NVIDIA revenue more than doubled, boosting Nasdaq futures, while the Russell 2000 leads all major indices, up nearly 20% in 2026.
Druckenmiller called Bessent’s bond buyback strategy unnecessary price manipulation, as 30-year yields hit 5.17% and mortgage rates reached a one-year high.
DigitalOcean earned a Buy initiation at $175 from Truist, while Abercrombie & Fitch was cut to Neutral at Citigroup with a $156 target.
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Pre-Market Stock Futures:
Futures are trading mixed, with the Nasdaq soaring after a data-filled day on Wall Street that began with Core PCE inflation coming in a little hotter than expected and ended with the much-anticipated results from NVIDIA (NASDAQ: NVDA), which, as usual, came in above expectations, with revenue more than doubling. The major indices closed modestly lower after a slow trading day, with the S&P 500 finishing at 7,675, down 0.02%, while the Nasdaq closed at 26,130, down 0.08%. The Dow Jones Industrials fell 0.21% to 53,463, while the small-cap Russell 2000, still the leading index and up almost 20% in 2026, closed at 3,007, down 0.08%. With the summer winding down, and next week the last vacation week for many before the Labor Day holiday, expect more of the same light volume, and junior traders on the various trade desks around the street.
Treasury Bonds:
Yields were higher across most of the Treasury curve as more criticism of Secretary Bessent’s bond buyback strategy came out. Legendary investor Stanley Druckenmiller’s fiery op-ed in the Wall Street Journal argued that Bessent’s intervention was an unneeded effort to manipulate prices rather than fix a real liquidity crisis. The 30-year bond finished the session at 5.17%, while the benchmark 10-year note was last seen at 4.65%. The recent surge in yields has pushed the 30-year mortgage rate to the highest level in over a year.
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Oil and Gas:
Both major oil benchmarks finished Wednesday lower for the third straight day as a pending deal between Oman and Iran over the Strait of Hormuz gained momentum. When the final bell rang, Brent Crude closed at $87.45, down 1.28%, while West Texas Intermediate finished at $81.98, down 0.42%. Natural gas continued its winning ways, closing up 3.47% at $2.87.
Gold:
After a strong run, some profit-taking showed up in the precious metals complex, as Gold closed Wednesday at $4,590, down 1.49%, while Silver finished the day at $67.93, down 0.90%. Traders cited the hotter inflation data and repositioning ahead of Fed Chairman Warsh’s speech at the Jackson Hole Symposium on Friday.
Crypto:
Cryptocurrency markets cooled and traded mostly flat to lower on Wednesday as Bitcoin faced resistance near the $80,000 mark. The crypto benchmark hovered around $78,000 to $79,000, pulling back slightly after touching a high above $81,000 earlier in the week. At 8 AM EDT, Bitcoin traded at $79,432, while Ethereum showed strength and was quoted at $2,502.
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