Market Update
Wall Street Indexes Extended Rally to Fourth Consecutive Month, Stubborn Inflation Data
Barry Adams
29 Aug, 2025
New York City
Wall Street indexes turned lower on Friday as investors booked profit ahead of the three-day weekend.
The S&P 500 index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 0.6% as investors reviewed earnings updates from leading tech and industrial companies.
U.S. indexes retreated after the latest economic report confirmed stubborn inflationary forces and a widening goods trade deficit.
Inflation Stayed Elevated In July
The personal consumption expenditure price index advanced 0.2% on the month and 2.6% on the year in July.
The core PCE price index inched up 0.3% on the month and advanced 2.9% on the year, confirming underlying elevated inflationary pressure.
The PCE price index, the preferred measure of inflation by the policymakers, generally understates inflation because it includes consumers' behavior to substitute cheaper products.
U.S. Goods Deficit Expanded In July
The U.S. goods trade deficit widened by $18.7 billion from the previous month to $103.6 billion, according to the latest data released by the U.S. Census Bureau.
On an annual basis, the goods trade deficit was nearly unchanged.
Goods exports decreased 0.1% from the previous month to $178 billion but rose from $173 billion a year ago.
Goods imports soared 7.1% from the previous month to $281.5 billion, as businesses front-loaded inventories ahead of new U.S. tariffs.
Goods imports in the year-ago period totaled $277 billion.
U.S. Stock Movers
Alibaba Group Holding Ltd. jumped 6.4% to $119.57, and the China-based e-commerce company reported mixed quarterly results.
Total revenue rose 2% to 247.7 billion yuan, and net income attributable to shareholders surged 78% to 43.1 billion yuan ($6 billion) from 24.3 billion yuan a year ago.
The earnings growth was driven by mark-to-market changes from equity investment and gains from the disposal of the local consumer service business of Trendyol.
Cloud computing unit growth accelerated to 26% to 33.4 billion yuan, from an increase of 18% in the March quarter.
The company's domestic online business expanded sales by 10% from a year ago to 140 billion yuan.
Autodesk Inc. soared 11% to $323.0 after the software company delivered better-than-expected earnings in the second quarter.
The design software company reported revenue of $1.76 billion and net income of $2.62 per share.
Caterpillar Inc. declined 2.4% to $424.49, and the farm and construction equipment company said tariff-driven charges could range between $1.5 billion and $1.8 billion in the current fiscal year.
Revenue in the second quarter edged down to $16.6 billion from $16.7 billion, net income fell to $2.2 billion from $2.7 billion, and diluted earnings per share fell to $4.62 from $5.48 a year ago, respectively.
Dell Technologies dropped 9.8% to $121.04 after the company's earnings outlook fell short of investor expectations.
Consolidated revenue in the fiscal second quarter increased 19% to $29.78 billion from $25 billion, net income jumped 32% to $1.16 billion from $882 million, and diluted earnings per share rose 38% to $1.70 from $1.23 a year ago.
Dell Technologies returned $1.3 billion to shareholders in the quarter through share repurchases and dividends.
Dell guided fiscal third-quarter revenue to be between $26.5 billion and $27.5 billion, with diluted earnings per share expected to be $2.07 and adjusted diluted earnings per share to be $2.45 at the midpoint, respectively.
Stock Movers: Best Buy, Dell Technologies, Dollar General
Scott Peters
29 Aug, 2025
New York City
Dell Technologies Inc. fell 5.3% to $127 despite the computer products and services provider reporting a rise in net income in the fiscal second quarter ending on August 1.
Consolidated revenue increased 19% to $29.78 billion from $25 billion, net income jumped 32% to $1.16 billion from $882 million, and diluted earnings per share rose 38% to $1.70 from $1.23 a year ago.
Dell Technologies returned $1.3 billion to shareholders in the quarter through share repurchases and dividends.
Dell guided fiscal third-quarter revenue to be between $26.5 billion and $27.5 billion, with diluted earnings per share expected to be $2.07 and adjusted diluted earnings per share to be $2.45 at the midpoint, respectively.
Dell guided full-year revenue between $105 billion and $109 billion, diluted earnings per share of $7.98, and adjusted diluted earnings per share to be $9.55 at the midpoint, respectively.
“We’ve now shipped $10 billion of AI solutions in the first half of FY26, surpassing all shipments in FY25. This helped deliver another record revenue quarter in our Servers and Networking business, which grew 69%,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.
Dollar General Corp. fell 0.4% to $111.25 after the discount retailer reported a 9% rise in earnings in the fiscal second quarter ending on August 1.
Consolidated revenue inched higher to $10.7 billion from $10.2 billion, net income climbed to $411 million from $374 million, and diluted earnings per share soared to $1.86 from $1.70 a year ago.
The discount retailer estimated fiscal 2025 net revenue to increase between 4.3% and 4.8%, same-store sales to rise between 2.1% and 2.6%, and diluted earnings per share to be between $5.80 and 6.30.
The company’s financial guidance continues to assume no share repurchases in fiscal year 2025 and an effective tax rate of 23.5%.
The company's board declared a quarterly cash dividend of $0.59 per share, payable on October 21 to shareholders on record on October 7.
The company reiterated its plans to execute approximately 4,885 real estate projects in fiscal year 2025, including opening approximately 575 new stores in the U.S. and up to 15 new stores in Mexico.
The retailer plans to remodel approximately 2,000 stores through "Project Renovate" and 2,250 stores through "Project Elevate," and relocate approximately 45 stores.
Best Buy Co. Inc. decreased 0.5% to $72.31 after the consumer electronics retailer reported a 36% decline in profit in the fiscal second quarter ending on August 2.
Consolidated revenue edged higher to $9.4 billion from $9.3 billion, net income declined to $186 million from $291 million, and diluted earnings per share dropped to 87 cents from $1.34 a year ago.
