Newsquawk Daily US Equity Opening News: NVDA H200 chips begin entering China; MRNA & MRK vaccine prevents Melanoma from returning

US INDEX FUTURES: ES +0.3%, NQ +0.3%, YM +0.5%, RUT +0.7% BROKER MOVES: DLTR upgraded at Jefferies; KLAR downgraded at JPM. For the full list, click here. MAJOR MORNING MOVES RECAP: Mag7, ADI, TOL, LOW, EL, MRK/MRNA, NBIS, Samsung Electronics, SK Hynix. For the full list, click here. US DAILY CONFERENCE CALENDAR: MSFT, LITE. For the full list, click here. DAY AHEAD: EVENTS: President Trump delivers remarks with tech leaders at 14:30EDT/19:30BST. CENTRAL BANKS: FOMC releases July meeting minutes (see below for preview). Fed’s Musalem (2028 voter) will give an interview to CNBC. SUPPLY: US sells USD 16bln of 20yr bonds. ENERGY: Weekly DoE energy inventory data are due; afterhours on Tuesday, API weekly data reportedly showed crude -0.3mln bbls, Cushing -1.4mln bbls, gasoline +1.1mln bbls, distillate -2.8mln bbls. EARNINGS: Notable earnings reports due today include: Nordson (NDSN), Coty (COTY). PREVIEW - FOMC MINUTES (19:00BST/14:00EDT): The FOMC minutes will be watched for signs of how widely hawkish views were shared at July’s meeting. The Fed held rates at 3.50-3.75%, but three regional presidents dissented in favour of a 25bps hike. Attention will focus on whether other officials also saw a case for tighter policy, particularly amid concerns that supply pressures and strong AI-related investment could sustain inflation. Broader support for the dissenters could keep a September hike in play; markets currently assign roughly a 65% probability to another hold in September. Data since the meeting have strengthened the case for patience; July CPI and PPI were softer, while payroll growth weakened and previous months were revised lower, both reinforcing expectations that the Fed may remain on hold despite inflation staying above target. The minutes may therefore have limited market impact because they pre-date significant new data. Investors may also be more focussed on Chair Warsh’s upcoming remarks at Jackson Hole next week, as well as the next inflation and employment reports ahead of the September meeting. Newsquawk’s full FOMC minutes preview is here. US EQUITY NEWS: TECH: Nvidia (NVDA) - Small batches of Nvidia H200 chips have been allowed to enter mainland China, with ByteDance and Tencent (TCEHY) each receiving approximately 10,000 processors in recent weeks, FT reports. Although US authorities have cleared the companies to purchase up to 100,000 H200 chips each, Beijing has instructed firms to keep the hardware outside mainland China to support domestic chipmakers, with regulators directing companies to ship processors to Hong Kong instead. SK Hynix (SKHY) - SK Hynix’s South Korean union is finalising a tentative wage deal with management, a source told Reuters. A key dispute concerns bonuses after management proposed paying more than half in restricted shares. Workers are set to receive an average KRW 779mln payout in 2026. The deal requires union-member approval. In other news, announced plans to buyback KRW 40tln of stock and return over 50% of FCF to shareholders from its previous target of within 50%. Samsung Electronics (SSNLF) - Will invest about KRW 240bln to establish a 21,500m2 FlaktGroup HVAC production line at its Gwangju site by 2028. The facility will manufacture FlaktGroup HVAC systems, including cooling solutions for AI data centres, targeting growing HVAC demand. Elsewhere, reportedly raised prices for advanced contract chipmaking services by 10-15% for new orders, sources say. Anthropic, OpenAI - OpenAI’s Q2 revenue rose +18% to USD 6.7bln (from USD 5.7bln) in Q1, while its operating loss widened to USD 12.3bln, WSJ reports. While Anthropic more than doubled Q2 revenue to USD 11.6bln and posted a small adj. operating profit, as Claude Code growth helped it overtake OpenAI in sales. Anthropic - Preparing super voting shares for CEO Dario Amodei (reportedly owns ~2%) and other co-founders to strengthen control ahead of a potential IPO later this year, The Information reports. Plans also retain non-shareholder trustees’ power to elect a board majority. Details may change. OpenAI - CEO Sam Altman said the company has paused some frontier reinforcement learning training because model capabilities were advancing faster than its safety, alignment