Nvidia reportedly stops H20 AI chip output for China: Morning Buzz

The major averages were sharply higher near noon as U.S. Federal Reserve Chair Jay Powell said in his speech at Jackson Hole that the baseline outlook and shifting of risks “may warrant adjusting” the central bank’s policy stance. Powell added that while the labor market “appears to be in balance,” it is a “curious kind of balance” that results from a market slowing in both supply and demand for workers, adding that higher tariffs have started to push up prices.

In other tariff news, Bloomberg reported that Canada will remove retaliatory tariffs on many U.S. goods. Canada will also apply tariff exemptions on many U.S. products under the USMCA, the report noted.

Looking to commodities, gold prices were surging, climbing past the $3,400 threshold. Oil prices were also trading higher.

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

1. STOCK NEWS:

• Nvidia (NVDA) has ceased production of its H20 AI chip for China, The Information reports
• Workday (WDAY) reported upbeat Q2 earnings and revenue and agreed to acquire AI-driven job application company Paradox
• Intuit (INTU) reported better-than-expected Q4 results and provided its outlook for Q1 and FY26
• Zoom Communications (ZM) provided a “beat and raise” report for Q2
• Google (GOOGL) has landed a $10B+ cloud contract from Meta (META), CNBC reports

2. WALL STREET CALLS:

• Ulta Beauty (ULTA) (GAP) downgraded to Equal Weight at Barclays, here’s why
• Wolfe Research upgraded Roblox (RBLX) to Outperform from Peer Perform 
• Guggenheim downgraded Paramount Skydance (PSKY) to Neutral following the “significant” run in the share price
• Macquarie downgraded Li Auto (LI) to Underperform from Neutral

3. AROUND THE WEB:

• Alibaba (BABA) recently received the initial permission from the Hong Kong stock exchange for a proposed spinoff of its Banma Network Technology unit through an initial public offering, SCMP says
• Starbucks (SBUX) has asked a group of potential bidders to submit their non-binding bids for a stake in the company’s China business, Reuters says
• Snap (SNAP) has begun to discuss ways to raise outside money to support its Spectacles project so it can compete with deeper-pocketed rivals, Information reports
• Cat hair, pests, bacteria, and equipment failures were among the concerns of a recent regulatory inspection of a manufacturing facility that Novo Nordisk (NVO) bought last year as part of its parent company’s acquisition of Catalent, STAT reports
• Union leaders and a Democratic congressman rallied with striking workers outside Boeing’s (BA) St. Louis defense plant Thursday, urging the company to offer a contract more in line with what its Seattle-area employees received, Reuters says

4. MOVERS:

• SharpLink Gaming (SBET) gains after authorizing a $1.5B stock buyback program
• Tempus AI (TEM) increases after announcing it will acquire Paige for $81.25M
• Miniso (MNSO) higher in New York after Jefferies upgraded its rating on the stock to Buy
• ETHZilla (ETHZ) lower after filing to sell 150M shares
• BJ’s Wholesale (BJ) falls after reporting Q2 results, with revenue missing consensus

5. EARNINGS/GUIDANCE:

• Ross Stores (ROST) reported Q2 results, with CEO Jim Conroy commenting, “We are encouraged by the sequential improvement in sales trends relative to the first quarter”
• Ubiquiti (UI) reported Q4 results, with EPS and revenue higher year-over-year
• Oculis (OCS) reported Q2 results, with EPS missing consensus
• The Buckle (BKE) reported Q2 results, with EPS and revenue higher year-over-year
• Evogene (EVGN) reported Q2 results, with CEO Chase Edgelow commenting, “Q2 2025 was a transformational quarter for EverGen”

INDEXES:

Near 1:30 pm ET, the Dow was up 2.04%, or 913.01, to 45,698.51, the Nasdaq was up 1.99%, or 420.50, to 21,520.81, and the S&P 500 was up 1.65%, or 105.18, to 6,475.35.