Best Buy reiterates its full-year revenue estimate to be between $41.1 billion and $41.9 billion, adjusted operating income rate to be 4.2%, comparable sales to rise 1%, and adjusted diluted earnings per share to be between $6.15 and $6.30.
For the full year, the company expects to spend approximately $300 million on share repurchases.
During the second quarter, the company returned a total of $266 million to shareholders through dividends of $201 million and share repurchases of $65 million.
For the year-to-date, the company returned a total of $568 million to shareholders, including $403 million in dividends and $165 million in share repurchases.
The company's board declared a quarterly cash dividend of $0.95 per share, payable on October 9 to shareholders on record on September 18.
Best Buy delivered comparable sales growth of 1.6% in the second quarter.
Stock Movers: Best Buy, Dell Technologies, Dollar General
Scott Peters
29 Aug, 2025
New York City
Dell Technologies Inc. fell 5.3% to $127 despite the computer products and services provider reporting a rise in net income in the fiscal second quarter ending on August 1.
Consolidated revenue increased 19% to $29.78 billion from $25 billion, net income jumped 32% to $1.16 billion from $882 million, and diluted earnings per share rose 38% to $1.70 from $1.23 a year ago.
Dell Technologies returned $1.3 billion to shareholders in the quarter through share repurchases and dividends.
Dell guided fiscal third-quarter revenue to be between $26.5 billion and $27.5 billion, with diluted earnings per share expected to be $2.07 and adjusted diluted earnings per share to be $2.45 at the midpoint, respectively.
Dell guided full-year revenue between $105 billion and $109 billion, diluted earnings per share of $7.98, and adjusted diluted earnings per share to be $9.55 at the midpoint, respectively.
“We’ve now shipped $10 billion of AI solutions in the first half of FY26, surpassing all shipments in FY25. This helped deliver another record revenue quarter in our Servers and Networking business, which grew 69%,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.
Dollar General Corp. fell 0.4% to $111.25 after the discount retailer reported a 9% decline in earnings in the fiscal second quarter ending on August 1.
Consolidated revenue inched higher to $10.7 billion from $10.2 billion, net income climbed to $411 million from $374 million, and diluted earnings per share soared to $1.86 from $1.70 a year ago.
The discount retailer estimated fiscal 2025 net revenue to increase between 4.3% and 4.8%, same-store sales to rise between 2.1% and 2.6%, and diluted earnings per share to be between $5.80 and 6.30.
The company’s financial guidance continues to assume no share repurchases in fiscal year 2025 and an effective tax rate of 23.5%.
The company's board declared a quarterly cash dividend of $0.59 per share, payable on October 21 to shareholders on record on October 7.
The company reiterated its plans to execute approximately 4,885 real estate projects in fiscal year 2025, including opening approximately 575 new stores in the U.S. and up to 15 new stores in Mexico.
The retailer plans to remodel approximately 2,000 stores through "Project Renovate" and 2,250 stores through "Project Elevate," and relocate approximately 45 stores.
Best Buy Co. Inc. decreased 0.5% to $72.31 after the consumer electronics retailer reported a 36% decline in profit in the fiscal second quarter ending on August 2.
Consolidated revenue edged higher to $9.4 billion from $9.3 billion, net income declined to $186 million from $291 million, and diluted earnings per share dropped to 87 cents from $1.34 a year ago.
Best Buy reiterates its full-year revenue estimate to be between $41.1 billion and $41.9 billion, adjusted operating income rate to be 4.2%, comparable sales to rise 1%, and adjusted diluted earnings per share to be between $6.15 and $6.30.
For the full year, the company expects to spend approximately $300 million on share repurchases.
During the second quarter, the company returned a total of $266 million to shareholders through dividends of $201 million and share repurchases of $65 million.
For the year-to-date, the company returned a total of $568 million to shareholders, including $403 million in dividends and $165 million in share repurchases.
The company's board declared a quarterly cash dividend of $0.95 per share, payable on October 9 to shareholders on record on September 18.
Best Buy delivered comparable sales growth of 1.6% in the second quarter.
Jobless Rate Dropped to 5-Year Low, Retail Sales and Industrial Production Missed Expectations
Akira Ito
29 Aug, 2025
Tokyo
Japan's benchmark indexes closed down and extended weekly losses after key economic data failed to spark investor enthusiasm.
The Nikkei 225 Stock Average decreased 0.4%, and the broader Topix index declined 0.5%, after retail sales and industrial output data fell short of market expectations.
For the week, the Nikkei 225 Stock Average decreased 0.5%, and the Topix fell 1.1% amid U.S. trade policy uncertainty and Japan's rate path worries.
About 40% of the listed companies in Japan rely on exports for sales growth and business expansion.
On the economic front, July's retail sales and industrial production fell short of market expectations, putting additional pressure on market sentiment.
July's Retail Sales Growth Underwhelmed Investors
Retail sales increased a seasonally adjusted 0.3% in July from the previous month, the Ministry of Economy, Trade, and Industry reported on Friday.
However, retail sales on an annual basis fell 1.6% after gaining 0.9% in the previous month.
Commercial sales fell 0.3% on the month and rose 0.4% on the year to 54.3 trillion yen, while wholesale sales decreased 0.6% on the month and edged up 0.6% on the year to 40.97 trillion yen.
Vehicle Output Weakness Dragged Down Industrial Production in July
Japan's industrial production struggled amid ongoing U.S. trade policy uncertainty, according to the latest data from the Ministry of Economy, Trade, and Industry.
Industrial production declined 1.6% on the month and fell 0.9% on the year in July, and the ministry reiterated that the production growth is likely to remain volatile.
Output in nine sectors declined, and automobile vehicle production fell 6.7% amid weakness in exports to the U.S., Australia, and China.
In addition, machinery production fell 6.2%, driven by a decline in demand for semiconductor manufacturing equipment from China.
Six sectors showed an increase in production, and electrical machinery production advanced 1.8% because of strong demand for desktop and laptop computing devices.
