Early Look

Monday, August 24, 2026

U.S. futures are slipping to kick off the week, adding to last week losses ahead of a catalyst filled week featuring Nvidia (NVDA) earnings and the Federal Reserve's Jackson Hole Symposium starting on Friday. The Trump administration is also expected to announce the details of new economic sanctions against Iran. U.S. and Canada trade talks broke down over the weekend, and the U.S. imposed new tariffs on Canadian goods, which is boosting shares of U.S. metal producers like Nucor (NUE), Steel Dynamics (STLD) and Cleveland Cliffs (CLF). Canadian Prime Minister Mark Carney suspended negotiations and vowed to retaliate with like-for-like tariff. Stocks closed higher on Friday, but for the week, the S&P 500 fell -1.43%, the Nasdaq declined -2.05%, and the Dow fell -0.85%, their first weekly declines since the end of July. In Asian markets, The Nikkei Index declined -488 points to 65,528, the Shanghai Index fell -23 points to 3,882, the Hang Seng Index and dropped -492 points to 25,517. In Europe, the German DAX is up 23 points to 26,159, while the FTSE 100 is up 23 points to 10,840. Precious metals are higher after jumping $109.20, or +2.39%, to settle at $4,680.60 while silver prices climbed +$1.43, or +2.09%, to settle at $69.53 an ounce. Gold posted its third consecutive winning week rising over 5% and ending at three-month highs while breaching its 200-day moving average. Bond yields moved back up near their highest levels in over a decade even as Treasury Secretary Scott Bessent seeks to contain borrowing costs. Oil prices are down -2% after WTI crude rose $5.59 per barrel, or 6.86% to $87.06 last week its largest one week net and percentage gain since the week ending July 24, 2026 (now up 11.36% the last 2 weeks) and up closed higher for a sixth consecutive session, longest win streak since March 9, 2026.

• The Dow Jones Industrial Average rose 517.80 points, or 0.98%, to 53,277.01
• The Nasdaq Composite gained 113.29 points, or 0.43%, to 26,180.46
• The Russell 2000 Index advanced 25.44 points, or 0.85% to 3,017.87

• Earnings After the Close: PICS TUYA

• US Treasury Secretary Bessent wrote in the Financial Times that “an economic D-Day is coming for Iran”. He declared that the U.S. would deliver “the single greatest financial offensive ever marshalled against an adversary.” Bessent warned that “Nations that, in courting reprieve from Tehran… now exceed the limits of America’s tolerance.”
• China has opened applications for an 800 billion yuan ($119 billion) policy-based financing tool for local government projects to shore up slowing economic growth, although a securities firm said the later roll-out could limit its impact this year - Reuters

• nVent Electric plc (NVT) entered into a definitive agreement to acquire Maverick Power for a purchase price of $1.75 billion, subject to customary adjustments. The transaction also includes the potential additional consideration of up to $550 million in cash based on achieving certain performance metrics.
• Parsons (PSN) said it has been awarded a $514M contract option by the Missile Defense Agency to continue providing engineering and technical support.

• Gilead Sciences (GILD) announced that the European Commission has granted marketing authorization for Trodelvy in combination with Keytruda for the treatment of adult patients with unresectable, locally advanced or metastatic triple-negative breast cancer who have not received prior systemic therapy
• GSK Plc (GSK) said the U.S. medicines regulator has accepted Jemperli, or dostarlimab, for priority review to treat a subtype of rectal cancer; GSK said the FDA has set a deadline of February to assess the drug. The treatment is also eligible for review through the national priority voucher program.
• MAIA Biotechnology (MAIA) files $150M mixed securities shelf.
• Oruka Therapeutics (ORKA) may offer up to $1B of securities.