and monitoring standards. OpenAI will act unilaterally on safety while advocating shared industry standards, and expects confidence in safety increasingly to determine the pace of AI progress. Keysight Technologies (KEYS) - Shares rose 2% in extended US trading after quarterly earnings and revenue beat, and its guided Q4 above expectations, reflecting strong momentum across its end markets. Q3 2026 (USD): Adj. EPS 3.07 (exp. 2.48), Revenue 1.85bln (exp. 1.75bln). Commentary: Exec said record quarterly results were supported by broad demand across communications, industrial automation, aerospace and defence, automotive, semiconductor and general electronics markets; CEO is confident in sustaining the momentum. Guidance: Q4 adj. EPS 3.34-3.40 (exp. 2.68), Revenue 1.93-1.95bln (exp. 1.83bln). Cerebras Systems (CBRS) - Introduced the CS-4 computer, which it claims will be multiple times faster than its predecessor and give it a wider speed advantage over Nvidia (NVDA). The CS-4 features an improved cooling system, a modular design and can house updated chips due next year; it will become more widely available in Q3. IBM (IBM) - IBM and the Singapore Institute of Technology plan to establish a Quantum-Safe Centre at SIT Punggol Campus by the end of 2026. Microsoft (MSFT) - Cos. AI's CMO is reportedly leaving her role, Business Insider reports. Analog Devices (ADI) - Shares edge higher as EPS and revenue topped Wall St. expectations, as did next quarter outlook. Q3 2026 (USD): Adj. EPS 3.45 (exp. 3.34), Revenue 4.02bln (exp. 3.91bln). Q4 Guidance: Adj. EPS 3.71-4.01 (exp. 3.54), Revenue 4.2-4.4bln (exp. 4.07bln). Nebius Group (NBIS) - Announces proposed private offering of USD 4.50bln of convertible senior notes. Marvell Tech (MRVL) - Entered agreement with Google (GOOGL) for custom semiconductor products; Issues Google warrant to purchase up to 58.971 mln shares at USD 206.58/shr. COMMUNICATIONS: Paramount Skydance (PSKY) - Hired former Google (GOOG) executives Nick Lee as EVP of media systems, and Suzanne Pellican as EVP head of design, Business Insider reports. The appointments deepen investment in product and technology as CEO David Ellison seeks to make Paramount a technology powerhouse while pursuing its paused USD 110bln acquisition of Warner Bros. Discovery (WBD). Alphabet (GOOGL) - Raised USD 3.89bln in its first-ever Australian dollar-denominated debt issuance. FINANCIALS: Crypto - SEC proposed exemptions from securities registration for certain digital asset offerings, including up to USD 5mln for four years and USD 75mln for 12 months, Bloomberg reports. Larger exempt offerings would require financial statements and ongoing reporting. The proposal also includes a safe harbour from the “investment contract” definition once promised managerial efforts cease. KKR & Co. (KKR) - Mavik disclosed a 5.4% stake in KKR Real Estate Finance Trust, betting its strategic review could lead to a sale or liquidation near book value, Bloomberg reports. Mavik estimates a sale of the loan portfolio at 95 cents on the dollar could generate an internal rate of return above 30%. Dbs Group Holdings (DBSDY) - Preparing a succession plan for chairman Peter Seah, who has led the Singapore bank for more than 16 years, Bloomberg reports. Seah, 79, remains non-executive chairman and was re-elected in March. He also chairs Singapore Airlines and sits on the board of GIC. Standard Chartered (SCBFY) - Reorganised its leveraged acquisition finance team, appointing David Law as Global Head of Sponsor Financing and Private Credit, with financing responsibility for corporate clients moving to Surya Bagchi as Global Head, Financing Solutions. The restructuring is aimed at sharpening focus on sponsor-led deals amid increasing dealmaking activity. BMPS (BMPSY), Intesa Sanpaolo (ISNPY), Banco BPM (BNNCY), Generali (ARZGY) - BMPS CEO is reportedly working on two share-swap offers for Banco BPM and Generali as an alternative to an Intesa takeover, Il Sole reports; the board has reportedly not been informed of the plan. EQT AB (EQTAB) - Oasis Management, which owns 19.5% of Kakaku, urged the company to withdraw support for EQT’s JPY 3,570/shr bid, or seek a price above Bain Capital and LY Corp’s JPY 3,640 offer; Oasis added that it will not tender into EQT’s bid, intensifying the takeover battle. CONSUMER DISCRETIONARY: Toll Brothers (TOL) - Edged higher in extended trading after a quarterly beat, while its Q4 delivery outlook was broadly in line with consensus. Q3 2026 (USD): EPS 2.97 (exp. 2.90), Revenue 2.66bln (exp. 2.60bln). Home sales revenue 2.65bln, with 2,662 deliveries at an average price of USD 996,400, while net signed contracts +5% Y/Y to 2,508 homes and USD 2.52bln. Backlog ended the quarter at USD 6.24bln across 5,312 homes, and adj. home sales gross margin was 25.6% (35bps above guidance). Raised projected FY26 buybacks to USD 700mln (prev. 650mln). Guidance: Q4 deliveries 3,450-3,550 units, and an average delivered home price USD 995,000-1.005mln. Narrows FY26 deliveries guidance to 10,500-10,600 units, and FY26 average delivered home price guidance to USD 995,000-1.0mln, while maintaining FY26 home sales revenue view of USD 10.5bln, with an adj. gross margin of 26.1%. Lowe's (LOW) - Shares move lower as revenue missed as did top line FY guidance. Q2 2026 (USD): EPS 4.40 (exp. 4.23), Revenue 26bln (exp. 26.15bln), SSS +0.2% (exp. 0.5%), driven by strength in Pro and Home Services and online sales +15.7% Y/Y, partly offset by continued pressure in discretionary DIY spending. Commentary: CEO said execution remains strong despite a dynamic near-term environment, with the company continuing to invest behind its Total Home strategy. Guidance: FY EPS 12.25 (exp. 12.43, prev. 12.25-12.75), Revenue 92bln (exp. 92.95bln, prev. 92-94bln), Comp. sales seen flat Y/Y. TJX Companies (TJX) Q2 2026 (USD): Adj. EPS 1.22 (exp. 1.19), Revenue 15.18bln (exp. 15.18bln), Consolidated comp sales +4% (exp. 3.3%). Guidance: FY EPS view 5.31-5.36 (exp. 5.23). Increases FY27 pretax profit margin and diluted EPS outlook. Q3 EPS 1.36-1.38 (exp. 1.35), Comp. sales growth view of 2-3%. CONSUMER STAPLES: Pilgrim’s Pride (PPC), JBS (JBS) - JBS has submitted a non-binding proposal to acquire the roughly 18% of Pilgrim’s Pride it does not already own, offering 2.086 JBS Class A shares for each Pilgrim’s Pride share. The proposal requires approval from an independent special committee and minority shareholders. If completed, Pilgrim’s Pride shares would be delisted from Nasdaq. Carlsberg (CABGY) H1 2026 (DKK): Revenue 47.1bln (exp. 47.1bln), EBIT 7.45bln (exp. 7.55bln), Net profit 4.29bln (exp. 4.3bln); volumes 48.4mln hl (exp. 78.6mln hl). Guidance/Commentary: FY26 organic operating profit growth of 4-6% (exp. 5.34%, prev. 2-6%). CEO said it saw sustained progress on its key strategic priorities, with particularly strong growth for soft drinks and alcohol-free brews. Estee Lauder (EL) - Shares gain following strong results, as quarterly metrics beat and raised FY outlook. Q4 2026 (EUR): Adj. EPS 0.39 (exp. 0.32), Revenue 3.63bln (exp. 3.55bln); estimates job cuts at 'high end' of 9-10k range. Guidance: FY27 adj. EPS 3.06-3.31 (exp. 3.18). CEO: Reignited growth with organic sales rising 3%, driven by the breadth of growth across brands, and achieved significant operating margin expansion. Delivering on all aspects of Beauty Reimagined. Our One ELC operating model is increasingly enabling the entire organization to move at speed and with discipline. Target (TGT) Q2 2026 (USD): Adj. EPS 4.11 (exp. 2.32), Revenue 26.5bln (exp. 26.12bln), SSS 2.7% (exp. 2.4%). Guidance: Lifts FY outlook to include tariff refunds; Adj. EPS 9.90-10.90 (prev. 7.50-8.50, exp. 8.47), Revenue +5% (prev. +4%). Excluding tariff refunds, the midpoint of the guidance range reflects a USD 0.75 increase versus prior guidance. INDUSTRIALS: LG Energy Solution (373220 KS) - In early stage talks with US government and defence contractors about supplying batteries for drones and unmanned weapons systems, marking a significant strategic shift for a company that has historically avoided the defence sector, Bloomberg writes. The move comes as LG repurposes North American factory capacity away from EVs, with energy storage now the majority of its US business. Boeing (BA), Lockheed Martin (LMT) - United Launch Alliance, the Boeing-Lockheed Martin rocket joint venture, is completing a USD 1.5bln private-bond deal, tripling its initial USD 500mln target, Bloomberg reports. The offering comprises four debt tranches with maturities of three to 10 years. China Rockets, SpaceX (SPCX) - China LandSpace Technology’s Zhuque-3 rocket successfully landed on its legs on land in China’s Gansu