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Major Averages Rise as Chip Stocks Benefit from Nvidia Earnings

The major averages advanced, with chip stocks moving higher ahead of Nvidia's upcoming earnings print as well as key inflation data due Wednesday. The U.S. has begun imposing tougher sanctions on Iran, but crude prices have eased, continuing a downward trend that began late last week. In other geopolitical news, the North American trade war heated up as Canada is matching Trump's weekend tariff escalation with a sweeping package of counter tariffs that directly targets U.S. steel, aluminum and downstream manufacturing.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Dick's Sportingreportedand cut its FY26 earnings and revenue guidanceUnited Airlinesaddedacross Europe and AsiaMcKessonPrecision Medicine Group for roughly $2.25BTeslahas increased U.S. Cybertruck prices,Anthropic is preparing to pitch a more than $30T total addressable market in its IPO, surpassing SpaceX's$28.5T estimate,2. WALL STREET CALLS:AMDto Strong Buy from Outperform at Raymond JamesLoop CapitalFive Belowwith bullish view priced inDynatraceto Overweight at Morgan StanleyKlarnato Peer Perform at Wolfe ResearchShift4 Paymentsto Overweight at Wells Fargo3. AROUND THE WEB:Appleis set to introduce a foldable iPhone at a launch event on or around September 9, Bloomberg reportsSome PepsiCoemployees were notified this week that weight-loss drugs such as Novo Nordisk'sWegovy and Eli Lilly'sZepbound will no longer be covered by their company health insurance as of October, Bloomberg saysSoftBankis planning a record Y1T, or $6.3B, retail bond sale to raise funds for its investment commitments to OpenAI, Bloomberg saysShellhas attracted interest from ExxonMobiland LyondellBasellfor its underperforming U.S. chemicals assets, including the $14B Monaca complex, as it seeks to streamline its portfolio, FT saysJack Ma, the founder of Alibaba, has bought more than HK$600M worth of the company's Hong Kong-listed shares on consecutive days, SCMP reports4. MOVERS:Richtech Roboticsincreased after announcing aMadison Airgained after announcing aModernawas higher after Wolfe Researchthe stock to Peer PerformGorilla Technologyfell in New York afterand providing guidance for FY27Targetwas lower after issuing a statement related to its5. EARNINGS/GUIDANCE:Vipshopand provided guidance for Q3Scotiabank, with EPS and revenue beating consensusCiti Trendsand raised its outlook for FY26SelectQuote, with CEO Tim Danker commenting, "It was a highly successful 4th quarter and full-year fiscal 2026 for our business"Marzetti, with EPS beating consensusINDEXES:The Dow rose 160.24, or 0.30%, to 53,577.40, the Nasdaq gained 171.11, or 0.66%, to 26,151.30, and the S&P 500 advanced 24.42, or 0.32%, to 7,677.28.

Major Averages Slightly Higher, Chip Stocks Benefit from Nvidia Earnings

The major averages were fractionally higher near noon, with chip stocks moving higher ahead of Nvidia's upcoming earnings print as well as key inflation data due Wednesday. Meanwhile, the U.S. has begun imposing tougher sanctions on Iran and is threatening countries that continue trading with Tehran, but crude prices have eased. WTI crude is hovering around $82 a barrel, continuing a downward trend that began late last week. In other geopolitical news, the North American trade war heated up as Canada is matching Trump's weekend tariff escalation with a sweeping package of counter tariffs that directly targets U.S. steel, aluminum and downstream manufacturing.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Dick's Sportingreportedand cut its FY26 earnings and revenue guidanceUnited Airlinesaddedacross Europe and AsiaMcKessonPrecision Medicine Group for roughly $2.25BBoeinghas been awarded afor the F-15 Eagle CrestTeslahas increased U.S. Cybertruck prices,2. WALL STREET CALLS:AMDto Strong Buy from Outperform at Raymond JamesLoop CapitalFive Belowwith bullish view priced inDynatraceto Overweight at Morgan StanleyKlarnato Peer Perform at Wolfe ResearchShift4 Paymentsto Overweight at Wells Fargo3. AROUND THE WEB:Ukrainian officials say Russia has used readily available NvidiaJetson Orin modules in fully autonomous AI-guided drones, highlighting how civilian Nvidia hardware can reach military applications through resale markets despite the company not selling directly in Russia, NY Times reportsSoftBankis planning a record Y1T, or $6.3B, retail bond sale to raise funds for its investment commitments to OpenAI, Bloomberg saysTaiwan prosecutors have indicted nine people, including employees from Nvidiaand Super Micro, for their involvement in the illegal export of AI servers to China, Reuters reportsShellhas attracted interest from ExxonMobiland LyondellBasellfor its underperforming U.S. chemicals assets, including the $14B Monaca complex, as it seeks to streamline its portfolio, FT saysJack Ma, the founder of Alibaba, has bought more than HK$600M worth of the company's Hong Kong-listed shares on consecutive days, SCMP reports4. MOVERS:Richtech Roboticsincreases after announcing aMadison Airgains after announcing aModernahigher after Wolfe Researchthe stock to Peer PerformGorilla Technologyfalls in New York afterand providing guidance for FY27Target) lower afterrelated to its Halloween costume following backlash5. EARNINGS/GUIDANCE:Vipshopand provided guidance for Q3Scotiabank, with EPS and revenue beating consensusCiti Trendsand raised its outlook for FY26SelectQuote, with CEO Tim Danker commenting, "It was a highly successful 4th quarter and full-year fiscal 2026 for our business"Marzetti, with EPS beating consensusINDEXES:Near midday, the Dow was up 105.54, or 0.20%, to 53,522.70, the Nasdaq was up 155.86, or 0.60%, to 26,136.05, and the S&P 500 was up 21.12, or 0.28%, to 7,673.98.