• Applied Optoelectronics (AAOI) enters equity distribution agreement with Raymond James & Needham & company and may issue and sell up to $600M of common stock through sales agents.
• Nvidia (NVDA) has told some of its largest customers that prices of servers containing AI chips are going to increase over 15% in many cases as memory chip costs skyrocket – Bloomberg.
• Nvidia (NVDA) is in talks to invest in Perplexity as part of an equity ‌funding round that would value the AI startup ‌at more than $30 billion, The Information reported on Sunday, citing people ​with knowledge of the discussion.
• PDD Holdings (PDD) reported an 8% rise in Q2 revs to 112.36B yuan ($16.71B), missing market estimates of 116.35 billion yuan; Q2 Adj Oper Profit 29.1B Yuan (est 28.41B Yuan) and Q2 adj Earnings Per Ads 19.33 Yuan (est 18.51 Yuan)
• SoftBank (SFTBY) plans a record 1 trillion yen ($6.3 billion) retail bond sale in Japan as the conglomerate raises funds for its investment commitments to OpenAI – Bloomberg.
• XPENG (XPEV) robotics business raised over $900M, at a post-money valuation of over $6.3B, marking the largest single-round private financing ever recorded in China's embodied AI industry, the company said. The funding will accelerate XPENG humanoid robotics mass production and physical AI model.
• XPeng (XPEV) also reported Q2 Non-GAAP EPADS of -$0.19, missing ests by $0.08, while revenue of $2.91B (+8% Y/Y) missed by $130M. Gross margin improved to 20.7%, but deliveries were essentially flat Y/Y at 103,295 vehicles. Q3 guidance calls for 115,000–121,000 deliveries.
• Investor Michael Burry said he exited Alibaba (BABA) and built a large position in JD.com (JD), citing concerns over Alibaba’s planned share issuance. Alibaba is seeking about $10.2 billion through a discounted stock offering to fund AI expansion,
• California Attorney General Rob Bonta is expected to ask Paramount (PSKY) to divest some Cable channels and commit to keeping its movie studio separate from Warner Bros. (WBD) before he signs off on the $81B merger, people familiar with the matter said – WSJ.

Mid-Morning Look

Monday, August 24, 2026

U.S. stocks are sliding early, adding to last week’s losses led by weakness in technology (XLK), falling over -2% amid a notable pullback in semiconductors (SOX) which is down over -3.75% to 11,300 ahead of key earnings this week in the sector. US stock futures erase Friday's advance, as investors position ahead of a major catalyst-heavy week including earnings results Wednesday from the AI chip giant Nvidia (NVDA) as well as reports from other chip maker Marvell (MRCL) and several software names (CRWD, CRM). Investors are looking for evidence that massive AI infrastructure demand can reignite mega-cap tech momentum. The last two weeks, the “AI” trade has seen a notable pullback following a massive run as political pushback of data center buildouts in Texas, Tennessee, Pennsylvania and New York weigh. Outside of a few off quarter key earnings results, The Fed’s Jackson Hole event becomes the focus Friday as Fed Chair Warsh is scheduled to speak on the long-term monetary-policy framework and bond-market trajectory. The Trump administration is also expected to announce the details of new economic sanctions against Iran while deal talks between Canada and the U.S. fell apart this weekend, leading to massive tariffs against one another. Note All three major indices posted weekly losses last week, ending their three-week winning streaks. Early strength in Consumer Staples (XLP), Financials (XLF), Materials (XLB) and Communications (CLX>

U.S. and Canada trade talks broke down over the weekend, and the U.S. imposed new tariffs on Canadian goods, which is boosting shares of U.S. metal producers like Nucor (NUE), Steel Dynamics (STLD) and Cleveland Cliffs (CLF). Canadian Prime Minister Mark Carney suspended negotiations and vowed to retaliate with like-for-like tariff as the U.S. hit Canada with fresh 50% tariffs on billions of dollars of Canadian goods taking effect. The S&P 500 (SPX) Materials (XLB) sector +0.9% to $54, new all-time highs amid metals moves. Precious metals are higher once again, with gold rising 1% around $4,725 an ounce after jumping $109.20, to settle at $4,680.60 Friday while silver prices climbed +$1.43, to settle at $69.53 an ounce. Gold posted its third consecutive winning week on Friday, rising over 5% and ending at three-month highs.