Shipments declined 2.5% on the month and 2.1% on the year, while inventories rose 0.8% on the month but fell 2.5% on the year.
The inventory ratio was up 0.4% on the month and 1.4% on the year.
Japan's Jobless Rate Dropped to Five-Year Low
Japan's jobless rate improved to 2.3% in July from 2.5% in the previous month, the Ministry of Economy, Trade, and Industry reported Friday.
The jobless rate dropped to the lowest level since December 2019, as fewer employees looked to change jobs in the tight labor market.
The unemployed people declined 4.7% to 1.64 million, and those with jobs fell 10,000 to a seasonally adjusted 68.31 million.
The jobless rate improved to the level last seen before the start of the COVID-19 pandemic, as large companies revved up hiring amid a surge in exports over the last two years.
A separate report showed that the job availability ratio was unchanged from June at 1.22, indicating there were 122 jobs available for every 100 applicants.
Consumer Price Inflation Slowed After Energy Subsidies Resumed
Tokyo-area consumer price inflation slowed in August, according to the preliminary data released by the ministry of internal affairs.
Overall inflation slowed to 2.6% from 2.9% in July, mainly because of the resumption of government subsidies on household natural gas and electricity charges.
Core inflation, which excludes volatile fresh food prices, slowed to 2.5% from 2.9% in the previous month.
However, fresh food prices rose 7.4% in August and advanced faster than the 7% rate for the third consecutive month.
Chocolate prices soared 56%, coffee bean prices increased 46%, and the rice price increase weakened to a 68% rise.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.4% to 42,678.77, and the broader Topix fell 0.5% to 3,075.50.
Semiconductor equipment makers declined despite strong quarterly results from Nvidia.
The U.S.-based AI chip leader reported a surge in revenue and earnings in the fiscal second quarter but said that trade restrictions in the U.S. and China blocked $4 billion of H20 chip sales to China.
Tokyo Electron decreased 0.4% to ¥20,665.0, Advantest Corp. edged up 1% to ¥11,675.0, and Disco Corp. gained 0.01% to ¥41,350.0.
Dentsu Group Inc. jumped 6% to ¥2,924.0 amid a report that the company is looking to sell its international operations.
The company has reached out to financial firms and competitors to gauge the level of interest, according to The Financial Times.
Ryohin Keikaku declined 3.2% to ¥3,188.0, Sony Group Corp. dropped 1.4% to ¥4,083.0, and Canon Inc. fell 0.3% to ¥4,350.0.
Jobless Rate Dropped to 5-Year Low, Retail Sales and Industrial Production Missed Expectations
Akira Ito
29 Aug, 2025
Tokyo
Japan's benchmark indexes closed down and extended weekly losses after key economic data failed to spark investor enthusiasm.
The Nikkei 225 Stock Average decreased 0.4%, and the broader Topix index declined 0.5%, after retail sales and industrial output data fell short of market expectations.
For the week, the Nikkei 225 Stock Average decreased 0.5%, and the Topix fell 1.1% amid U.S. trade policy uncertainty and Japan's rate path worries.
About 40% of the listed companies in Japan rely on exports for sales growth and business expansion.
On the economic front, July's retail sales and industrial production fell short of market expectations, putting additional pressure on market sentiment.
July's Retail Sales Growth Underwhelmed Investors
Retail sales increased a seasonally adjusted 0.3% in July from the previous month, the Ministry of Economy, Trade, and Industry reported on Friday.
However, retail sales on an annual basis fell 1.6% after gaining 0.9% in the previous month.
Commercial sales fell 0.3% on the month and rose 0.4% on the year to 54.3 trillion yen, while wholesale sales decreased 0.6% on the month and edged up 0.6% on the year to 40.97 trillion yen.
Vehicle Output Weakness Dragged Down Industrial Production in July
Japan's industrial production struggled amid ongoing U.S. trade policy uncertainty, according to the latest data from the Ministry of Economy, Trade, and Industry.
Industrial production declined 1.6% on the month and fell 0.9% on the year in July, and the ministry reiterated that the production growth is likely to remain volatile.
Output in nine sectors declined, and automobile vehicle production fell 6.7% amid weakness in exports to the U.S., Australia, and China.
In addition, machinery production fell 6.2%, driven by a decline in demand for semiconductor manufacturing equipment from China.
Six sectors showed an increase in production, and electrical machinery production advanced 1.8% because of strong demand for desktop and laptop computing devices.
Shipments declined 2.5% on the month and 2.1% on the year, while inventories rose 0.8% on the month but fell 2.5% on the year.
The inventory ratio was up 0.4% on the month and 1.4% on the year.
Japan's Jobless Rate Dropped to Five-Year Low
Japan's jobless rate improved to 2.3% in July from 2.5% in the previous month, the Ministry of Economy, Trade, and Industry reported Friday.
The jobless rate dropped to the lowest level since December 2019, as fewer employees looked to change jobs in the tight labor market.
The unemployed people declined 4.7% to 1.64 million, and those with jobs fell 10,000 to a seasonally adjusted 68.31 million.
The jobless rate improved to the level last seen before the start of the COVID-19 pandemic, as large companies revved up hiring amid a surge in exports over the last two years.
A separate report showed that the job availability ratio was unchanged from June at 1.22, indicating there were 122 jobs available for every 100 applicants.
Consumer Price Inflation Slowed After Energy Subsidies Resumed
Tokyo-area consumer price inflation slowed in August, according to the preliminary data released by the ministry of internal affairs.
Overall inflation slowed to 2.6% from 2.9% in July, mainly because of the resumption of government subsidies on household natural gas and electricity charges.
Core inflation, which excludes volatile fresh food prices, slowed to 2.5% from 2.9% in the previous month.
However, fresh food prices rose 7.4% in August and advanced faster than the 7% rate for the third consecutive month.
Chocolate prices soared 56%, coffee bean prices increased 46%, and the rice price increase weakened to a 68% rise.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.4% to 42,678.77, and the broader Topix fell 0.5% to 3,075.50.
