Market Overview
The following is a partial recap of the market analysis shared during today’s morning Discord call.
U.S. markets rallied overnight. The S&P 500 rose 0.31%, while the NASDAQ gained 0.65%, driven primarily by strong Salesforce (CRM) and CrowdStrike (CRWD) earnings. Core PCE inflation data came in slightly above expectations, but markets largely shrugged off the news. Gold initially dipped before rebounding to close slightly higher. Investors are now focused on Fed Chair Kevin Warsh, who delivers his keynote address tomorrow at 16:00 SAST at the Jackson Hole Economic Policy Symposium in Wyoming. Meanwhile, crude oil dropped roughly 0.5%.
On the geopolitical front, CIA Director John Ratcliffe warned Russian officials in Moscow against escalating conflicts with NATO allies and urged them to curb support for Iran. However, Russia stated that peace talks with Ukraine have hit a dead end. Kremlin insiders report that Moscow is considering intensifying its use of powerful conventional ballistic missiles, with some officials warning this trajectory could eventually lead to Putin deploying tactical nuclear weapons..
Nvidia Corporation (NVDA)
Nvidia reported its Q2 earnings yesterday after the market close, beating official estimates. During regular market hours, the stock closed slightly higher, but fell roughly 2% to 3% in extended after-hours trading. However, in pre-market trading this morning, Nvidia reversed its initial weakness and turned strong, rising roughly 4.5% to 5%.
Local Stocks
Harmony Gold Mining Co Ltd (HAR)
Harmony announced its full-year earnings this morning, with analysts holding mixed views on the update. While overall historical results were exceptionally strong, markets reacted negatively to the operational outlook. FY27 guidance points to lower production, elevated all-in sustaining costs, and a 64% surge in capex to ~R28 billion for mine life extensions and growth projects like Eva Copper. While these investments aim to establish long-term copper-gold diversification and offset declining output at Moab Khotsong, high execution risks, heavy capital draws, and lingering hedge losses are dampening near-term sentiment despite record FY26 profits. The stock dropped more than 6% from the open this morning.
OUTsurance Group Limited (OUT)
OUTsurance released a trading statement this morning, forecasting strong growth for the financial year ended 30 June 2026. Headline earnings per share (HEPS) are projected to rise between 21% and 26% (360.9c to 375.9c), while its primary performance metric, normalised earnings per share (NEPS), is expected to increase by 15% to 21%. This blowout performance was anchored by a 40% to 46% surge in normalised earnings from its core South African property and casualty business, driven by lower claims and improved underwriting margins, which helped offset earnings drags in its Australian (Youi) and Life divisions. The stock opened significantly higher today, surging over 6%.
Earnings & Economic Data
Pre-Market Earnings
Best Buy Co Inc (BBY)
Best Buy is a multinational consumer electronics retailer that sells technology products, appliances, mobile devices, and related installation and support services through physical stores and its e-commerce platform.
BiliBili Inc (BILI)
Bilibili is a Chinese online entertainment platform that offers user-generated videos, live streaming, mobile games, and anime content centered around youth culture and pop media.
After-Market Earnings
Marvell Technology Inc (MRVL)
Marvell Technology is a semiconductor company that designs high-performance integrated circuits and data infrastructure solutions for data centers, enterprise networking, carrier infrastructure, and automotive applications.
Iren Ltd (IREN)
IREN Ltd is a digital infrastructure company that develops and operates 100% renewable-powered data centers for AI cloud computing services, high-performance computing (HPC), and Bitcoin mining.
Economic Data
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