Bond yields moved back up near their highest levels l in over a decade late Friday even as Treasury Secretary Scott Bessent seeks to contain borrowing costs. But prices have pulled back this morning as oil prices are down -2% after WTI crude rose $5.59 per barrel, or 6.86% to $87.06 last week its largest one week net and percentage gain since the week ending July 24, 2026 (now up 11.36% the last 2 weeks) and up closed higher for a sixth consecutive session, longest win streak since March 9, 2026.

The U.S. on Monday will unveil "economic D-Day" sanctions to further strain Iran, with Treasury Secretary Scott Bessent calling it "the single greatest financial offensive ever marshaled against an adversary." "We are now entering the endgame," Bessent posted on X. "Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone." Bessent is slated to hold a press conference at 1 pm ET on Monday to detail the sanctions. In an op-ed published in the Financial Times, Bessent warned countries against maintaining trade and financial ties with Iran.

• Auto sector: U.S. tariffs on all cars and trucks, automotive parts and steel will be increased to 50% starting January 1, 2027, President Donald Trump said in a social post on Monday after trade talks with Canada collapsed. "Build in the U.S. and there are ZERO TARIFFS. Canada will be treated like a State no longer!" Trump wrote. XPEV reported Q2 Non-GAAP EPADS of -$0.19, missing ests by $0.08, while revenue of $2.91B (+8% Y/Y) missed by $130M. Gross margin improved to 20.7%, but deliveries were essentially flat Y/Y at 103,295 vehicles. Q3 guidance calls for 115,000–121,000 deliveries.
• Media sector: NFLX has discussed bringing services like Peacock and Fox One directly into its app, per NY Times. The move could turn Netflix into more of a streaming hub, similar to Prime Video or Roku. No deal is imminent as per the report. California's Attorney General Rob Bonta canceled a meeting with PSKY representatives scheduled for Monday to begin settlement talks over the state's lawsuit seeking to block Paramount's proposed acquisition of WBD, his office said.

• MSTR +5%; as Bitcoin levered stocks outperform as Bitcoin prices rise 2.5% to $79,300, adding to last weeks more than 20% advance, helped by the Treasury buyback announcements.
• NUE +4%; along with gains in other steel producers STLD, CLF and aluminum producers AA, CENX were higher initially after the U.S. imposed 50% tariffs on selected Canadian goods after trade talks between the U.S./Canada broke down. The tariffs add to strains, potentially complicating broader efforts to renew the United States-Mexico-Canada Agreement trade pact.
• WULF +3%; receives Kentucky Public Service Commission approval of retail electric service agreement for up to 482 MW for its justified data campus.

• BABA -3%; announced $10.2B share placement as it steps up capital expenditure to compete with the world’s leading AI firms.
• GOOS -5%; was downgraded to Underweight from Overweight at Wells Fargo saying while they appreciate the work done over the past 18-24 months to reinvest and improve product - it simply feels the macro is against them (El Nino, EMEA and tariffs) and the NT risk is material.
• HIMS -7%; shares tumbled Bloomberg noted the company was put on notice by Visa Inc. for excessive customer complaints in its weight-loss subscription business, according to internal documents.
• RGNX -23%; said the FDA has placed its experimental gene therapy for Hunter syndrome on clinical hold after spinal scans found abnormalities in five study participants. Spinal scans identified a small lump or fluid-filled mass in five patients who received the treatment, RGX-121, about three to six years ago.
• SNDK -10%; broad pullback in semiconductor stocks, memory names in particular with SKHY, MU, WDC tumbling, but INTC, ARM, AMD also lower; NVDA falls a 7^th straight day.
• XPEV -7%; reported Q2 Non-GAAP EPADS of -$0.19, missing ests by $0.08, while revenue of $2.91B (+8% Y/Y) missed by $130M. Gross margin improved to 20.7%, but deliveries were essentially flat Y/Y at 103,295 vehicles. Q3 guidance calls for 115,000–121,000 deliveries.