Semiconductor equipment makers declined despite strong quarterly results from Nvidia.
The U.S.-based AI chip leader reported a surge in revenue and earnings in the fiscal second quarter but said that trade restrictions in the U.S. and China blocked $4 billion of H20 chip sales to China.
Tokyo Electron decreased 0.4% to ¥20,665.0, Advantest Corp. edged up 1% to ¥11,675.0, and Disco Corp. gained 0.01% to ¥41,350.0.
Dentsu Group Inc. jumped 6% to ¥2,924.0 amid a report that the company is looking to sell its international operations.
The company has reached out to financial firms and competitors to gauge the level of interest, according to The Financial Times.
Ryohin Keikaku declined 3.2% to ¥3,188.0, Sony Group Corp. dropped 1.4% to ¥4,083.0, and Canon Inc. fell 0.3% to ¥4,350.0.
Japan FRIDAY
Akira Ito
29 Aug, 2025
Tokyo
Japan's benchmark indexes closed down and extended weekly losses after key economic data failed to spark investor enthusiasm.
The Nikkei 225 Stock Average decreased 0.4%, and the broader Topix index declined 0.5%, after retail sales and industrial output data fell short of market expectations.
For the week, the Nikkei 225 Stock Average 0.6%, and the Topix fell 1.1% amid looming U.S. trade policy uncertainty and Japan's rate path worries.
About 40% of the listed companies in Japan rely on exports for sales growth and business expansion.
On the economic front, July's retail sales and industrial production fell short of market expectations, putting additional pressure on market sentiment.
July's Retail Sales Growth Underwhelmed Investors
Retail sales increased seasonally adjusted 0.3% in July from the previous month, the Ministry of Economy, Trade, and Industry reported on Friday.
However, retail sales on an annual basis fell 1.6% after gaining 0.9% in the previous month.
Commercial sales fell 0.3% on month and rose 0.4% on year to 54.3 trillion yen, while wholesale sales decreased 0.6% on month and edged up 0.6% on year to 40.97 trillion yen.
Weak Auto Production Dragged Down Industrial Production In July
Japan's industrial production struggled amid ongoing U.S. trade policy uncertainty, according to the latest data from the Ministry of Economy, Trade, and Industry.
Industrial production declined 1.6% on month and fell 0.9% on an annual basis in July, and the ministry reiterated that the production growth is likely to remain volatile.
Output in nine sectors declined and automobile vehicle production fell 6.7% amid weakness in exports to the U.S., Australia, and China.
In addition, machinery production fell 6.2%, driven by a decline in demand for semiconductor manufacturing equipment from China.
Six sectors showed an increase in production, and electrical machinery production advanced 1.8% because of strong demand for desktop and laptop computing devices.
Shipments declined 2.5% on month and 2.1% on year, while inventories rose 0.8% on month but fell 2.5% on year.
The inventory ratio was up 0.4% on month and 1.4% on year.
Japan's Jobless Rate Dropped to Five-Year Low
Japan's jobless rate improved to 2.3% in July from 2.5% in the previous month, the Ministry of Economy, Trade, and Industry reported Friday.
The jobless rate dropped to the lowest level since December 2019, as fewer employees looked to change jobs in the tight labor market.
The unemployed people declined 4.7% to 1.64 million, and those with jobs fell 10,000 to a seasonally adjusted 68.31 million.
The jobless rate improved to the level last seen before the start of the COVID-19 pandemic, as large companies revved up hiring amid a surge in exports over the last two years.
A separate report showed that the job availability ratio was unchanged from June at 1.22, indicating there were 122 jobs available for every 100 applicants.
Consumer Price Inflation Slowed After Energy Subsidies Resumed
Tokyo area consumer price inflation slowed in August, according to the preliminary data released by the ministry of internal affairs.
Overall inflation slowed to 2.6% from 2.9% in July, mainly because of the resumption of government subsidies on household natural gas and electricity charges.
Core inflation, which excludes volatile fresh food prices, slowed to 2.5% from 2.9% in the previous month.
However, fresh food prices rose 7.4% in August, and advanced faster than 7% rate for the third consecutive month.
Chocolate prices soared 56%, coffee beans prices increased 46%, and rice price increase weakened to a 68% rise.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.4% to 42,678.77, and the broader Topix fell 0.5% to 3,075.50.
Semiconductor equipment makers declined despite strong quarterly results from Nvidia.
The U.S.-based AI chip leader reported a surge in revenue and earnings in the fiscal second quarter, but said that trade restrictions in the U.S. and China blocked $4 billion of H20 chip sales to China.
Tokyo Electron decreased 0.4% to ¥20,665.0, Advantest Corp. edged up 1% to ¥11,675.0, and Disco Corp. gained 0.01% to ¥41,350.0.
Dentsu Group Inc. jumped 6% to ¥2,924.0 amid a report that the company is looking to sell its international operations.
The company has reached out to financial firms and competitors to gauge the level of interest, according to The Financial Times.
Ryohin Keikaku declined 3.2% to ¥3,188.0, Sony Group Corp. dropped 1.4% to ¥4,083.0, and Canon Inc. fell 0.3% to ¥4,350.0.
Liquidity-Driven Market Rally Extends Weekly Gains In China, HK Indexes Struggled
Li Chen
29 Aug, 2025
Hong Kong
Stocks in China and Hong Kong diverged on Friday, reflecting the weeklong pattern as investors reviewed the latest batch of earnings.
The Hang Seng index advanced 0.8%, and the mainland-focused CSI 300 index edged up 0.5% amid earnings optimism and improving market liquidity.
For the week, the Hang Seng index declined 1.7%, and the CSI 300 index gained 1.6% amid rising interest from foreign and domestic investors.
Mainland China markets extended this year's gains to 17.5% and rose to a decade-high amid a liquidity-driven boom in stocks as retail investors rotated out of fixed-income products and bank deposits into stocks.
