Key Takeaways
- CoreWeave shares experienced multiple large block trades, with 11 million shares placed by Goldman Sachs, JPMorgan, and Morgan Stanley at prices ranging from $93 to $97, fueling market speculation over concentrated positions.
- Apple (AAPL) anticipates a significant $1.1 billion tariff impact in the upcoming quarter, as reported by TechCrunch.
- Elon Musk's xAI has begun video AI training, leveraging NVIDIA's (NVDA) latest chip technology.
- The US NY Fed GDP Nowcast for Q3 saw a slight increase to 2.06% from its previous 2.02%, indicating a modest uptick in economic growth projections.
- Geopolitical tensions remain high as Ukrainian President Zelensky reported ongoing Russian attacks ahead of a critical summit with former President Trump, with the Kremlin describing the mood as "combative" but hopeful for results.
Market Movers and Corporate Impacts
Shares of CoreWeave saw substantial activity with multiple block trades hitting the market, involving 5 million shares via Goldman Sachs priced at $93, 6 million shares through JPMorgan at $97, and a Morgan Stanley-led block at $94. These large, rapid placements have ignited speculation regarding concentrated positions, drawing comparisons to past leveraged events.
Technology giant Apple (AAPL) is bracing for a substantial financial hit, expecting a $1.1 billion tariff impact in the next quarter. This development, initially reported by TechCrunch, highlights the ongoing challenges faced by multinational corporations amidst evolving trade policies.
In other corporate news, Standard Chartered noted reports containing "profound factual inaccuracies" in the legacy Brutus Qui Tam case. The bank stated that the underlying allegations, including a claim of $9.6 billion in unlawful transactions, are "entirely false" and have been repeatedly rejected by US courts. Standard Chartered anticipates that the dismissal of this case will continue to be upheld on appeal.
Tech and AI Developments
Elon Musk's artificial intelligence venture, xAI, has initiated video AI training, utilizing NVIDIA's (NVDA) cutting-edge chips. This move underscores the continued investment and advancements in the competitive AI sector.
Economic Indicators
The US NY Fed GDP Nowcast for Q3 has been updated, showing a slight increase to 2.06% from its previous estimate of 2.02%. This modest upward revision suggests a slightly more optimistic outlook for third-quarter economic growth.
European markets displayed mixed performance. France's CAC 40 increased by 0.71% and Spain's IBEX rose by 0.5%. Conversely, Britain's FTSE 100 declined by 0.38%, and Germany's Dax saw a slight drop of 0.01%.
Geopolitical Landscape
Tensions in Eastern Europe remain a focal point as Ukrainian President Zelensky stated that Russia's effort to demonstrate power before the upcoming summit failed, following a new attack in the East. Zelensky also indicated that a three-party meeting might lead to effective solutions, even as he reported Russia continued attacking Ukraine on Friday, ahead of a summit with former President Trump. He further claimed there were no indications from Russia to cease the conflict.
The Kremlin confirmed that President Putin and former President Trump are expected to meet in the presence of aides, expressing expectations to achieve results during the Alaska talks. Russian Envoy Dmitriev described the mood ahead of the Putin-Trump talks as "combative," stating that discussions would encompass the "full spectrum" of Russia-US relations, not solely Ukraine, and aim to restore bilateral ties beyond just economic matters.
Regulatory and Legal Updates
A significant development in the regulatory sphere saw the injunction that had blocked the Trump administration from dismantling the Consumer Financial Protection Bureau (CFPB) fully overturned. This ruling, including by Judge Rao, makes mass layoffs at the CFPB now likely to occur imminently.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.