Closing Recap

Monday, August 24, 2026

U.S. stocks stayed in a tight trading range throughout the afternoon as the summer winds down and Wall Street awaits a few potential market moving catalysts mid-to-later this week. Lots of market chop on the day as earnings results Wednesday from AI chip giant Nvidia (NVDA) highlight the trading week along with other earnings reports from chip maker Marvell (MRVL) and several software names (CRWD, CRM). Investors are looking for evidence that massive AI infrastructure demand can reignite mega-cap tech momentum. For the last two weeks, the “AI” trade has seen a notable pullback following a massive run as political pushback of data center buildouts in Texas, Tennessee, Pennsylvania and New York weigh. Outside of a few off quarter key earnings results, The Fed’s Jackson Hole event becomes the focus Friday as Fed Chair Warsh is scheduled to speak on the long-term monetary-policy framework and bond-market trajectory. Yields fell along with oil and gold, and Bitcoin rose again. The S&P 500 (SPX) Materials (XLB) sector hit all-time highs before sliding, while Communications (XLC), Financials (XLF), Consumer Staples (XLP), and Utilities (XLU) all posted strong upside gains while tech (XLK) ended lower.

U.S. and Canada trade talks broke down over the weekend, and the U.S. imposed new tariffs on Canadian goods, which is boosting shares of U.S. metal producers like Nucor (NUE), Steel Dynamics (STLD) and Cleveland Cliffs (CLF). Canadian Prime Minister Mark Carney suspended negotiations and vowed to retaliate with like-for-like tariff as the U.S. hit Canada with fresh 50% tariffs on billions of dollars of Canadian goods taking effect. President Donald Trump on Monday said the U.S. will raise tariffs on imports of cars, trucks and auto parts from Canada to 50% on Jan. 1, 2027, following a breakdown in trade negotiations last week.

The U.S. on Monday unveiled its "economic D-Day" sanctions to further strain Iran, with Treasury Secretary Scott Bessent calling it "the single greatest financial offensive ever marshaled against an adversary." "We are now entering the endgame," Bessent posted on X. "Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone." Bessent held a press conference at 1 pm ET on Monday detailing the sanctions against nearly 60 Iran-linked entities, people, and vessels across nuclear, missile, cyber, and oil networks. Bessent went on to say, Trump is making phone calls to world leaders to cut economic ties with Iran and countries will have a finite timeline to shut down activities identified by Treasury, including closing Iran's bank branches abroad. Bessent said no one, including China, is above the reach of U.S. sanctions.

Ahead of Jackson Hole this Friday: Stifel noted that nominal 10Y Treasury yields have jumped almost 50bps since Chairman Warsh was appointed (1/30/26), lifted by a sharply rising 10Y “real” (TIPS) yield as investors priced a more hawkish Fed approach to policy. Investors will be weighing Chairman Warsh's speech at Jackson Hole as a litmus test for the new Fed. Stifel's base case is that Warsh signals inflation progress and a continued pause, despite core inflation remaining above target. Stifel views 3% core inflation as the new 2%, supported by sticky 'Supercore' (core services ex-housing), and Ai-capex and war disruptions sustaining goods inflation.

• U.S. WTI crude oil futures settle dropped -$2.05, or 2.35% to settle at $85.01 per barrel and Brent Crude futures settle at $92.17/bbl, down $2.22, or 2.35% as investors took profits after recent gains and awaited details of expected new U.S. sanctions on Iran, which could further disrupt supplies from the Middle East. Note last week oil prices jumped over 6% and came into the day riding a 6 day winning streak that was snapped.

• Last week, after 30-year yields hit almost two-decade highs, the U.S. Treasury announced it would double buybacks at the long end to $4 billion per operation. The news pushed yields lower initially before working their way higher late last week, but ended lower on Monday as oil prices were down -2% easing inflation concerns.