However, the current market rally over the last twelve months lifted the CSI 300 index by more than 30%, driven by rising interest among retail investors and supported by state-controlled companies.
Alibaba Group Holding, ICBC, Bank of China, China Construction Bank, CITIC Securities, China Merchants Bank, Agriculture Bank of China, China Minsheng Banking, COSCO Shipping, and China Railway Group are scheduled to release their interim results later today.
Investors are betting that the U.S. Federal Reserve is more likely to lower the rate at the end of a two-day policy on September 17, and Friday's key inflation could influence that decision.
China Indexes and Stocks
The Hang Seng Index added 0.8% to 25,191.21, and the mainland-focused CSI 300 Index increased 0.5% to 4,484.72.
Haier Smart Home Co. Ltd. advanced 6.7% to HK $26.76 after the home appliance maker reported better-than-expected first-half profit.
Trip.com Group Ltd. increased 5% to HK $580.0, advancing for the second day following strong quarterly results.
Alibaba Group Holding Ltd. gained 0.7% to HK $116.60 ahead of the e-commerce company's interim results later today.
Liquidity-Driven Market Rally Extends Weekly Gains In China, HK Indexes Struggled
Li Chen
29 Aug, 2025
Hong Kong
Stocks in China and Hong Kong diverged on Friday, reflecting the weeklong pattern as investors reviewed the latest batch of earnings.
The Hang Seng index advanced 0.8%, and the mainland-focused CSI 300 index edged up 0.5% amid earnings optimism and improving market liquidity.
For the week, the Hang Seng index declined 1.7%, and the CSI 300 index gained 1.6% amid rising interest from foreign and domestic investors.
Mainland China markets extended this year's gains to 17.5% and rose to a decade-high amid a liquidity-driven boom in stocks as retail investors rotated out of fixed-income products and bank deposits into stocks.
However, the current market rally over the last twelve months lifted the CSI 300 index by more than 30%, driven by rising interest among retail investors and supported by state-controlled companies.
Alibaba Group Holding, ICBC, Bank of China, China Construction Bank, CITIC Securities, China Merchants Bank, Agriculture Bank of China, China Minsheng Banking, COSCO Shipping, and China Railway Group are scheduled to release their interim results later today.
Investors are betting that the U.S. Federal Reserve is more likely to lower the rate at the end of a two-day policy on September 17, and Friday's key inflation could influence that decision.
China Indexes and Stocks
The Hang Seng Index added 0.8% to 25,191.21, and the mainland-focused CSI 300 Index increased 0.5% to 4,484.72.
Haier Smart Home Co. Ltd. advanced 6.7% to HK $26.76 after the home appliance maker reported better-than-expected first-half profit.
Trip.com Group Ltd. increased 5% to HK $580.0, advancing for the second day following strong quarterly results.
Alibaba Group Holding Ltd. gained 0.7% to HK $116.60 ahead of the e-commerce company's interim results later today.
AI Trade In Focus After Solid Nvidia Earnings, Wall Street Indexes Lacked Direction
Barry Adams
28 Aug, 2025
New York City
Wall Street indexes lacked direction on Thursday as investors reviewed the fresh batch of earnings from tech leaders and retailers.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite edged up 0.1%, and investors digested Nvidia's quarterly results.
Nvidia reported a surge in revenue and earnings for the ninth quarter in a row, driven by a boom in artificial intelligence infrastructure spending.
Sales in the current quarter could have been higher by about $4 billion if Nvidia were permitted to export its custom-designed H₂O chips to China.
Analysts at JPMorgan Chase, Citigroup, and Bernstein SocGen Group raised their price targets above $210, following the latest quarterly results.
The quarterly results from leading retailers Best Buy, Dollar General, Dick's Sporting Goods, and Williams Sonoma dominated news flow.
On Friday, the personal income and outlays report is likely to confirm the resurgent inflation, and the monthly measure of the personal consumption expenditures index is expected to rise 0.3%.
U.S. Stock Movers
Nvidia Corp. decreased 1.4% to $178.90, and the artificial intelligence chip maker reported a sharp jump in revenue and earnings in the latest quarter.
Revenue in the fiscal second quarter soared 56% to $30.04 billion, net income increased 59% to $26.42 billion, and diluted earnings per share jumped to $1.05 from 67 cents a year ago.
The chipmaker estimated revenue in the current quarter to jump to $54 billion, plus or minus 2%, and the forecast does not include H20 chip sales to China.
Nvidia said H20 chip sales to China could have ranged between $2 billion and $5 billion if the company could strike a deal with the U.S. and China.
Snowflake Inc. soared 13% to $227.69, and the cloud-based data storage company reported strong quarterly results following a surge in AI-driven demand for data platforms.
Consolidated revenue increased to $1.14 billion from $868 million, net loss declined to $298 million from $316.9 million, and diluted losses per share decreased to 89 cents from 95 cents a year ago.
The company guided product revenue for the current quarter to range between $1.125 billion and $1.130 billion, and the company estimated full-year product revenue to reach $4.395 billion, representing 27% year-over-year growth.
Veeva Systems decreased 3.6% to $283.0, and the life science system-focused cloud software provider reported higher quarterly sales and earnings in the fiscal second quarter ending in July.
Consolidated revenue inched higher to $789 million from $676.2 million, net income climbed to $200 million from $171 million, and diluted earnings per share soared to $1.19 from $1.04 a year ago.
The company guided third-quarter revenue to be between $790 million and $793 million, adjusted operating income between $348 million and $350 million, and adjusted diluted earnings per share between $1.94 and $1.95.
Best Buy Co. Inc. decreased 3.5% to $72.75, and the consumer electronics retailer reported a modest increase in sales in the fiscal second quarter ending on August 2.
Revenue increased to $9.4 billion from $9.3 billion, net income decreased to $186 million from $291 million, and diluted earnings per share fell to 87 cents from $1.34 a year ago.
