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Daily digest · 08-26-2026

Wednesday, Aug 26, 2026, then tomorrow

The tape was effectively flat: S&P 500 +0.02%, Nasdaq (NDAQ) 100 +0.09%, Dow 30 -0.16%, Russell 2000 -0.11%. Breadth was narrow at 5 of 11 sectors green. Industrials (XLI, +1.09%) led; Health Care (XLV, -0.98%) was the drag. The 8:30 AM PCE print showed core prices up 3.3% annually, hotter than expected, and briefly knocked the Nasdaq 100 -0.6% as September rate-hike bets were repriced. That macro headwind was partially absorbed by AI-adjacent strength: Salesforce (CRM) +8% on Anthropic-stake profit boost, AMD (AMD) +1%+, Oracle (ORCL) and Dell Technologies (DELL) lifted by analyst upgrades. Nvidia (NVDA) reported after the close with the session still pending that result. The hot PCE and September hike repricing carry directly into tomorrow's positioning, as does whatever NVDA prints post-close.

Market postureConstructiveBroad uptrend. Normal signal cadence to our subscribers.
Breadth
5 of 11 sectors higher
Volatility
VIX 15.21 (-0.24)
20-day range 14.2 to 16.5 · as of 08-26-2026
S&P 500
+0.02%
765.94
Nasdaq 100
+0.09%
711.28
Dow 30
-0.16%
534.27
Russell 2000
-0.11%
298.93
Sector tape

Today's rotation

One-day total return of the 11 SPDR sector ETFs.

 Industrials
+1.09%
 Technology
+0.64%
 Energy
+0.59%
 Utilities
+0.44%
 Materials
+0.12%
 Financials
-0.09%
 Consumer Staples
-0.25%
 Communication Svcs
-0.49%
 Real Estate
-0.60%
 Consumer Discretionary
-0.68%
 Health Care
-0.98%
Catalysts

What drove it (and may carry over)

Curated from the day's market wire.

·NVDA
Nvidia is set to report second-quarter earnings after the market close, with data-center growth and AI demand guidance in focus.
▲CRM
Salesforce shares jumped 8% after its stake in Anthropic boosted quarterly profit alongside AI-driven growth.
▲META
Meta agreed to a $16.7 billion settlement with state attorneys general over child-safety and social-media addiction claims.
▲SPCX
SpaceX unveiled a $100 billion Starbase expansion plan in Louisiana as Morgan Stanley forecast 70% upside for the stock.
▲Anthropic signed a $45 billion cloud deal to rent about 460 megawatts of compute capacity at an Nscale data center in West Virginia.
▲ORCL
Oracle shares rose after Citigroup said the stock could more than double from current levels following its summer selloff.
▲ANF
Abercrombie & Fitch shares surged after posting record second-quarter sales, a major EPS beat, and raised full-year guidance.
Tomorrow

Thursday, Aug 27, 2026

What is scheduled, with ET times. Not a forecast of how it lands.

No scheduled economic data Thursday. The dominant structural driver is NVDA's after-close earnings result tonight: AI-sector tone, semiconductor names, and broader Nasdaq (NDAQ) leadership will all gap-react at the open. Marvell Technology (MRVL) reports after the close Thursday (~4:05 PM ET), keeping semiconductor event risk alive into the end of the session. Watch NVDA's guidance on data-center and AI demand, the secondary reaction in AMD, DELL, and Synopsys (SNPS) (all NVDA-adjacent from today's headlines), and whether the PCE-driven rate-hike repricing continues to press Health Care and Consumer Discretionary.

after close MRVL earningsOur thesis ›
On our radar

Reporting tomorrow, and we have a view

What in the report would support or undermine our published research.

  • MRVLNot a multi-month holdingThu 08-27-2026 · after the close

    Confirms: A meaningful sequential acceleration in data-center and AI networking revenue alongside improving operating margins would signal the growth expectations embedded in the valuation are being met.

    Breaks: Flat or declining data-center revenue, operating margin falling below 12%, or further reduction in institutional holder count would reinforce the thin-conviction, orphan assessment.

By timeframe

Session structure

How the calendar shapes each holding period. Descriptive only: not advice, and not a recommendation to trade anything.

⚡ ScalpThursday opens without any scheduled economic data, so the volatility structure is front-loaded entirely by NVDA's after-hours earnings result from Wednesday. The open will likely feature wider spreads and faster price movement in semiconductor and AI-related names until initial gap reactions settle. After that early window, liquidity conditions will depend on whether follow-through materializes or the tape quiets.
☀️ Day tradeThursday's session has a clear two-part structure: an earnings-gap reaction phase at the open driven by NVDA's result, and a second focal point into the close with MRVL reporting after the bell at approximately 4:05 PM ET. The Wednesday leaders (Industrials at +1.09%, Technology at +0.64%) and the laggard (Health Care at -0.98%) provide the sector-level context for how capital is rotating heading into the session.
🌊 SwingVIX at 15.21 on Wednesday reflects relatively contained implied volatility, but the hot core PCE reading of 3.3% annually and the resulting September rate-hike repricing introduce macro uncertainty that sits inside any multi-day holding period. NVDA and MRVL earnings both fall within a typical swing-trade window, meaning semiconductor and AI-infrastructure positions carry binary event risk that resolves before or at the end of Thursday.
← Tuesday, Aug 25, 2026All daily digests

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