• Retail sector: GOOS was downgraded to Underweight from Overweight at Wells Fargo saying while they appreciate the work done over the past 18-24 months to reinvest and improve product - it simply feels the macro is against them (El Nino, EMEA and tariffs) and the NT risk is material. TGT shares outperformed, while WMT bounces back a little after falling last week on earnings, along with gains in BJ and COST which pushed back above its 200dma of roughly $959.50 in retail space.
• Homebuilders sector: PHM was upgraded to Outperform at Wolfe Research with a $158 price target as believes PulteGroup is well positioned to outperform peers in a challenging demand environment as the company's balanced consumer segmentation continues supporting fundamental resilience

• Metals & Mining: shares of steel producers STLD, NUE, CLF and aluminum producers AA, CENX were higher initially after the U.S. imposed 50% tariffs on selected Canadian goods after trade talks between the U.S./Canada broke down. The tariffs add to strains, potentially complicating broader efforts to renew the United States-Mexico-Canada Agreement trade pact.
• Transport sector: ALGT was upgraded from Outperform to Strong Buy at Raymond James following the greater QTD pullback in shares despite a constructive backdrop, including Allegiant's idiosyncratic margin recovery levers, flexible capacity model, and now-enhanced scale following Sun Country deal.
• Industrial sector: NVT entered into a definitive agreement to acquire Maverick Power for a purchase price of $1.75 billion, subject to customary adjustments. The transaction also includes the potential additional consideration of up to $550 million in cash based on achieving certain performance metrics.
• Chemicals sector: FUL said it had rejected activist investor Ancora Holdings' unsolicited, non-binding proposal to acquire its Building Adhesives Solutions business. Ancora earlier this month had proposed to buy Fuller's unit for as much as $1.2 billion in cash.

• Mortgage sector: The U.S. Federal Trade Commission on Monday said it will file a stipulated order that resolves its litigation against Zillow (ZG) and Redfin, according to a statement.

• CAPR said the FDA had extended the review of its experimental cell therapy for Duchenne muscular dystrophy by three months.
• GILD said the European Commission has granted marketing authorization for Trodelvy in combination with Keytruda for the treatment of adult patients with unresectable, locally advanced or metastatic triple-negative breast cancer who have not received prior systemic therapy.
• GSK said the U.S. medicines regulator has accepted Jemperli, or dostarlimab, for priority review to treat a subtype of rectal cancer; GSK said the FDA has set a deadline of February to assess the drug. The treatment is also eligible for review through the national priority voucher program
• LLY launched its pill, Foundayo, in the UK for weight management and type 2 diabetes, it said on Monday, making Britain the first country in Europe where the oral treatment is available.
• LXRX earns third $10M milestone payment from NVO following achievement of key phase 1 development milestone for lx9851; eligible for up to $1B in upfront and milestone payments plus royalties; has earned $75M of $1B potential milestone payments from Novo.
• RGNX said the FDA has placed its experimental gene therapy for Hunter syndrome on clinical hold after spinal scans found abnormalities in five study participants. Spinal scans identified a small lump or fluid-filled mass in five patients who received the treatment, RGX-121, about three to six years ago.
• RHHBY and LLY blood test to help identify signs of Alzheimer's disease in people aged 55 and older with cognitive decline received FDA clearance. The test, Elecsys pTau217, is a biomarker blood test that can help doctors identify patients who are likely or unlikely to have Alzheimer's-related brain changes.
• Healthcare services: HIMS shares tumbled Bloomberg noted the company was put on notice by Visa Inc. for excessive customer complaints in its weight-loss subscription business, according to internal documents. The company was enrolled in Visa’s Acquirer Monitoring Program after a surge of customer credit card disputes in July, and must get its credit card dispute rate under 1.5% of transactions to be released from the program.
• Medical Equipment: A U.S. court has ordered GH to pay more than $245.2M to TwinStrand Biosciences and the University of Washington after finding that the company infringed patents covering DNA sequencing technology, TwinStrand said on Monday.

• Online Internet sector: BABA announced $10.2B share placement as it steps up capital expenditure to compete with the world’s leading AI firms. PDD reported an 8% rise in Q2 revs to 112.36B yuan ($16.71B), missing market estimates of 116.35 billion yuan; Q2 Adj Oper Profit 29.1B Yuan vs. est 28.41B Yuan.
• Media sector: NFLX has discussed bringing services like Peacock and Fox One directly into its app, per NY Times. The move could turn Netflix into more of a streaming hub, similar to Prime Video or Roku. No deal is imminent as per the report. California's Attorney General Rob Bonta canceled a meeting with PSKY representatives scheduled for Monday to begin settlement talks over the state's lawsuit seeking to block Paramount's proposed acquisition of WBD, his office said.

