August 11th, 2025
Stocks Edge Higher to Start the Week as Investors Brace for Inflation Data
U.S. equity markets opened Monday in positive territory, with investors awaiting key July inflation reports expected later this week. Health care and financial stocks are leading early gains, while utilities and materials lag.
The Dow Jones Industrial Average fell 0.3%. The S&P 500 rose 0.2%, while and the tech-heavy Nasdaq gained 0.3%, both on track for record closes.
Overseas, Asian markets closed mostly higher, European equities are weaker, and the U.S. dollar is climbing against major currencies.
Economic Takeaways:
- Bond yields are lower, with the 10-year U.S. Treasury at 4.27%, down from its July peak near 4.50%.
- In commodities, WTI crude is trading higher as markets look ahead to U.S.–Russia talks later this week.
- Gold futures fell in New York on Monday as traders waited for clarification from the White House over its tariff policy, after a US government agency ruled that 100-ounce and one-kilogram bullion bars would be subject to tariffs.
- With 90% of S&P 500 companies having reported, the Q2 earnings season is nearly complete — and results have been better than expected. So far, 82% of companies have topped analyst forecasts, with an average earnings beat of 8.5%.
- The Relative Strength Index (RSI)finished around 62 Friday for the S&P 500 index, well under the 70 level that signals overbought conditions, but still relatively high.
- Bitcoin (/BTC) gained 2.6% early Monday, with crypto-related stocks like MicroStrategy (MSTR) and Coinbase (COIN) rising over 3%. The rally follows President Trump signing an executive order allowing 401(k) investors to access alternative assets—including cryptocurrencies—for better returns and diversification, according to the White House.
- The S&P 500 saw improved market breadth last week, with 56% of stocks trading above their 50-day moving averages by Friday—up from the prior week but still well below last month’s peak near 75%. Market breadth reflects how broadly buying and selling are spread across the market.
- Finally, the odds of a Federal Reserve rate cut next month stand at approximately 86.5%, per the CME FedWatch Tool.
- President Donald Trump announced Monday that his administration is exploring the possibility of reclassifying marijuana as a less dangerous drug, which could lead to reduced criminal penalties. Speaking to reporters in the White House briefing room, Trump said no final decision has been made yet but indicated one could come within the next few weeks.
Intel Stock Rises as CEO Lip-Bu Tan Prepares to Meet President Trump
Intel (INTC) shares jumped over 4% Monday ahead of CEO Lip-Bu Tan’s reported meeting with President Trump, following the president’s call for Tan’s resignation last week.
The Wall Street Journal cited sources saying Tan will meet Trump to discuss his background and potential collaboration between Intel and the government.
Trump had urged Tan’s immediate resignation on Truth Social, citing concerns over Tan’s China ties highlighted by Senator Tom Cotton, who wrote Intel expressing “concern about the security and integrity of Intel’s operations” due to Tan’s investments via his venture capital firm.
In response, Tan said, “There has been a lot of misinformation circulating about my past roles … I have always operated within the highest legal and ethical standards,” in a memo to employees.
Intel also emphasized its commitment to “advancing US national and economic security interests” and investments aligned with the “America First agenda,” including domestic chip manufacturing.
Tan became CEO in March, succeeding Pat Gelsinger amid Intel’s struggles with manufacturing losses and market share. While the stock rallied 15% on his appointment, it remains up just 4% this year, trailing peers Nvidia and AMD, which have risen roughly 36% and 47%, respectively.
Bitcoin Rockets Past $120,000; Ethereum Climbs as Investor Interest in Crypto Intensifies
Bitcoin (BTC-USD) surged Monday, approaching record highs fueled by growing investor enthusiasm and momentum in the cryptocurrency market.
The digital asset hit $122,000 before settling near $120,000. This rally coincides with increased inflows into exchange-traded funds (ETFs) and more public companies adding bitcoin to their balance sheets.
US Approves Nvidia Export Licenses for AI Chips to China
The U.S. Commerce Department has begun issuing licenses allowing Nvidia (NVDA) to export its H20 AI chips to China, easing a major restriction, a U.S. official told Reuters.
The move reverses an April ban and follows Nvidia’s tailored compliance with Biden-era export controls. Despite this, Nvidia expects the restrictions to reduce July quarter sales by $8 billion.
Nvidia CEO Jensen Huang recently met with President Trump, though details on the number of licenses or shipment recipients remain unclear. Nvidia assured the H20 chip has no security “backdoors,” addressing Chinese concerns.
Exports of other advanced Nvidia AI chips to China remain restricted. U.S. export controls aim to limit China’s AI and defense capabilities but China remains a key market, accounting for 12.5% of Nvidia’s revenue in Q1.
On the Move
- Apple (AAPL) surged over 4% on Friday, briefly surpassing $230 intraday for the first time since March. The stock’s 13% rally last week was fueled by strong recent earnings and Apple’s announcement of a $100 billion investment in U.S. manufacturing. A technical boost also came as shares moved above their 200-day moving average of $221. However, shares dipped slightly Monday morning.
- Nvidia (NVDA) and Advanced Micro Devices (AMD) both slipped early Monday after the Financial Times reported that the two chipmakers would receive export licenses to sell Nvidia’s H20 and AMD’s MI308 chips in China. In return, the U.S. government would collect 15% of revenues from these sales. Nvidia hit its 19th all-time high of the year on Friday and is up 36% year-to-date.
- Wendy’s (WEN) dropped nearly 1% Friday despite beating earnings expectations, as weaker guidance disappointed investors.
- Freeport-McMoRan (FCX) gained 1.6% pre-market after Morgan Stanley upgraded the stock from Equal Weight to Overweight, noting that copper tariffs’ benefits are not fully priced in.
- Intel (INTC) climbed 2.8% Monday morning following reports that its CEO is expected to visit the White House today. This comes after President Trump called for the CEO’s removal last week.
- Under Armour (UAA) plunged 20% Friday despite meeting earnings forecasts, as disappointing guidance for declining revenue and operating income this quarter weighed on the stock. The company also cited tariffs as a headwind.
- ai (AI) tumbled 31% early Monday after pre-announcing that its Friday results would miss expectations.
- Paramount Skydance (PSKY) rose 2.3% pre-market after Paramount and Skydance completed their merger late last week.
- CoreWeave (CRWV) climbed 7% Friday ahead of its earnings report, with Citigroup expressing confidence in another double-digit revenue beat driven by strong AI demand.
- Albemarle (ALB) jumped 10.5% after a battery manufacturer reportedly shut down a major lithium mine in China, sparking a rally among lithium producers on speculation Beijing may be curbing overproduction.
- Micron (MU) rose 6.2% Friday and an additional 4.7% Monday morning after raising its August quarter earnings and revenue guidance above consensus, citing improved pricing and other positive factors.
What’s Ahead
The July Consumer Price Index (CPI) is due Tuesday, with consensus calling for a rise to 2.8% year-over-year, up from 2.7% in June. After hitting a four-year low of 2.3% in April, inflation has trended higher in recent months.
On Thursday, the Producer Price Index (PPI) is also expected to show an uptick, reflecting early tariff impacts as higher import costs work their way through to consumers.
Earnings on deck tomorrow include Cardinal Health, CoreWeave, and Cava Group. Cisco reports on Wednesday.
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