Nvidia reports Q2 beat, Snowflake posts ‘beat and raise’: Morning Buzz

The major averages were mixed near noon, with the Dow fractionally in the red, following Nvidia’s earnings report. Although Nvidia posted a strong 56% year-over-year rise in revenue, data-center sales fell slightly short of expectations, prompting a bit of a decline in the stock in pre-market trading.

Markets are also responding to a wave of earnings surprises. Snowflake surged 13% in pre-market trading after beating forecasts and raising its fiscal 2026 outlook, fueled by growing demand for its AI-driven solutions. Dollar General jumped after delivering better-than-expected earnings and an upgraded full-year forecast.

Looking to commodities, gold prices were edging higher again, continuing this week’s gains. Oil, meanwhile, was fractionally lower following yesterday’s sharp increase.

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1. STOCK NEWS:

• Nvidia (NVDA) reported upbeat Q2 results, provided its Q3 revenue outlook, and approved a $60B share repurchase authorization
• HP Inc. (HPQ) reported better-than-expected Q3 results and provided its outlook for Q4
• Snowflake (SNOW) provided a “beat and raise” report for Q2
• CrowdStrike (CRWD) also provided a “beat and raise” report for Q2
• Best Buy (BBY) reported better-than-expected Q2 results and reiterated its FY26 guidance

2. WALL STREET CALLS:

• Telsey upgraded Five Below (FIVE) to Outperform on an inflection in the business
• International Paper (IP) upgraded to Buy at BofA on higher pricing
• Wynn Resorts (WYNN) upgraded at UBS, here’s why
• Cooper Companies (COO) downgraded at Citi after the company’s “disappointing” fiscal Q3 report
• Piper downgraded Bill (BILL) to Neutral on monetization headwinds

3. AROUND THE WEB:

• In July, BYD (BYDDF) sold more cars in Europe than Tesla (TSLA) once again, a sign Tesla continues to face stiff competition from its Chinese rival as it expands aggressively in the continent, WSJ reports
• Samsung Electronics (SSNLF) is reportedly weighing an investment in Intel (INTC) to bolster its chip packaging and compete with TSMC (TSM), DigiTimes says
• JD.com (JD) is in discussions with banks to raise a loan to assist with funding its proposed acquisition of Ceconomy, Bloomberg says
• Apple (AAPL) has cautioned that “EU-style rules” proposed by the UK Competition and Markets Authority “are bad for users and bad for developers,” BBC reports
• Workers at a battery factory in Glendale, Kentucky, which is jointly owned by Ford (F) and SK On, appear to have voted narrowly to be represented by the United Automobile Workers, however there were enough contested ballots to potentially change the outcome, NYT says

4. MOVERS:

• Pure Storage (PSTG) higher after reporting Q2 results and raising its guidance for FY26
• Travere Therapeutics (TVTX) increases after the FDA approved an updated Risk Evaluation and Mitigation Strategy, or REMS, labeling for filspari
• Li Auto (LI) and Trip.com (TCOM) gain in New York after reporting quarterly results
• Hormel Foods (HRL) falls after reporting Q3 results and providing guidance for Q4
• Urban Outfitters (URBN) and Nutanix (NTNX) lower after reporting quarterly results

5. EARNINGS/GUIDANCE:

• Five Below (FIVE) reported Q2 results and raised its guidance for FY25
• Bath & Body Works (BBWI) reports Q2 results, with CEO Daniel Heaf commenting, “Our team delivered a solid quarter”
• Genesco (GCO) reported Q2 results, with EPS and revenue beating consensus
• Dollar General (DG) reported Q2 results and raised its guidance for FY25
• Victoria’s Secret (VSCO) reported Q2 results and raised its guidance for FY25, with CEO Hillary Super commenting, “I am excited to share that our momentum continued building in the second quarter”

INDEXES:

Near midday, the Dow was down 0.01%, or 4.84, to 45,560.39, the Nasdaq was up 0.21%, or 45.03, to 21,635.17, and the S&P 500 was up 0.05%, or 3.12, to 6,484.52.