• EMS Sector: CLS was upgraded from Neutral to Buy at UBS and raised tgt to $430 PT saying strong AI driven demand for Ethernet switching and Ai/ML compute, together with a 1.6T Rackscale solution for OpenAI, should accelerate revenue growth and, more importantly, EPS growth in CY27.
• Robotics sector: XPEV robotics business raised over $900M, at a post-money valuation of over $6.3B, marking the largest single-round private financing ever recorded in China's embodied AI industry. The funding will accelerate XPENG humanoid robotics mass production and physical AI model.

• Memory sector (MU, SNDK, SKHY, WDC): Susquehanna noted checks last week across the supply chain suggest blended DRAM/NAND ASPs for bits shipping in Q326 are trending better than expectations, which were lowered following the Q2 earnings season. While an increasing portion of memory bits is now sold under contract, those agreements typically include a mix of fixed and variable pricing, with the variable component often renegotiated on a monthly basis. Also acknowledge recent concerns raised by some of its peers regarding channel inventory and module-house Dynamics. However, hyperscaler demand remains robust, while elevated DOI at channel and module houses largely reflect the higher-cost inventory embedded in their balance sheets rather than weakening end demand.

Street Recommendations

Monday, August 24, 2026

• ESTC Barclays raised the firm's price target on Elastic to $94 from $68 and keeps an Overweight rating on the shares as part of a fiscal Q1 earrings preview. The firm expects a 1% revenue beat and guidance raise. Elastic's growth acceleration in fiscal 2027 matters more than the quarter's results, the analyst tells investors in a research note.
• UI Barclays analyst Tim Long lowered the firm's price target on Ubiquiti to $489 from $672 and keeps an Underweight rating on the shares. The company's fiscal Q4 revenue beat meaningfully on enterprise segment strength, but gross margins missed estimates on higher component and shipping costs, the analyst tells investors in a research note. Barclays believes component costs are likely continue to pressure Ubiquiti's margins in the near term.
• MRNA Barclays analyst Eliana Merle raised the firm's price target on Moderna to $125 from $48 and keeps an Equal Weight rating on the shares. The stock at current levels is pricing in "significant credit" for intismeran autogene across tumors, the analyst tells investors in a research note. The firm thinks Moderna's melanoma data help de-risk its broader pipeline, but adds that variability among tumor types will be key. Barclays sees a large potential opportunity for intismeran, but says this is appropriately priced in at current share levels.

• BEKE BofA raised the firm's price target on KE Holdings to $24 from $23 and keeps a Buy rating on the shares. While the housing market will remain as an overhang on the topline, the firm expects KE's profit to be resilient against housing market volatility and raised estimates driven by profitability improvement, the analyst tells investors in a post-Q2 note.
• FNV BofA analyst Lawson Winder raised the firm's price target on Franco-Nevada to $279 from $238 and keeps a Neutral rating on the shares. The firm increased its target multiple to reflect the stock's recent re-rating higher on a strong reversal upward in the gold price and updates at the several of the underlying assets, the analyst tells investors.
• WSM BofA raised the firm's price target on Williams-Sonoma to $261 from $250 and keeps a Buy rating on the shares. Credit and debit card data for the online furniture category accelerated sequentially in Q2, which could suggest potential upside to the firm's 4.5% comp growth forecast, the analyst tells investors in a preview.
• BABA BofA notes that Alibaba launched an HK$80B, or approximately U.S. dollar $10.3B, primary placement of 710M shares at HK$112.70 per share, which represents a 3.6% discount to the ADR-implied U.S. close and an 8.4% discount to Friday's Hong Kong close. The placement may initially weigh on sentiment given the immediate dilution, rising depreciation associated with AI infrastructure, uncertainty over the duration of elevated capex and the possibility of further external funding, but the firm views the transaction as "a mix of growth financing, funding diversification, and pre-emptive balance-sheet strengthening," says the analyst, who maintains a Buy rating and $172 price target on Alibaba shares.

