Daily Brief United States: NVIDIA Corp, USD, Crude Oil, Dollar General, Solana, Dell Technologies , Bitcoin, Tonix Pharmaceuticals Holding and more

• Constituent changes to the S&P 500 INDEX and weight changes as a result of the market consultation proposals being adopted will result in a round-trip trade of US$31.5bn.
• The largest one-way turnover is expected in the Consumer Staples Select Sector SPDR Fund, Technology Select Sector SPDR, Materials Select Sector SPDR and Communication Services Select Sector SPDR Fund.
• The inflows to Apple (AAPL US), Palantir Technologies (PLTR US) and Dell Technologies (DELL US) will add to the buying from the S&P 500 INDEX (SPX INDEX) trackers.

• Markets experienced significant volatility in response to comments from New York Fed presidents and Governor Waller, resulting in pricing of around 30 basis points for the September meeting
• Labor market data suggests softening, with revisions showing a decline in private sector payroll growth, indicating a shift towards imminent Fed easing
• Opportunities in Treasuries lie in steepeners, with a focus on front end steepening and potential for further broadening of the steepening trend as the Fed moves towards easing.

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• US oil and gas rig count fell by one to 582 for the week ending 06/Sep, marking a decline in rig count for the fourth consecutive week.
• The US oil rig count is unchanged at 483 for the third consecutive week. Meanwhile, gas rigs declined by one to 94, marking their lowest level since April 2021.
• For the week ending 30/Aug, US crude oil production stayed flat WoW at 13.3m bpd. In August, production reached a record high of 13.4m bpd on two occasions.

• After Dollar General’s (DG) disastrous earnings couple of weeks ago, I was quite concerned about their prospects in the near-term.

• However, a week later after digesting through Dollar Tree (DLTR) as well as DG management’s explanation in the Goldman Sachs Retailing Conference, I have updated some of my thoughts about DG…in the positive direction.

• Nonetheless, I have decided to abide by my decision not to inject more capital to DG, but to increase my notional exposure to DG via long-dated call options. 

• NVIDIA recently reported stellar financial achievements for its second quarter of fiscal 2025 with total revenue reaching $30 billion, marking a significant 122% increase year-over-year.
• This surge was primarily driven by unprecedented growth in the Data Center segment, which reported revenues of $26.3 billion, reflecting a 154% increase from the previous year.
• The strong demand for NVIDIA’s latest Hopper GPUs, coupled with the advancing deployment of Blackwell platforms, has significantly contributed to this uptrend.

• Austin from Solana tweeted about Solana’s new network extensions
• Kyle Samani discussed how Solana rollups will differ from Ethereum’s
• Prasad observed developments in Solana rollups, including SVM separation and new apps like Magic Block and Spicenet.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Dell Technologies Inc. showcased robust performance in the second quarter of fiscal year 2025, driven mainly by solid advancements in artificial intelligence (AI) technology and strong server sales (a staggering 80% jump).
• The company reported revenue of $25 billion, reflecting a 9% increase year-over-year, and diluted earnings per share (EPS) also rose by 9% to $1.89.
• This growth was supported by significant demand in their infrastructure solutions group, particularly from Tier 2 cloud service providers, and an increasing engagement in AI server solutions from enterprise customers.

• Bitcoin and other cryptocurrencies are experiencing significant price fluctuations
• Stablecoins like Tether and USDC have remained stable, providing a store of value
• The narrative around stablecoins as the killer app of crypto raises questions about reliance on existing financial infrastructure and potential systemic risks

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• In Monday’s Crypto Crisp, we took a bearish stance, driven by a worsening economic outlook, with growth falling short of expectations and liquidity conditions looking grim for September.
• Since then, the crypto market has continued its decline.
• While we believe September will likely be challenging for digital assets, it is too extreme to claim the bull market is over.

• In August 2024, the World Health Organization (WHO) declared mpox a public health emergency of international concern.
• The number of cases of mpox in the Democratic Republic of Congo (DRC) has totaled more than 15,600 this year with 537 deaths.
• In the past month, over 100 laboratory confirmed cases of Clade 1b have been reported in neighboring countries of the DRC.