Wall Street Today | Nvidia warns of sales shortfall as gaming revenue drops, shares tumble
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MACRO
Consumers Lower Their Expectations of Future Inflation
Americans are expecting less inflation in coming years, according to a recent survey by the Federal Reserve Bank of New York.
Respondents' median expectation in July was for an annual inflation rate of 6.2% in one year, down from the 6.8% they expected in June, the regional reserve bank said Monday. They expected inflation in three years to be at 3.2%, down from the 3.6% they expected in June, and inflation in five years to be at 2.3%, down from a previous 2.8%.
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Cathie Wood Again Insists We're In Recession, Says the Fed Will Cut Rates Next Year
A recession is commonly — but unofficially — defined as two consecutive quarters of decline in real GDP. But this unofficial marker is how ARK Invest CEO Cathie Wood judges the health of the economy. Wood also said she expects the Federal Reserve will begin "ushering in" interest rate cuts next year.
SECTORS
Antitrust Bill Targeting Big Tech in Limbo as Congress Prepares to Recess
Congress is set to depart for its August recess soon without acting on a bipartisan antitrust bill targeting the largest U.S. technology companies. Senate Majority Leader Chuck Schumer (D., N.Y.) plans to hold a vote on the legislation when Congress returns this fall. But the shrinking number of legislative days available plays to the advantage of the tech companies, which can declare victory if Congress doesn't act.
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Clean Energy ETFs Spike on Senate's Passage of Climate Bill
The three biggest clean energy exchange-traded funds in the US based on assets surged as the landmark tax, climate and healthcare bill made its way to Congress. The $iShares Global Clean Energy ETF (ICLN.US)$, the $First Trust Nasdaq Clean Edge Green Energy Index Fund (QCLN.US)$ and the $Invesco Solar ETF (TAN.US)$ rose by roughly 14%, 16% and 17%, respectively, from July 25 to Aug. 8.
COMPANY
Nvidia Warns of Sales Shortfall as Gaming Revenue Drops, Shares Tumble
$NVIDIA (NVDA.US)$ shares dipped 8% on Monday morning after the company released preliminary earnings that show second-quarter revenue of $6.7 billion, well below its initial outlook of $8.1 billion. The chipmaker said the shortfall primarily reflects weaker-than-forecast gaming revenue, which is down 44% sequentially and 33% from the prior year.
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Apple Slows Pace of Dealmaking Even as Its Tech Peers Plow Ahead
The company spent just $33 million on payments connected to acquisitions in its last fiscal year and $169 million in the first nine months of the current year, according to regulatory filings. That's down from $1.5 billion in fiscal 2020. $Apple (AAPL.US)$
Deliveries of Boeing's 787 Dreamliner Set to Resume in Coming Days
$American Airlines (AAL.US)$ said it expects to take its first delivery of a $Boeing (BA.US)$ 787 Dreamliner as soon as Wednesday, its first after a long pause in deliveries of the jet that has created headaches for airlines and the manufacturer.
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Japanese Giant SoftBank Dumps Its Entire Stake in Uber As Losses Mount at Its Investment Unit
$SOFTBANK GROUP CORP (SFTBF.US)$ on Monday disclosed that it sold its remaining stake in U.S. ride-hailing giant $Uber Technologies (UBER.US)$ as the Japanese conglomerate looks to raise cash amid mounting losses at its investment unit.
Pfizer Agrees to $5.4 Billion Deal for Global Blood Therapeutics
$Pfizer (PFE.US)$ Inc. has agreed to buy $Global Blood Therapeutics (GBT.US)$ Inc. for $5.4 billion, in a deal that would give the big drugmaker a foothold in the treatment of sickle-cell disease.
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Source: Bloomberg, Dow Jones, CNBC
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