• ESTC Cantor Fitzgerald analyst Thomas Blakey raised the firm's price target on Elastic to $91 from $59 and keeps a Neutral rating on the shares. Elastic's improving commitments, backlog, federal momentum, and AI-driven search demand support a potential 2H sales-led subscription reacceleration, but mixed security and deal-closure checks and uncertainty around FY27 revenue timing warrant a Neutral rating, the analyst tells investors in a research note.

• CRWD Jefferies raised the firm's price target on CrowdStrike to $230 from $190 and keeps a Buy rating on the shares. The firm expects the company to report "strong" Q2 results following its "incrementally positive" channel checks. However, expectations have risen given the recent share rally, the analyst tells investors in a research note. Jefferies believes CrowdStrike continues to be in "pole position for the AI security race."

• YOU JPMorgan analyst Bryan Smilek assumed coverage of Clear Secure with an Overweight rating and $55 price target. The firm assumed coverage of seven names in the smid-cap internet group.
• XMTR JPMorgan assumed coverage of Xometry with an Overweight rating and $120 price target. The firm assumed coverage of seven names in the smid-cap internet group.
• FTDR JPMorgan assumed coverage of Frontdoor with a Neutral rating and $95 price target. The firm assumed coverage of seven names in the smid-cap internet group.
• ROKU JPMorgan analyst Bryan Smilek assumed coverage of Roku with a Neutral rating and $160 price target. The firm assumed coverage of seven names in the smid-cap internet group.
• EVER JPMorgan assumed coverage of EverQuote with an Overweight rating and $29 price target. The firm assumed coverage of seven names in the smid-cap internet group.
• MAX JPMorgan assumed coverage of MediaAlpha with a Neutral rating and $15 price target. The firm assumed coverage of seven names in the smid-cap internet group.

• NTNX KeyBanc raised the firm's price target on Nutanix to $75 from $65 and keeps an Overweight rating on the shares. The firm's checks show the IT Hardware super cycle is strong driven by AI investments by hyperscalers, Enterprise campus refresh from product EOL, Server refresh to drive optimization, and expansion of the customer base with Neocloud/LLM providers.

• MT Morgan Stanley initiated coverage of ArcelorMittal's U.S. shares with an Overweight rating and $82 price target. The firm believes the company offers "strong operating leverage" to a European earnings recovery, with limited operating or balance sheet risk.

• NCNO Piper Sandler assumed coverage of nCino with an Overweight rating with a price target of $25, up from $22. The firm believes nCino has less existential AI risk relative to the broader software space given its position as a dominant vendor serving the historically risk-averse, highly regulated banking industry. Piper is encouraged by continued healthy demand for AI with nCino's first customers reaching limits on their intelligence unit bundles, an ongoing shift from seat-based to platform pricing, international traction, healthy cross-sell momentum, and FY27 guidance that factors in prudent assumptions.

• STTK Raymond James analyst Martin Auster initiated coverage of Shattuck Labs with a Strong Buy rating and $18 price target. SL-325 could offer a differentiated approach to the more than $20B IBD market by targeting the more stable DR3 receptor, with encouraging Phase 1 safety, immunogenicity, and durable target-engagement data supporting its potential to outperform TL1A antibodies ahead of Phase 2b Crohn's data in 1H28, the analyst tells investors in a research note.

• BSBR UBS last night downgraded Santander Brasil to Neutral from Buy with a price target of R$34, down from R$44. The firm cites the announced share swap for the downgrade. Santander Spain launched a share swap offer to acquire the remaining 10.7% minority stake in Santander Brasil that it does not own, the analyst tells investors in a research note.
• SIG UBS raised the firm's price target on Signet Jewelers to $122 from $121 and keeps a Buy rating on the shares. Signet could see a favorable setup from a Q2 EPS beat, higher FY27 guidance, and positive Q3 comps, with improving sentiment potentially driving upside given currently low expectations, the analyst tells investors in a research note.