Comparable sales in the fiscal second quarter increased 1.6%, and sales at the U.S. location advanced 1.1% from a year ago, respectively.
However, the company said that the tariff-related uncertainties are complicating its turnaround efforts.
The company reiterated its annual revenue estimate between $41.1 billion and $41.9 billion but trimmed its earnings range outlook to between $6.15 and $6.30 from the previous estimate between $6.20 and $6.60.
Dick's Sporting Goods decreased 4.7% to $215.30, despite the sporting goods retailer reporting higher-than-expected revenue and earnings in the fiscal second quarter ending on August 2.
Revenue increased 5% to $3.64 billion from $3.47 billion, net income advanced to $381 million from $362 million, and diluted earnings per share rose to $4.71 from $4.37 a year ago.
The company raised its full-year guidance for comparable sales growth to a range of 2.0% to 3.5%, up from 1.0% to 3.0% previously, and raised its full-year earnings per diluted share estimate to a range of $13.90 to $14.50, up from the previous estimate of $13.80 to $14.40.
AI Trade In Focus After Solid Nvidia Earnings, Wall Street Indexes Lacked Direction
Barry Adams
28 Aug, 2025
New York City
Wall Street indexes lacked direction on Thursday as investors reviewed the fresh batch of earnings from tech leaders and retailers.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite edged up 0.1%, and investors digested Nvidia's quarterly results.
Nvidia reported a surge in revenue and earnings for the ninth quarter in a row, driven by a boom in artificial intelligence infrastructure spending.
Sales in the current quarter could have been higher by about $4 billion if Nvidia were permitted to export its custom-designed H₂O chips to China.
Analysts at JPMorgan Chase, Citigroup, and Bernstein SocGen Group raised their price targets above $210, following the latest quarterly results.
The quarterly results from leading retailers Best Buy, Dollar General, Dick's Sporting Goods, and Williams Sonoma dominated news flow.
On Friday, the personal income and outlays report is likely to confirm the resurgent inflation, and the monthly measure of the personal consumption expenditures index is expected to rise 0.3%.
U.S. Stock Movers
Nvidia Corp. decreased 1.4% to $178.90, and the artificial intelligence chip maker reported a sharp jump in revenue and earnings in the latest quarter.
Revenue in the fiscal second quarter soared 56% to $30.04 billion, net income increased 59% to $26.42 billion, and diluted earnings per share jumped to $1.05 from 67 cents a year ago.
The chipmaker estimated revenue in the current quarter to jump to $54 billion, plus or minus 2%, and the forecast does not include H20 chip sales to China.
Nvidia said H20 chip sales to China could have ranged between $2 billion and $5 billion if the company could strike a deal with the U.S. and China.
Snowflake Inc. soared 13% to $227.69, and the cloud-based data storage company reported strong quarterly results following a surge in AI-driven demand for data platforms.
Consolidated revenue increased to $1.14 billion from $868 million, net loss declined to $298 million from $316.9 million, and diluted losses per share decreased to 89 cents from 95 cents a year ago.
The company guided product revenue for the current quarter to range between $1.125 billion and $1.130 billion, and the company estimated full-year product revenue to reach $4.395 billion, representing 27% year-over-year growth.
Veeva Systems decreased 3.6% to $283.0, and the life science system-focused cloud software provider reported higher quarterly sales and earnings in the fiscal second quarter ending in July.
Consolidated revenue inched higher to $789 million from $676.2 million, net income climbed to $200 million from $171 million, and diluted earnings per share soared to $1.19 from $1.04 a year ago.
The company guided third-quarter revenue to be between $790 million and $793 million, adjusted operating income between $348 million and $350 million, and adjusted diluted earnings per share between $1.94 and $1.95.
Best Buy Co. Inc. decreased 3.5% to $72.75, and the consumer electronics retailer reported a modest increase in sales in the fiscal second quarter ending on August 2.
Revenue increased to $9.4 billion from $9.3 billion, net income decreased to $186 million from $291 million, and diluted earnings per share fell to 87 cents from $1.34 a year ago.
Comparable sales in the fiscal second quarter increased 1.6%, and sales at the U.S. location advanced 1.1% from a year ago, respectively.
However, the company said that the tariff-related uncertainties are complicating its turnaround efforts.
The company reiterated its annual revenue estimate between $41.1 billion and $41.9 billion but trimmed its earnings range outlook to between $6.15 and $6.30 from the previous estimate between $6.20 and $6.60.
Dick's Sporting Goods decreased 4.7% to $215.30, despite the sporting goods retailer reporting higher-than-expected revenue and earnings in the fiscal second quarter ending on August 2.
Revenue increased 5% to $3.64 billion from $3.47 billion, net income advanced to $381 million from $362 million, and diluted earnings per share rose to $4.71 from $4.37 a year ago.
The company raised its full-year guidance for comparable sales growth to a range of 2.0% to 3.5%, up from 1.0% to 3.0% previously, and raised its full-year earnings per diluted share estimate to a range of $13.90 to $14.50, up from the previous estimate of $13.80 to $14.40.
Stock Movers: Snowflake, Veeva, Williams Sonoma
Scott Peters
27 Aug, 2025
New York City
Snowflake Inc. increased 13.2% to $226.83 after the cloud-based data storage company reported a 32% increase in revenue and the net loss shrank in the latest quarter ending on July 31.
Consolidated revenue increased to $1.14 billion from $868 million, net loss declined to $298 million from $316.9 million, and diluted losses per share decreased to 89 cents from 95 cents a year ago.
The company guided product revenue for the current quarter to range between $1.125 billion and $1.130 billion, and the company estimated full-year product revenue to reach $4.395 billion, representing 27% year-over-year growth.
The company reported a net revenue retention rate of 125% in the current quarter.
Veeva Systems Inc. fell 4.3% to $281.03 despite the provider of cloud-based software solutions for the life sciences industry reporting a 17% increase in net income in the fiscal second quarter ending on July 31.
