Midday Fly By: Nvidia can ship H200s to China, Campbell’s reports Q1 beat

The major averages were higher near noon as traders brace for the outcome of the Federal Reserve’s upcoming rate decision. Sentiment remains cautious after recent volatility in global bonds and a sharp yield spike. Many investors have parked money in safer, liquid assets as money-market funds saw a significant inflow.

Meanwhile, there remains some optimism, particularly as Nvidia was on the rise as markets cheered news that its H200 AI chips got approval for exports to China, helping fuel modest gains in chip and semiconductor peers as well. That said, with the Fed meeting just ahead, many traders seem to be in “wait-and-see” mode. Volatility could emerge sharply depending on the tone of the decision and forward guidance.

Looking to commodities, gold was fractionally higher following yesterday’s dip, as the “safe haven” asset inches toward the $4,300 threshold. Meanwhile, oil was roughly 1% lower near noon ahead of this afternoon’s API crude numbers.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• President Trump said that Nvidia (NVDA) can ship H200 chips to China and other countries
• Home Depot (HD) provided its outlook for FY26 and reiterated its earnings and revenue guidance for FY25
• CVS Health (CVS) also provided its FY26 outlook but raised its FY25 earnings and revenue views
• Ford (F) will jointly develop two electric vehicles and light commercial vehicles with Renault (RNLSY)
• Campbell’s (CPB) reported upbeat Q1 results, reiterated its FY26 outlook, and agreed to acquire a 49% interest in La Regina for $286M

2. WALL STREET CALLS:

• Goldman Sachs upgraded cruise operator Viking Holdings (VIK) to Buy while downgrading peer Norwegian Cruise Line (NCLH) to Neutral
• Colgate-Palmolive (CL) upgraded to Outperform at RBC Capital
• Vertiv (VRT) downgraded to Peer Perform at Wolfe Research
• Synopsys (SNPS) upgraded to Buy at Rosenblatt ahead of Q4 report
• Compass Point double downgraded SLM (SLM) to Sell as update signals “major reset”

3. AROUND THE WEB:

• Disney’s (DIS) ABC is extending Jimmy Kimmel’s deal to host “Jimmy Kimmel Live!” until May 2027 under a new, one-year contract, Bloomberg says
• Bank of America (BAC), Citigroup (C), and Apollo Global (APO) are each providing the debt commitment for Paramount Skydance’s (PSKY) hostile takeover bid for Warner Bros. Discover (WBD), Bloomberg reports
• Anthropic and Accenture (ACN) have formed a three-year partnership to sell AI services to businesses, aiming to improve return on investment, WSJ says
• Activist investor Starboard Value has taken a nearly 5% stake in Clearwater Analytics (CWAN) and wants the company to boost its share price and run a robust sales process with independent advisers, Reuters reports
• Police raided Coupang’s (CPNG) Seoul headquarters to investigate a data breach that exposed personal information from 33.7 million customers, Yonhap News says

4. MOVERS:

• Alexander & Baldwin (ALEX) increases after announcing it will be taken private for $21.20 per share
• Tronox (TROX) gains after receiving letter of support from EXIM and EFA for up to $600M in financing
• Staar Surgical (STAA) higher after amending its merger agreement with Alcon (AA)
• Phreesia (PHR) falls after reporting Q3 results and providing guidance for FY26 and FY27
• Dyne Therapeutics (DYN) lower after announcing a $300M stock offering

5. EARNINGS/GUIDANCE:

• Core & Main (CNM) reported Q3 results and backed its guidance for FY25
• Ferguson (FERG) reported Q1 results, with EPS and revenue beating consensus
• Designer Brands (DBI) reported Q3 results, with CEO Doug Howe commenting, “Our third quarter performance represents another meaningful step forward in our transformation”
• Land’s End (LE) reported Q3 results and provided guidance for Q4 and FY25
• G-III Apparel (GIII) reported Q3 results and raised its guidance for FY26

INDEXES:

Near midday, the Dow was up 0.08%, or 36.82, to 47,776.14, the Nasdaq was up 0.17%, or 39.80, to 23,585.71, and the S&P 500 was up 0.16%, or 11.25, to 6,857.76.