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Best in Show Nvidia Beats, Stock Lower After Hours.
RiskReversal Recap: Wednesday, August 27th
RiskReversal Media
August 27, 2025
MARKET WRAP
As expected, today was a quiet one with markets essentially in wait-and-see mode ahead of Nvidia’s earnings after the close. However, stocks crept to a new all-time highs into the print. On the day: SPX +0.2%, QQQ +0.2% and IWM +0.7%.
Elsewhere, the 10YY was slightly lower to 4.24%, that’s now approaching recent post CPI lows. Gold was slightly higher as was Oil. DXY reversed earlier gains to finish unched. The VIX nudged higher into NVDA and Friday’s PCE, now 14.85.
Notable Winners: CRM +2.4%, WYNN +4.8%, KMX +4.4%, DDOG +3.8%, EL +3.7%, CVX +1.4%
Notable Losers: PLTR -2.7%, BKNG -2.2%, MSTR -1.9%, MRK -0.9%, AMGN -0.6%
After hours: NVDA is -3% after earnings, it was as low as -5% immediately after. Conference call to come. QQQ is lower by about -0.4%.
MRKT Call: Guy and Dan preview NVDA earnings with a focus on margins and guidance. Carter joins to break down MSFT’s post-earnings move and whether it signals anything for names like NVDA. He also highlights recent action in the energy space and some interesting tickers.
RiskReversal Pod: Peter Boockvar joins Dan to discuss attacks on the Fed, Nvidia, the tension between short- and long-term rates, and weak-dollar plays like gold, agriculture, energy, and regional banks. Plus, the US-China tech race, export bans vs. the innovation gap, data center financing, and market perceptions into a rate cut cycle.
MRKT MATRIX: TODAY’S TOP STORIES
S&P 500 closes at record high as traders brace for Nvidia earnings (CNBC)
Trump’s Fed Gamble Risks Pushing Key Bond Rates Even Higher (Bloomberg)
Fed’s Williams Says Every Policy Meeting Is ‘Live’ for Rates (Bloomberg)
EU to Propose Removing US Tariffs This Week to Meet Trump Demand (Bloomberg)
China AI Chip Leader Cambricon Sees Record Earnings Boost From DeepSeek (Bloomberg)
Software’s Death by AI Has Been Greatly Exaggerated (WSJ)
Apple Makes Music Push in Radio After Losing Ground to Spotify (WSJ)
WHAT’S NEXT?
Today’s trade was subdued with stocks just below the critical 6500 area on the SPX. The real focus, of course, was Nvidia earnings after the close.
As we noted, clearing 6500 probably needed both a dovish Jackson Hole and a positive NVDA reaction. While Jackson Hole delivered, and Nvidia beat, the beat doesn’t (initially) appear to be enough for traders. If the post NVDA reaction is lower (which it appears to be at this point) we probably just saw at least a brief stall beneath 6500 resistance. That could at least keep the market anchored around the price action/range of the past two weeks, of 6350-6500. But, we’re now more vulnerable if tomorrow’s GDP is light and Friday’s PCE is hot. We’ll know more tomorrow, as NVDA is the type of stock that can reverse its initial reaction and shock the bears. In after hours trading it has bounced off its lows.
Speaking of tomorrow, we get (prelim) GDP. That’s been overshadowed by PCE the next day, but growth is kinda important right now! Also, another check on retail and the consumer via DG, BBY and DKS, plus MRVL and DELL after the close.
Thursday, August 28th
Pre-market: DG 7.7%, BBY 8%, DKS 7%
8:30am - GDP
8:30 - Initial Jobless Claims
10am - Pending Home Sales
After-hours: MRVL 9.5%, DELL 8%, GAP 11%, ULTA 7%, AFRM 13%, AMBA 11%
TODAY’S EPISODES
Watch MRKT Call’s newest episode: The Energy Names Making A Turn
A preview of NVDA earnings with a focus on margins and guidance. Carter joins to break down MSFT’s post-earnings move and whether it signals anything for names like NVDA. He also highlights recent action in the energy space and some interesting tickers.
Analysis - SPX, NVDA, MSFT, TDW, PBF, APA, CHRD, Crude, XLE, CRWV, PLTR
FactSet - John Butter’s Earnings Report
NVDA as the final of the Mag7, what have we seen so far?
Learn more about our sponsor, CME Group.
Watch RiskReversal Podcast’s newest episode: Peter Boockvar - The Stocks That Win In A Weak Dollar World
Peter Boockvar joins Dan to discuss the White House’s escalating attacks on the Fed. They break down Nvidia’s position heading into earnings, the tension between short- and long-term rates, and what it means for the broader economy. The conversation also covers investment strategies — from weak-dollar plays like gold, agriculture, and energy, to regional banks. Plus, the US-China tech race, the impact of export bans vs. the innovation gap, data center financing, and market perceptions around rate cuts.
Learn more about our sponsor Betterment, Current, and RBC Capital Markets.