Consolidated revenue inched higher to $789 million from $676.2 million, net income climbed to $200 million from $171 million, and diluted earnings per share soared to $1.19 from $1.04 a year ago.
The company guided third-quarter revenue to be between $790 million and $793 million, adjusted operating income between $348 million and $350 million, and adjusted diluted earnings per share between $1.94 and $1.95.
Veeva’s full-year guidance is total revenue between $3.13 billion and $3.14 billion, non-GAAP operating income expected to be $1.388 billion, and non-GAAP diluted earnings per share expected to be $7.78.
Veeva is rapidly progressing with industry-specific AI, with initial AI agents launching in December and broader rollouts through 2027.
Williams Sonoma Inc. decreased 0.08% to $192.01 despite the specialty retailer of products for the home reporting a 14% rise in its earnings in the latest quarter ending on August 3.
Consolidated revenue edged higher to $1.84 billion from $1.79 billion, net income advanced to $247.6 million from $216.9 million, and diluted earnings per share rose to $2.00 from $1.67 a year ago.
During the second quarter, Williams-Sonoma returned $280 million to shareholders, including $199 million in share repurchases and $81 million in dividends, with $903 million remaining under the current repurchase program.
Merchandise inventories rose 17.7% to $1.4 billion, reflecting early receipts to offset expected 2025 tariffs.
Comparable brand revenue increased by 3.7% from a year ago.
The retailer estimated a fiscal 2025 net revenue increase between 0.5% and 3.5%, including the impact of the 53rd week in fiscal 2024, with comparable sales up 2.0% to 5.0%.
However, higher revenue may not translate into higher earnings because of the sharp escalation in import duties imposed by the Trump administration.
The company reiterated its fiscal 2025 operating margin guidance of 17.4% to 17.8% and added that it will revisit it if tariff conditions materially change.
Stock Movers: Snowflake, Veeva, Williams Sonoma
Scott Peters
27 Aug, 2025
New York City
Snowflake Inc. increased 13.2% to $226.83 after the cloud-based data storage company reported a 32% increase in revenue and the net loss shrank in the latest quarter ending on July 31.
Consolidated revenue increased to $1.14 billion from $868 million, net loss declined to $298 million from $316.9 billion, and diluted losses per share decreased to 89 cents from 95 cents a year ago.
The company guided product revenue for the next quarter to range between $1.125 billion and $1.130 billion. And full-year product revenue is expected to reach $4.395 billion, representing 27% year-over-year growth.
The company reported a net revenue retention rate of 125% in the current quarter.
Veeva Systems Inc. fell 4.3% to $281.03 despite the provider of cloud-based software solutions for the life sciences industry reporting a 17% increase in net income in the fiscal second quarter ending on July 31.
Consolidated revenue inched higher to $789 million from $676.2 million, net income climbed to $200 million from $171 million, and diluted earnings per share soared to $1.19 from $1.04 a year ago.
The company guided third-quarter revenue to be between $790 million and $793 million, non-GAAP operating income between $348 million and $350 million, and non-GAAP diluted earnings per share between $1.94 and $1.95.
Veeva’s full-year guidance is total revenue between $3.13 billion and $3.14 billion, non-GAAP operating income expected to be $1.388 billion, and non-GAAP diluted earnings per share expected to be $7.78.
Veeva is rapidly progressing with industry-specific AI, with initial AI agents launching in December and broader rollouts through 2027. Seven top 20 biopharmas have adopted Vault CRM, which has achieved key milestones and now boasts over 100 customers. Veeva continues to solidify its role in drug development, with all top 20 biopharmas using Veeva eTMF and strong adoption across other solutions. In August, Veeva and IQVIA formed a long-term partnership, resolving all legal disputes.
Williams Sonoma Inc. plunged 0.08% to $192.01 despite the specialty retailer of products for the home reporting a 14% rise in its earnings in the latest quarter ending on August 3.
Consolidated revenue edged higher to $1.84 billion from $1.79 billion, net income advanced to $247.6 million from $216.9 million, and diluted earnings per share rose to $2.00 from $1.67 a year ago.
During the second quarter, Williams-Sonoma returned $280 million to shareholders, including $199 million in share repurchases and $81 million in dividends, with $903 million remaining under the repurchase program.
Merchandise inventories rose 17.7% to $1.4 billion, reflecting early receipts to offset expected 2025 tariffs.
Comparable brand revenue increased by 3.7%.
Williams Sonoma is raising its fiscal 2025 net revenue guidance, now anticipating growth of 0.5% to 3.5%, including the impact of the 53rd week in fiscal 2024, with comparable sales up 2.0% to 5.0%. Although higher revenues are expected, margin flow-through will be pressured by increased tariffs—including 30% on China, 50% on India and copper, 20% on Vietnam, and 50% on steel and aluminum. The company reiterates its fiscal 2025 operating margin guidance of 17.4% to 17.8% and will revisit it if tariff conditions materially change. Interest income is projected at $30 million, with an effective tax rate of approximately 26.5%.
Link: https://s24.q4cdn.com/161876561/files/doc_financials/2025/q2/WSM-FY-2025-Q2-Earnings-Release.pdf
Stock Movers: Snowflake, Veeva, Williams Sonoma
Scott Peters
27 Aug, 2025
New York City
Snowflake Inc. increased 13.2% to $226.83 after the cloud-based data storage company reported a 32% increase in revenue and the net loss shrank in the latest quarter ending on July 31.
Consolidated revenue increased to $1.14 billion from $868 million, net loss declined to $298 million from $316.9 billion, and diluted losses per share decreased to 89 cents from 95 cents a year ago.
The company guided product revenue for the next quarter to range between $1.125 billion and $1.130 billion. And full-year product revenue is expected to reach $4.395 billion, representing 27% year-over-year growth.
The company reported a net revenue retention rate of 125% in the current quarter.
