Market Quick Take - Nvidia Results in Focus as Crude Slides and Korean Chipmakers Lead Asia
Date: 26 August 2026
Market Overview
The market is currently influenced by several key factors, including a decline in crude oil prices and anticipation surrounding Nvidia's earnings report. US and European equities have shown positive movement, while Asian stocks remain cautious ahead of Nvidia's results.
Macro Drivers
- Oil Prices: Crude oil prices have fallen due to discussions between Iran and Oman regarding a maritime corridor in the Strait of Hormuz, signaling potential de-escalation in tensions.
- US Economic Data: The US Conference Board Consumer Confidence survey revealed mixed results, with the Present Situation index improving while the Expectations index dropped significantly.
- Canada-US Trade Relations: Canada has imposed tariffs on US imports, leading to a potential trade conflict as the US considers retaliatory measures.
Equities Performance
In the US, the S&P 500, Dow, and Nasdaq all experienced gains, driven by lower oil prices and Treasury yields, which boosted technology stocks. Nvidia's stock rose ahead of its earnings report, while other companies like AMD and Moderna also saw significant increases. Conversely, Dick’s Sporting Goods faced a sharp decline after lowering its annual outlook.
Digital Assets
Digital currencies have shown resilience, with significant inflows into Bitcoin and Ethereum funds, marking a strong week for these assets. Listed miners also experienced substantial gains, reflecting a positive sentiment in the digital asset market.
Commodities Update
Copper prices reached a record high, supported by tight supply conditions. Meanwhile, oil prices continued to decline, influenced by geopolitical developments and inventory builds in the US. Gold prices consolidated after a recent rally, with market attention shifting to upcoming inflation data.
Fixed Income and Currencies
Global bond yields fell sharply as crude oil prices dropped, with the US Treasury yields reflecting this trend. The Japanese yen found some support from lower bond yields, while the Canadian dollar weakened amid trade tensions with the US. The Australian dollar strengthened following positive CPI data.
Upcoming Events
Key economic data releases are expected, including US Personal Income & Spending and PCE Price Index. The Jackson Hole symposium is also on the horizon, where Fed Chair Kevin Warsh will discuss financial innovation and its implications for monetary policy.
Conclusion
As the market awaits Nvidia's earnings and further economic data, investors remain cautious yet optimistic, navigating through geopolitical tensions and evolving economic indicators.