Home Depot reports Q2 results, SoftBank invests $2B in Intel: Morning Buzz

The major averages were mixed near noon as traders await signals from the upcoming Jackson Hole symposium and more retail earnings to follow Home Depot. Global markets reflected cautious optimism as European equities ticked higher, oil prices declined amid hopes for diplomatic progress in Ukraine, and gold gained as the dollar and Treasury yields softened.

Looking to commodities, gold prices edged lower for a second day in a row, while oil prices were dropping ahead of Tuesday’s API crude numbers.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists, and subscribe to the Fly By to know how the markets will open, which stocks will be moving and why.

1. STOCK NEWS:

• Home Depot (HD) reported slightly downbeat Q2 results and reiterated its FY25 outlook
• SoftBank (SFTBY) will invest $2B in Intel (INTC)
• Palo Alto Networks (PANW) reported better-than-expected Q4 results and provided guidance for Q1 and FY26
• Medtronic (MDT) provided a “beat and raise” report for Q1
• Nexstar (NXST) agreed to acquire Tegna (TGNA) for $22 per share in cash

2. WALL STREET CALLS:

• Palo Alto Networks (PANW) upgraded to Buy at BofA after “impressive” Q4 results
• Caterpillar (CAT) upgraded to Outperform from In Line at Evercore ISI
• Li Auto (LI) downgraded to Market Perform from Outperform at Bernstein
• Rein Therapeutics (RNTX) downgraded to Hold from Buy at Brookline
• Drone makers AeroVironment (AVAV), Ondas (ONDS) and Unusual Machines (UMAC) initiated with Buy ratings at Needham

3. AROUND THE WEB:

• Nvidia (NVDA) is working on a new AI chip for China based on its latest Blackwell architecture that will be more powerful than the H20 model it is currently allowed to sell there, Reuters says
• Michael Adams, Chief Executive Officer of the BlueOvalSK joint venture owned by Ford Motor (F) and South Korea’s SK On, tells Bloomberg in an interview that the JV is seeking buyers for excess battery supply produced at their Kentucky factory
• To bolster its plans to develop complete chips, Arm (ARM) hired Amazon (AMZN) AI chip director Rami Sinno, Reuters says
• Medtronic (MDT) plans to add two new directors and form two new committees after Elliott Investment Management became one of its largest shareholders, WSJ reports
• A group of law firms across the U.S. is seeking to file many lawsuits against Roblox (RBLX) in the coming months, all for clients alleging the platform facilitated the sexual exploitation and grooming of their children on the gaming platform, Wired says

4. MOVERS:

• Plymouth (PLYM) gains after receiving an acquisition proposal from Sixth Street for $24.10 per share
• Iovance (IOVA) higher after Health Canada issued a notice of compliance with conditions for Amtagvi
• XPeng (XPEV) increases in New York after reporting Q2 results and providing guidance for Q3
• Aurora Innovation (AUR) lower after Kerrisdale Capital said it was short on the stock
• XP Inc. (XP) and Bitdeer (BTDR) falls in New York after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Fabrinet (FN) reported Q4 results and provided a guidance for Q1
• Viking Holdings (VIK) reported Q2 results, with CEO Torstein Hagen commenting, “We delivered another quarter of great results”
• Amer Sports (AS) reported Q1 results and raised its guidance for FY26
• Premier (PINC) announced Q4 results, with EPS and revenue beating consensus
• Opera (OPRA) reported Q2 results and provided guidance for Q3

INDEXES:

Near midday, the Dow was up 0.06%, or 27.95, to 44,939.77, the Nasdaq was down 0.97%, or 210.10, to 21,419.67, and the S&P 500 was down 0.35%, or 22.29, to 6,426.86.