Veeva Systems Inc. fell 4.3% to $281.03 despite the provider of cloud-based software solutions for the life sciences industry reporting a 17% increase in net income in the fiscal second quarter ending on July 31.
Consolidated revenue inched higher to $789 million from $676.2 million, net income climbed to $200 million from $171 million, and diluted earnings per share soared to $1.19 from $1.04 a year ago.
The company guided third-quarter revenue to be between $790 million and $793 million, non-GAAP operating income between $348 million and $350 million, and non-GAAP diluted earnings per share between $1.94 and $1.95.
Veeva’s full-year guidance is total revenue between $3.13 billion and $3.14 billion, non-GAAP operating income expected to be $1.388 billion, and non-GAAP diluted earnings per share expected to be $7.78.
Veeva is rapidly progressing with industry-specific AI, with initial AI agents launching in December and broader rollouts through 2027. Seven top 20 biopharmas have adopted Vault CRM, which has achieved key milestones and now boasts over 100 customers. Veeva continues to solidify its role in drug development, with all top 20 biopharmas using Veeva eTMF and strong adoption across other solutions. In August, Veeva and IQVIA formed a long-term partnership, resolving all legal disputes.
Williams Sonoma Inc. plunged 0.08% to $192.01 despite the specialty retailer of products for the home reporting a 14% rise in its earnings in the latest quarter ending on August 3.
Consolidated revenue edged higher to $1.84 billion from $1.79 billion, net income advanced to $247.6 million from $216.9 million, and diluted earnings per share rose to $2.00 from $1.67 a year ago.
During the second quarter, Williams-Sonoma returned $280 million to shareholders, including $199 million in share repurchases and $81 million in dividends, with $903 million remaining under the repurchase program.
Merchandise inventories rose 17.7% to $1.4 billion, reflecting early receipts to offset expected 2025 tariffs.
Comparable brand revenue increased by 3.7%.
Williams Sonoma is raising its fiscal 2025 net revenue guidance, now anticipating growth of 0.5% to 3.5%, including the impact of the 53rd week in fiscal 2024, with comparable sales up 2.0% to 5.0%. Although higher revenues are expected, margin flow-through will be pressured by increased tariffs—including 30% on China, 50% on India and copper, 20% on Vietnam, and 50% on steel and aluminum. The company reiterates its fiscal 2025 operating margin guidance of 17.4% to 17.8% and will revisit it if tariff conditions materially change. Interest income is projected at $30 million, with an effective tax rate of approximately 26.5%.
Link: https://s24.q4cdn.com/161876561/files/doc_financials/2025/q2/WSM-FY-2025-Q2-Earnings-Release.pdf
Stock Movers: Snowflake, Veeva, Williams Sonoma
Scott Peters
27 Aug, 2025
New York City
Snowflake Inc. increased 13.2% to $226.83 after the cloud-based data storage company reported a 32% increase in revenue and the net loss shrank in the latest quarter ending on July 31.
Consolidated revenue increased to $1.14 billion from $868 million, net loss declined to $298 million from $316.9 billion, and diluted losses per share decreased to 89 cents from 95 cents a year ago.
The company guided product revenue for the next quarter to range between $1.125 billion and $1.130 billion. And full-year product revenue is expected to reach $4.395 billion, representing 27% year-over-year growth.
The company reported a net revenue retention rate of 125% in the current quarter.
Veeva Systems Inc. fell 4.3% to $281.03 despite the provider of cloud-based software solutions for the life sciences industry reporting a 17% increase in net income in the fiscal second quarter ending on July 31.
Consolidated revenue inched higher to $789 million from $676.2 million, net income climbed to $200 million from $171 million, and diluted earnings per share soared to $1.19 from $1.04 a year ago.
The company guided third-quarter revenue to be between $790 million and $793 million, non-GAAP operating income between $348 million and $350 million, and non-GAAP diluted earnings per share between $1.94 and $1.95.
Veeva’s full-year guidance is total revenue between $3.13 billion and $3.14 billion, non-GAAP operating income expected to be $1.388 billion, and non-GAAP diluted earnings per share expected to be $7.78.
Veeva is rapidly progressing with industry-specific AI, with initial AI agents launching in December and broader rollouts through 2027. Seven top 20 biopharmas have adopted Vault CRM, which has achieved key milestones and now boasts over 100 customers. Veeva continues to solidify its role in drug development, with all top 20 biopharmas using Veeva eTMF and strong adoption across other solutions. In August, Veeva and IQVIA formed a long-term partnership, resolving all legal disputes.
Williams Sonoma Inc. plunged 0.08% to $192.01 despite the specialty retailer of products for the home reporting a 14% rise in its earnings in the latest quarter ending on August 3.
Consolidated revenue edged higher to $1.84 billion from $1.79 billion, net income advanced to $247.6 million from $216.9 million, and diluted earnings per share rose to $2.00 from $1.67 a year ago.
During the second quarter, Williams-Sonoma returned $280 million to shareholders, including $199 million in share repurchases and $81 million in dividends, with $903 million remaining under the repurchase program.
Merchandise inventories rose 17.7% to $1.4 billion, reflecting early receipts to offset expected 2025 tariffs.
Comparable brand revenue increased by 3.7%.
Williams Sonoma is raising its fiscal 2025 net revenue guidance, now anticipating growth of 0.5% to 3.5%, including the impact of the 53rd week in fiscal 2024, with comparable sales up 2.0% to 5.0%. Although higher revenues are expected, margin flow-through will be pressured by increased tariffs—including 30% on China, 50% on India and copper, 20% on Vietnam, and 50% on steel and aluminum. The company reiterates its fiscal 2025 operating margin guidance of 17.4% to 17.8% and will revisit it if tariff conditions materially change. Interest income is projected at $30 million, with an effective tax rate of approximately 26.5%.
Link: https://s24.q4cdn.com/161876561/files/doc_financials/2025/q2/WSM-FY-2025-Q2-Earnings-Release.pdf