Finance Evening: Nvidia Slides Into Earnings, Falling Oil Calms Markets

📊 Today's North American Markets

1. Nvidia Slumps for a 7th Day Ahead of Earnings

Source: Yahoo Finance

Nvidia's stock has now fallen for seven straight trading days heading into its closely watched earnings report on Wednesday evening. According to Yahoo Finance AlphaSpace data, it is the stock's longest losing streak since 2022.

Over the stretch, Nvidia has lost roughly 7%, compared with a 1.2% decline for the S&P 500. Strong earnings reports have not been kind to the stock lately: it has fallen after results in six of the past eight quarters, including the last four in a row.

Despite the pre-earnings slide, the market still expects a strong quarter. Art Hogan, chief market strategist at B. Riley Wealth, said the stock trades at a reasonable multiple while growing earnings and revenue rapidly, and that long-term investors should ignore the noise.

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2. Dick's Sporting Goods Plunges on Weakening Athleticwear Demand

Source: Fox Business

Dick's Sporting Goods on Tuesday cut its 2026 outlook and warned of weakening consumer demand for athletic apparel and footwear. The stock fell more than 29% during the session, on pace for a record one-day percentage drop.

The retailer missed second-quarter estimates and reversed its expectation for annual comparable sales growth at Foot Locker, which it acquired for $2.4 billion last year. Executive Chairman Ed Stack said launches in the quarter were fewer and performed below both industry and company expectations.

Quarterly profit came in at $3.53 per share, missing estimates of $3.76, while net sales of $5.59 billion missed the $5.65 billion expected. The company now expects Foot Locker's annual comparable sales to be flat to down 2%.

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3. Intuit Beats Q4 Targets But Disappoints With Guidance

Source: Investor's Business Daily

Financial software firm Intuit handily beat Wall Street's targets for its fiscal fourth quarter late Tuesday, but disappointed with its guidance, sending the stock lower in extended trading.

The Mountain View, California-based company earned an adjusted $4.03 per share on sales of $4.35 billion for the quarter ended July 31, topping the roughly $3.58 per share analysts polled by FactSet had expected.

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4. Vegas Hotels Worry About Fading Canadian Tourism

Source: Business Insider

Despite President Donald Trump's Truth Social declaration that "WE DON'T NEED CANADA, THEY NEED US!" on Monday, Las Vegas is working hard to court Canadian visitors as it grapples with a steep decline in Canadian tourism.

Canada has historically been Las Vegas' largest international source market. In 2025, roughly 18% fewer Canadians visited — a decline of about 250,000 visitors — dragging on tourism spending and gambling revenue.

To win Canadians back, hotels under the Circa Hospitality Group have offered a "Vegas At Par" promotion letting Canadians spend at a 1:1 exchange rate, versus the current rate of about $1 CAD to $0.72 USD. The promotion has drawn more than 75,000 Canadian tourists and generated $15 million in slot coin-in. MGM Resorts and Air Canada have also rolled out deals.

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5. BlackBerry CEO: Robotics Is One of Our Fastest-Growing Businesses

Source: CNBC

BlackBerry CEO John Giamatteo says robotics is one of the fastest-growing businesses within its key software division, as the company positions itself for a future in physical AI.

BlackBerry, once a major phone maker, now counts QNX — "safety-critical" software running in cars — among its biggest businesses, embedded in 275 million vehicles. Giamatteo said QNX is now being used in robotics, focused on industrial settings like warehouses, robotic forklifts and medical equipment rather than humanoid robots.

The company has a $950 million backlog of QNX orders, part of it from robotics. BlackBerry's stock has doubled this year, and in April it announced an expanded partnership with Nvidia.

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6. JPMorgan: Bessent's Bond Buyback Is Like 'Paying Your Mortgage With Your Credit Card'

Source: Yahoo Finance

With U.S. debt topping $40 trillion, JPMorgan's James Sullivan, co-head of global fundamental research, compared Treasury Secretary Scott Bessent's bond buyback plan to "paying your mortgage with your credit card."

The plan aims to buy back longer-term bonds and reissue them under different terms. Sullivan warned on CNBC's Squawk Box that it "can work for a while, but eventually the mismatch starts to become more obvious," arguing the Treasury is merely deferring the debt problem.

The 30-year Treasury yield hit a 19-year high of 5.34% last week before falling to 5.18% on the announcement, then rising back near 5.25%. The Treasury said it would at least double its liquidity-support buybacks of 10- to 30-year bonds, to over $4 billion, starting Sept. 9 and Nov. 4.

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7. Falling Oil Prices Help Calm Stock and Bond Markets

Source: AP News

Oil prices fell again Tuesday, easing worries in the bond market and supporting stocks. The S&P 500 rose 0.3%, the Dow added 160 points (0.3%) and the Nasdaq climbed 0.7%.

Brent crude fell 3.6% to $87.27 a barrel, a second straight decline after 13 gains in 14 days. The yield on the 10-year Treasury fell to 4.63% from 4.70% late Monday and 4.74% at the end of last week.

Nvidia rose 2.2%, a day after dropping 2.9%, and the gains in chip stocks helped offset a record 30.7% plunge for Dick's Sporting Goods. A Conference Board report Tuesday showed U.S. consumer confidence weakened more than economists expected.

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8. Oil Drops Over 3% as U.S. Shifts to Economic Pressure on Iran

Source: CNBC

Oil prices fell more than 3% on Tuesday as the U.S. pivots to economic sanctions rather than military strikes to pressure Iran. Brent futures dropped 3.9% to settle at $88.58 a barrel, while U.S. WTI crude lost 3.1% to $82.36.

The White House has labeled the effort an "economic D-Day," with Treasury Secretary Scott Bessent calling it "the single greatest financial offensive ever." The foreign ministers of Iran and Oman met Tuesday to discuss a proposed temporary joint shipping route in the Strait of Hormuz.

President Trump said Tuesday the Navy had notified him that all mines have been cleared in international waters in Hormuz. Iranian Economy Minister Ali Madanizadeh said Tehran is "fully prepared" to withstand more sanctions.

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9. Gold Hovers Near Three-Month High on Dollar Weakness

Source: CNBC

Gold hovered around its highest level in more than three months on Tuesday, supported by a weaker U.S. dollar and the Treasury's bond buyback plans. Spot gold dipped 0.1% to $4,647.05 an ounce, still near its highest since mid-May.

Gold has gained more than 15% so far this month, and UOB forecasts it is on track for its strongest monthly gain since September 1999. Gold futures edged up to $4,694.50, also near a three-month high.

The dollar index has lost 0.8% this month. Investors are watching Fed Chair Warsh's speech ahead of the Jackson Hole Symposium later this week for clues on interest rates.

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10. United Adds 10 New International Destinations

Source: The Points Guy

United Airlines on Tuesday revealed its 2027 summer route plans: 10 new international destinations and 13 new routes, the largest route announcement of its kind in the airline's history.

The new destinations include America's first nonstop flights to Slovenia (Ljubljana) and Luxembourg, a new destination in Japan (Okinawa), islands in Spain, Portugal and Italy, and two French cities, Toulouse and Marseille.

Most of the new routes will launch between March and June 2027, with the Newark hub gaining eight new European destinations. The new Airbus A321XLR will anchor service to Luxembourg, Toulouse, Ibiza, Valencia and Marseille.

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