• WHR Wells Fargo initiated coverage of Whirlpool with an Equal Weight rating and $42 price target. The company's self-help initiatives offer potential for long-term share upside, the analyst tells investors in a research note. However, Well sees near-term risks for Whirlpool given the tough discretionary environment and its persistent promotions.
• GOOS Wells Fargo double downgraded Canada Goose to Underweight from Overweight with a price target of C$10, down from C$16. The macro environment, including warmer weather and tariffs, is against the company, the analyst tells investors in a research note. Wells sees both negative compares and order book risk into the holiday for Canada Goose. It believes the company's near-term risk is "material."
• MRVL Wells Fargo raised the firm's price target on Marvell (MRVL) to $310 from $240 and keeps an Overweight rating on the shares. Shares solidly outperformed last week following last week's Google (GOOGL) announcement, which the firm views as a significant incremental positive. Wells believes there is more upside as it now sees path to $11/share EPS in FY29.

• JANX Wolfe Research upgraded Janux Therapeutics to Outperform from Peer Perform with a $23 price target. The firm, whose analysis suggests potent B cell depletion and low CRS is "feasible" for JANX011, thinks the autoimmune data due in Q4 could change the stock's recent downward trajectory, the analyst tells investors.

Rating abbreviations…

***OP = Outperform

***SP = Sector Perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight

***Report powered by thefly.com***

What’s on Tap Weekly Calendar

• Earnings After the Close: PICS TUYA

• 8:55 AM ET                   Johnson/Redbook Weekly Sales
• 9:00 AM ET                   Monthly Home Prices M/M for June
• 9:00 AM ET                   CaseShiller 20-city index M/M for June
• 10:00 AM ET                 New Home Sales M/M for July
• 10:00 AM ET                 Consumer Confidence for August
• 10:00 AM ET                 Richmond Fed Index for August
• 1:00 PM ET US Treasury to sell $69B in 2-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: BOX ELMD HEI INTU JOYY NCNO NOAH QFIN SMTC STRT ZM

• Jefferies Semis, IT Hardware & Comm Tech Conference, 8/25-8/26 in Chicago, IL
• Piper 2026 Chicago Summer Trading Tour, 8/24-8/25 (virtual)
• Stifel Tech Executive Summit, 8/25-8/26, in Deer Valley, UT

• 8:30 AM ET                   Personal Income M/M for July
• 8:30 AM ET                   Personal Spending M/M for July
• 8:30 AM ET PCE Price Index M/M for July
• 8:30 AM ET PCE Price Index Y/Y for July
• 8:30 AM ET                   Core PCE Price Index M/M for July
• 8:30 AM ET                   Core PCE Price Index Y/Y for July
• 8:30 AM ET                   Gross Domestic Product (GDP) for Q2, 2^nd estimate
• 8:30 AM ET GDP Consumer Spending for Q2, 2nd estimate
• 8:30 AM ET GDP Price deflator for Q2, 2nd estimate
• 8:30 AM ET PCE headline prices for Q2, 2nd estimate
• 8:30 AM ET                   Core PCE headline prices for Q2, 2nd estimate
• 10:00 AM ET                 Dallas Fed PCE for July
• 10:30 AM ET                 Weekly EIA Inventory Data
• 1:00 PM ET US Treasury to sell $70B in 5-year notes

• Earnings After the Close: A AVAT CRM CRWD HPQ LTRX NTNX NVDA OKTA OOMA P SNPS STDN URBN VEEV

• Stifel Tech Executive Summit, 8/25-8/26, in Deer Valley, UT

• 8:30 AM ET                   Continuing Claims
• 8:30 AM ET                   Advance Goods Trade Balance for July
• 10:30 AM ET                 Weekly EIA Natural Gas Inventory Data
• 11:00 AM ET KC Fed Manufacturing for August
• 1:00 PM ET US Treasury to sell $44B in 7-year notes

• Earnings After the Close: ADSK AFRM BBAR ESTC FINV GAP IREN KTCC MRVL PD RBRK S ULTA WDAY

• 10:00 AM ET                 University of Michigan 1-yr and 5-yr inflation expectations, Aug-final
• 1:00 PM ET                    Baker Hughes Weekly rig count data