% in early trading to $154 per share. Gross profit rose to $1.3 billion in the quarter, while revenue reached $2.68 billion, compared to estimates of $2.54 billion. Shopify's second quarter revenue marked a 31% increase from a year ago as the company benefited from investments in product features and artificial intelligence. For the third quarter, Shopify anticipates revenue to grow at a mid-to-high twenties percentage rate on a year-over-year basis. Gross profit dollars are expected to grow at a low-twenties percentage rate annually. Shopify is one of several stocks making outsized moves on quarterly results. Other names seeing large stock swings include Novavax (up 20%), Super Micro Computer (down 17%), Snap (down 20%), and Lucid (down 7%). Read more live coverage of corporate earnings here It's official: NFL to take 10% stake in Disney's ESPN Disney (DIS) said late Tuesday that ESPN has reached a preliminary agreement with the NFL to acquire media assets including NFL Network, NFL RedZone, and NFL Fantasy in exchange for a 10% equity stake. The new partnership aims to broaden the reach of NFL content through Disney's expanding streaming footprint. ESPN plans to integrate NFL Network into its upcoming direct-to-consumer platform, set to launch Aug. 21 at a price point of $29.99 a month, while preserving distribution via cable and satellite. The value of the stake was not disclosed. Disney stock initially rose following the NFL news, but slipped about 2% shortly after Wednesday's open as investors digested the company's Q3 earnings report. "This deal helps fuel ESPN's digital future, laying the foundation for an even more robust offering as we prepare to launch our new direct-to-consumer service," Jimmy Pitaro, chairman of ESPN, said in a statement. On the earnings call Wednesday, Disney CEO Bob Iger said the NFL deal will be accretive in its first year post-close, citing increased revenue and operating income from distributing NFL media assets, plus potential upside from lower churn and advertising. Alongside the acquisition, ESPN and the NFL have also entered into a second non-binding agreement. Under the terms, the league will license certain NFL content and intellectual property to ESPN for use across the newly acquired NFL Media assets. The NFL agreement comes ahead of another major rights deal unveiled this week: ESPN will become the exclusive US streaming home of WWE Premium Live Events, including WrestleMania and SummerSlam, beginning in 2026 — a move seen as further strengthening the content lineup for its new DTC service. Read more here. Disney (DIS) said late Tuesday that ESPN has reached a preliminary agreement with the NFL to acquire media assets including NFL Network, NFL RedZone, and NFL Fantasy in exchange for a 10% equity stake. The new partnership aims to broaden the reach of NFL content through Disney's expanding streaming footprint. ESPN plans to integrate NFL Network into its upcoming direct-to-consumer platform, set to launch Aug. 21 at a price point of $29.99 a month, while preserving distribution via cable and satellite. The value of the stake was not disclosed. Disney stock initially rose following the NFL news, but slipped about 2% shortly after Wednesday's open as investors digested the company's Q3 earnings report. "This deal helps fuel ESPN's digital future, laying the foundation for an even more robust offering as we prepare to launch our new direct-to-consumer service," Jimmy Pitaro, chairman of ESPN, said in a statement. On the earnings call Wednesday, Disney CEO Bob Iger said the NFL deal will be accretive in its first year post-close, citing increased revenue and operating income from distributing NFL media assets, plus potential upside from lower churn and advertising. Alongside the acquisition, ESPN and the NFL have also entered into a second non-binding agreement. Under the terms, the league will license certain NFL content and intellectual property to ESPN for use across the newly acquired NFL Media assets. The NFL agreement comes ahead of another major rights deal unveiled this week: ESPN will become the exclusive US streaming home of WWE Premium Live Events, including WrestleMania and SummerSlam, beginning in 2026 — a move seen as further strengthening the content lineup for its new DTC service. Read more here. Stocks inch higher at the open US stocks mostly edged higher the open on Wednesday as a fresh round of corporate earnings rolled in and trade uncertainty persisted. The Dow Jones Industrial Average (^DJI) hovered around the flat line, paring premarket gains. The benchmark S&P 500 (^GSPC) edged up 0.2%. The tech-heavy Nasdaq (^IXIC) was up nearly 0.4%. US stocks mostly edged higher the open on Wednesday as a fresh round of corporate earnings rolled in and trade uncertainty persisted. The Dow Jones Industrial Average (^DJI) hovered around the flat line, paring premarket gains. The benchmark S&P 500 (^GSPC) edged up 0.2%. The tech-heavy Nasdaq (^IXIC) was up nearly 0.4%. AI and GLP-1s were the hot post-pandemic trades, but only one is thriving Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here or sign up to receive the Morning Brief in your inbox every morning. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here or sign up to receive the Morning Brief in your inbox every morning. Super Micro's quarterly results underwhelm, shares tumble Super Micro (SMCI) stock fell 17% before the bell on Wednesday after missing Wall Street estimates for its fourth-quarter revenue and profit. The company is grappling with larger server makers for high-performance computers used to train artificial intelligence models. Reuters reports: Read more here. Super Micro (SMCI) stock fell 17% before the bell on Wednesday after missing Wall Street estimates for its fourth-quarter revenue and profit. The company is grappling with larger server makers for high-performance computers used to train artificial intelligence models. Reuters reports: Read more here. Honda shares rise after lifting full-year forecast but report 50% drop in Q1 operating profit Shares in Honda Motor (HMC) rose 2% after the automaker reported a 50% drop in first-quarter operating profit on Wednesday as a stronger yen and the impact of US President Donald Trump's tariffs took its toll, but the company raised its full-year forecast. Reuters reports: Read more here. Shares in Honda Motor (HMC) rose 2% after the automaker reported a 50% drop in first-quarter operating profit on Wednesday as a stronger yen and the impact of US President Donald Trump's tariffs took its toll, but the company raised its full-year forecast. Reuters reports: Read more here. Good morning. Here's what's happening today. Economic data: MBA mortgage applications (week ending Aug. 1) Earnings: AppLovin (APP), e.l.f. Beauty (ELF), Disney (DIS), DraftKings (DKNG), McDonald's (MCD), Novo Nordisk (NVO), Shopify (SHOP), Six Flags (FUN), Uber (UBER) Here are some of the biggest stories you may have missed overnight and early this morning: Disney announces ESPN deal as parks, streaming drive earnings beat McDonald's stock rises after company reverses US sales slump NFL to take 10% stake in ESPN in deal with Disney AI and GLP-1s were hot post-pandemic trades, but only one is thriving Novo reports Q2 earnings missing estimates on slower GLP-1 sales China pushes back on US chip tracking amid ongoing trade tensions Shopify jumps on Q3 revenue forecast, boosted by AI upgrades Trump says Japan to import Ford's huge F-150 pickup trucks Goldman trader says buoyant stocks are ignoring recession risks Economic data: MBA mortgage applications (week ending Aug. 1) Earnings: AppLovin (APP), e.l.f. Beauty (ELF), Disney (DIS), DraftKings (DKNG), McDonald's (MCD), Novo Nordisk (NVO), Shopify (SHOP), Six Flags (FUN), Uber (UBER) Here are some of the biggest stories you may have missed overnight and early this morning: Disney announces ESPN deal as parks, streaming drive earnings beat McDonald's stock rises after company reverses US sales slump NFL to take 10% stake in ESPN in deal with Disney AI and GLP-1s were hot post-pandemic trades, but only one is thriving Novo reports Q2 earnings missing estimates on slower GLP-1 sales China pushes back on US chip tracking amid ongoing trade tensions Shopify jumps on Q3 revenue forecast, boosted by AI upgrades Trump says Japan to import Ford's huge F-150 pickup trucks Goldman trader says buoyant stocks are ignoring recession risks McDonald's stock rises after company reverses US sales slump McDonald's (MCD) stock rose 3% in premarket trading after The fast-food chain reported a return to sales growth in the second quarter. Global comparable sales jumped 3.8%, above analysts' estimates for a 2.5% increase, while US same-store sales increased 2.5% in the company's fiscal second quarter, marking a turnaround from the 3.6% drop in the first quarter. McDonald's also beat Wall Street estimates for earnings and revenue, reporting profits of $3.19 per share on $6.84 billion in revenue. Analysts were expecting earnings per share of $2.97 on $6.70 billion in revenue. The company still expects same-store sales to grow 1.9% for the full fiscal year, and US same-store sales to rise 1.2%. Read more here. McDonald's (MCD) stock rose 3% in premarket trading after The fast-food chain reported a return to sales growth in the second quarter. Global comparable sales jumped 3.8%, above analysts' estimates for a 2.5% increase, while US same-store sales increased 2.5% in the company's fiscal second quarter, marking a turnaround from the 3.6% drop in the first quarter. McDonald's also beat Wall Street estimates for earnings and revenue, reporting profits of $3.19 per share on $6.84 billion in revenue. Analysts were expecting earnings per share of $2.97 on $6.70 billion in revenue. The company still expects same-store sales to grow 1.9% for the full fiscal year, and US same-store sales