Yiwen Lu8/28/24

US stocks slide ahead of Nvidia earnings

Markets trimmed some losses from early trading on Wednesday but still ended with a down day. S&P 500 moved lower by 0.6%. Nasdaq 100 was off 1.2%, and Russell 2000 dropped 0.7%.

The two-year Treasury yield slipped lower by 3 basis points, hitting its lowest closing level since May 2023.

S&P 500 sectors were mostly down. Tech was the worst performer as the sharp losses of Super Micro Computer dragged the sector down by 1.4%. Once an AI darling, Super Micro Computer closed down 18.8%, wiping out more than $6 billion in market cap. Super Micro delayed its 10-K report filing one day after Hindenburg Research alleged the company had accounting issues, among other problems.

Financials and Health Care were the only two S&P sectors in the positive territory, adding 0.2% and 0.1%, respectively.

Nvidia was down 2.1% at the closing bell, along with the rest of Magnificent Seven stocks. The stock was off as much as 4.4% during intraday trading. In a week with minimal economic data, the chip giant’s earnings on Wednesday evening will not only indicate how sustainable the AI gold rush is, but may also assert an outsized influence on the whole market.

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Nvidia gains on report that Chinese officials told domestic tech champions to progress with plans for H200 imports

The “will Xi, won’t Xi?” of Nvidia’s quest to send AI chips to China got some positive news, reversing a string of recent negative reports.

Per Bloomberg, Chinese officials told leading domestic tech champions including Alibaba, Tencent, and ByteDance that they can progress in their preparations to import Nvidia’s H200 chips, and “are now cleared to discuss specifics such as the amounts they would require,” citing people familiar with the matter.

Shares are up 1.5% as of 8:06 a.m. ET.

The outlet had previously reported that China would begin to allow H200 imports for commercial use “as soon as this quarter.” However, that was followed by reports from The Information, the Financial Times, and Reuters that Chinese companies’ ability to access these AI chips would be limited and that suppliers had paused production following what was tantamount to an import ban.

The seemingly conflicting reports from various outlets reflect the tug-of-war within the Chinese policy apparatus, which aims to balance competing priorities: bolstering its AI capabilities (which argues for using the best technology available, even if that’s from foreign sources) and supporting the development of its domestic semiconductor manufacturing industry (which pushes in the opposite direction).

Luke Kawa, Matt Phillips

Intel tumbles as pleas for time to deliver its turnaround fall on deaf ears

Traders had little patience for Intel after the stock’s hot start to 2026 saw it gain nearly 50% coming into the print.

Intel INTC Q2 Earnings report Lip-Bu Tan

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Max Knoblauch15h

Alaska Airlines dips following weaker-than-expected 2026 earnings guidance

Alaska Airlines, America’s fifth-largest airline, reported its fourth-quarter and full-year results for 2025 after the market closed Thursday. Its shares fell 2% in after-hours trading.

The airline reported adjusted fourth-quarter earnings of $0.43 per share, beating the $0.11 expected by Wall Street analysts polled by FactSet. Its Q4 passenger revenue climbed 2% to $3.25 billion.

For the current quarter, Alaska guided for a 1% to 2% increase in capacity and an adjusted loss of $1.50 to $0.50 per share, compared to the $0.77 loss per share expected by analysts. The airline forecast full-year earnings of between $3.50 and $6.50 per share for 2026. The $5 midpoint falls short of analyst estimates of $5.52 per share.

“To hit the higher end of our guidance range we would require sustained macroeconomic recovery in 2026, at or improving on trends seen in the first three weeks of the year, and for fuel prices to stabilize,” the company said in its report.

Earlier this month, the carrier placed its largest-ever plane order, securing 110 Boeing jets to support its international growth ambitions. It plans to add flights to Rome, London, and Iceland this summer, and has said it will boost its premium seat offerings this year — in line with a wider trend of travel trends reflecting a “K-shaped economy.”

Intel slumps after Q1 guidance disappoints

The bad outlook offset strong Q4 results.

Matt Phillips18h

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