Early Look

Tuesday, August 26, 2025

After posting small declines on Monday amid a late day decline for major averages, U.S. stock futures are looking slightly lower overnight following Trump’s announcement he has removed Fed Governor Lisa Cook. Trump, in a post on Truth Social late Monday night, claimed to fire Federal Reserve Governor Lisa Cook. The announcement follows a week of threats against Cook surrounding allegations of mortgage fraud. Next up, Wall Street is bracing for Nvidia (NVDA) earnings after the bell on Wednesday night, followed by GDP data on Thursday and PCE inflation data Friday. There are a few data points today including housing numbers, confidence data and durable goods, but the big market moving news begins tomorrow. In Asian markets, The Nikkei Index declined -413 points or around 1% to 42,394, the Shanghai Index dropped -15 points to 3,868, and the Hang Seng Index fell -304 points to 25,524. In Europe, the German DAX is down -85 points to 24,187, while the FTSE 100 is down -54 points to 9,266. France’s CAC 40 underperforms in Europe down -1.5% after the three main opposition parties said they would not back a confidence vote which Prime Minister Francois Bayrou announced for September 8 over his plans for sweeping budget cuts.

• The Dow Jones Industrial Average fell -349.27 points, or 0.77%, to 45,282.47
• The Nasdaq Composite slipped -47.24 points, or 0.22%, to 21,449.29
• The Russell 2000 Index declined -22.78 points, or 0.96% to 2,339.17

• 8:30 AM ET                  Durable Goods Orders M/M for July…est. (-4.0%)
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:00 AM ET                  Monthly Home Prices M/M for June
• 9:00 AM ET                  CaseShiller 20-city Index M/M for June…est. (-0.2%)
• 10:00 AM ET                Consumer Confidence for August…est. 96.2
• 10:00 AM ET                Richmond Fed Manufacturing for August…prior (-20)
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: BOX ELMD JOYY MDB NCNO OKTA OOMA PVH TUYA

• DA Davidson 5^th Annual Form Progress Show, 8/26
• Evercore ISI Semiconductor, IT Hardware & Networking Conference, 8/26-8/27, in Chicago

•  The U.S. will increase tariffs and impose export restrictions on countries that tax or regulate U.S. tech firms, President Trump said on Monday evening, in his most direct threat to retaliate against nations that he views as discriminating against companies such as Google and Meta Platforms.
• “I put all Countries with Digital Taxes, Legislation, Rules, or Regulations, on notice that unless these discriminatory actions are removed, I, as President of the United States, will impose substantial additional Tariffs on that Country’s Exports to the U.S.A., and institute Export restrictions on our Highly Protected Technology and Chips,” Trump wrote in a post on his Truth Social platform.
• President Trump met with South Korea President Lee Jae Myung on Monday, but no changes were made to a trade deal between the countries that sets a 15% tariff on imports.
• Indian shares dropped, erasing their gains for August after a U.S. Homeland Security notification confirmed Washington will impose an additional 25% tariff on all Indian-origin goods from Wednesday. Indian exports will face U.S. duties of up to 50% – among the highest imposed by Washington – after President Donald Trump announced extra tariffs as a punishment for New Delhi’s increased purchases of Russian oil.

• Papa John’s (PZZA) plans to return to India by October, Praveen Paramasivam of Reuters reported, citing a master franchisee executive. The company aims to open 650 stores over the next decade. Papa John’s exited India in 2017.

• Avery Dennison (AVY) announced it has signed a definitive agreement to acquire the U.S.-based flooring adhesives business of Meridian Adhesives Group, a global adhesives manufacturer, for the purchase price of $390 million.
• Centrus Energy (LEU) signed a Memorandum of Understanding with Korea Hydro & Nuclear Power, KHNP, and POSCO International to explore potential investment to support expansion of Centrus’ uranium enrichment plant in Piketon, Ohio. Centrus and KHNP also agreed to an increase in the supply volume of enriched uranium under the contract they signed in February 2025.
• Dominion (D) shares fell last night on news that Trump plans to withdraw federal approval for the $6B Maryland Offshore Wind project, according to a filing in the U.S. District Court in Delaware dated Friday.
• Energy Fuels (UUUU) and Vulcan Elements signed an MOU to build a U.S.-based rare earth magnet supply chain outside China. Energy Fuels will supply Vulcan with high-purity NdPr and Dy oxides refined in Utah from U.S. mineral sands in Georgia and Florida.
• Generac (GNRC) downgraded to Neutral from Buy at Citigroup on valuation; raise tgt to $219.
• HEICO Corp. (HEI) Q3 EPS $1.26 vs. est. $1.14; Q3 revs $1.15Bvs. est. $1.12B.
• Kinetik Holdings (KNTK) to replace Pacific Premier (PPBI) in S&P 600 at open on 9/2. Columbia Banking System (COLB) is acquiring Pacific Premier Bancorp in a deal expected to close soon.
• Talen Energy (TLN) will replace Interactive Brokers (IBKR) in the S&P 400 on Aug. 28^th which is replacing Walgreens (WBA) on August 28^th.

• Interactive Brokers Group Inc. (IBKR) is the next company to join the S&P 500 index, replacing Walgreens Boots Alliance Inc. (WBA) on August 28^th
• Klarna will restart its plan to go public in the United States next month with a valuation of between $13 billion and $14 billion, according to two sources familiar with the matter reported Reuters. The company paused its IPO plans in April after U.S. President Donald Trump’s sweeping tariffs rattled global markets.
• Western Union (WU), in a regulatory filing, disclosed that its CEO Devin McGranahan bought 176.5K shares of common stock on August 21st in a total transaction size of $1.50M.

• Serina Therapeutics (SER) announced that following a recent Type B meeting with the FDA, the FDA’s written feedback supports advancing SER-252 in a registrational clinical study program in advanced Parkinson’s under the 505 NDA pathway.

• EchoStar (SATS) shares soared after saying it has entered into a definitive agreement with AT&T (T) to sell the company’s 3.45 GHz and 600 MHz spectrum licenses — a total of 50 MHz of nationwide spectrum, for approximately $23 billion, subject to regulatory approval.
• IBM (IBM) and AMD (AMD) announced plans to develop next-generation computing architectures based on the combination of quantum computers and high-performance computing, known as quantum-centric supercomputing.
• Navitas Semiconductor (NVTS) names Chris Allexandre as President and Chief Executive Officer after noting Gene Sheridan to step down as President and CEO.
• Netflix Inc. (NFLX) is significantly bolstering its live-sports roster, announcing Monday that it will be the exclusive home of the 2026 World Baseball Classic for Japanese viewers.
• Semtech (SMTC) Q2 adj EPS $0.41 vs est. $0.40 on revs $257.6Mm vs est. $256.09Mm, adj gr mgn 53.2%; guides Q3 sales $261-271Mm vs est. $267.74Mm, ad gr mgn 52.5-53.5%, adj EBITDA $57-63Mm vs est. $51.52Mm.
• Wolfspeed (WOLF) Q4 revs of $197M beats analyst expectations of $191.8M; the company is undergoing restructuring to emerge from Chapter 11 with stronger finances; said Mohawk valley fab contributed $94.1M in revenue, up from $41M in the same qtr last year.