to rise 1.2%. Read more here. Disney beats on earnings but linear TV struggles weigh on stock Disney (DIS) reported fiscal third quarter earnings on Wednesday that beat expectations, driven by continued strength in its domestic parks business and a year-over-year swing to profitability in its streaming unit. Revenue came in roughly in line with forecasts. The direct-to-consumer segment posted a profit of $346 million, compared to a $19 million loss a year ago. The company continues to prioritize consistent profitability in streaming amid the ongoing shift away from traditional pay-TV. Disney is targeting approximately $875 million in streaming profits for fiscal 2025. The company raised its full-year profit forecast to $5.85 a share, up from its May forecast of $5.75 and ahead of Wall Street expectations of $5.77. Prior to its earnings update, Disney also confirmed previous reports that ESPN has reached a preliminary deal to acquire key NFL Media assets, including NFL Network, NFL RedZone, and NFL Fantasy, in exchange for a 10% equity stake in the network. The stock gave up earlier gains and slipped around 2% in pre-market trading, as steep declines in the linear TV business overshadowed strength in parks and streaming. Read more here. Disney (DIS) reported fiscal third quarter earnings on Wednesday that beat expectations, driven by continued strength in its domestic parks business and a year-over-year swing to profitability in its streaming unit. Revenue came in roughly in line with forecasts. The direct-to-consumer segment posted a profit of $346 million, compared to a $19 million loss a year ago. The company continues to prioritize consistent profitability in streaming amid the ongoing shift away from traditional pay-TV. Disney is targeting approximately $875 million in streaming profits for fiscal 2025. The company raised its full-year profit forecast to $5.85 a share, up from its May forecast of $5.75 and ahead of Wall Street expectations of $5.77. Prior to its earnings update, Disney also confirmed previous reports that ESPN has reached a preliminary deal to acquire key NFL Media assets, including NFL Network, NFL RedZone, and NFL Fantasy, in exchange for a 10% equity stake in the network. The stock gave up earlier gains and slipped around 2% in pre-market trading, as steep declines in the linear TV business overshadowed strength in parks and streaming. Read more here. How to think about Nvidia following AMD EPS sell-off Advanced Micro Devices (AMD) is off by 5% pre-market following EPS last night. Some squishy areas of the results such as margins falling and mixed third quarter guidance. Demand seemed OK to me. If there is one read through from the report to Nvidia's (NVDA) August 27 earnings day it's this: China chip risk will remain high in the near-term. That may suggest similarly mixed guidance from Nvidia when it reports. If there is a positive here, this risk is being priced into Nvidia shares today after the AMD results. Advanced Micro Devices (AMD) is off by 5% pre-market following EPS last night. Some squishy areas of the results such as margins falling and mixed third quarter guidance. Demand seemed OK to me. If there is one read through from the report to Nvidia's (NVDA) August 27 earnings day it's this: China chip risk will remain high in the near-term. That may suggest similarly mixed guidance from Nvidia when it reports. If there is a positive here, this risk is being priced into Nvidia shares today after the AMD results. And we are still watching Palantir! After a 7.85% post earnings pop on Tuesday, Palantir (PLTR) looks to be holding onto gains pre-market despite mixed results out of Advanced Micro Devices (AMD) last night. It's going to be hard to shake the Palantir bulls in the near-term. Palantir had the type of shocking quarter than ignited the Nvidia trade more than a year ago. Factor in the potential for a rate cut at the September Fed meeting that could fuel momentum stocks, and the setup on Palantir looks it doesn't. "We believe in the next few years Palantir has the potential to be a trillion dollar market cap as the AI Revolution takes hold," said Wedbush analyst Dan Ives. Palantir's current market cap: $411 billion. After a 7.85% post earnings pop on Tuesday, Palantir (PLTR) looks to be holding onto gains pre-market despite mixed results out of Advanced Micro Devices (AMD) last night. It's going to be hard to shake the Palantir bulls in the near-term. Palantir had the type of shocking quarter than ignited the Nvidia trade more than a year ago. Factor in the potential for a rate cut at the September Fed meeting that could fuel momentum stocks, and the setup on Palantir looks it doesn't. "We believe in the next few years Palantir has the potential to be a trillion dollar market cap as the AI Revolution takes hold," said Wedbush analyst Dan Ives. Palantir's current market cap: $411 billion. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