province after sending a satellite into orbit, marking the first land-based booster recovery in China, Bloomberg reports. The feat follows a sea-based recovery in July, and represents a significant step in China’s effort to develop reusable rocket technology to compete with SpaceX, which has been recovering Falcon 9 boosters since 2017. Dover Corporation (DOV) - Agreed to acquire India-based Leistung Engineering for an undisclosed amount, adding the cryogenic valve manufacturer to OPW Fluid Transfer Solutions within its Clean Energy & Fueling segment. The transaction is expected to close in Q4. Rocket Lab (RKLB) - Joined the US Space Force’s Space Data Network Consortium, and has received two delivery orders worth a combined USD 12mln. The company will support the Space Data Network Backbone programme by demonstrating secure optical communications interoperability in space, positioning it for potential future work on military satellite communications infrastructure. BAE Systems (BAESY) - Awarded a USD 169.22mln US Navy contract modification to exercise options for MK 41 Vertical Launching System canisters and ancillary equipment. The contract includes purchases for the US, Australia, Japan and the Netherlands under the Foreign Military Sales programme. ENERGY: SLB (SLB) - Venezuela signed oil-related contracts with SLB and Hunt Oil, as part of efforts to attract investment and boost crude production, Bloomberg reports. The agreements include a hydrocarbons production participation agreement tied to two oil fields, and a framework agreement with SLB for integrated reservoir studies. Santos Ltd (SSLZY) - Santos reported H1 2026 underlying profit -22% Y/Y at USD 397mln, partly due to commissioning costs at its Darwin LNG plant. Output is expected to rise as much as 30% in H2, as Pikka oil in Alaska and Barossa gas in Australia ramp up. HEALTHCARE: Novartis (NVS) - Novartis’ iptacopan has received FDA orphan designation for the treatment of atypical haemolytic uraemic syndrome. Stryker (SYK) - Received a contract modification worth up to USD 100mln from the Defence Logistics Agency for patient monitoring and capital equipment. Moderna (MRNA), Merck (MRK) - Cos. vaccine succeeds in preventing Melanoma from returning, reports WSJ. An experimental mRNA-based vaccine succeeded in preventing cancer from coming back or spreading in a study of high-risk melanoma patients, Moderna and its partner Merck said Wednesday, paving the way for a potentially new life-extending treatment for the thousands of people diagnosed with the deadly skin cancer each year. GEOPOLITICS: US-Iran - President Trump ordered top administration envoys to halt conversations with Iran, with White House officials signalling a strategic shift from seeking rapid military victory to a longer-term economic strangulation approach, CNN reports. Meanwhile, Politico said that while Trump is waiting for Iran to capitulate to economic pressure, Tehran may be prepared to outlast the effort. US-Iran - Iran has weighed attacking US military targets in Europe if Trump escalates the war, FT reports. Foreign Minister Araghchi rejected ceasefire proposals, stating the war must end rather than pause. Parliamentary Speaker Ghalibaf dismissed US economic pressure tactics, saying the US was seeking concessions that were never part of the original agreement. Iran-UAE - The UAE suspended all trade, commercial and financial transactions with Iran after its defence ministry detected two ballistic missiles launched from Iran towards its territory. The ministry said the missiles appeared to target maritime traffic, with one falling outside territorial waters and one within. Iran denied involvement, with a Foreign Ministry spokesperson calling the allegation contrary to the principle of good neighbourliness. Yemen - Sanaa forces have placed Saudi Aramco’s facilities, oil tanks, crude pipelines and export ports on their target list, warning that Saudi Arabia’s refusal to meet Yemeni demands will cost it its oil lifeline, according to Al-Akhbar citing sources. Yemeni naval forces in Hodeidah have blocked all Saudi vessels from transiting Bab al-Mandab for several weeks, while daily transit overall has risen to approximately 30 ships. US-South Korea - The US and South Korea agreed to conclude their Ulchi Freedom Shield joint military exercises on 21st August, six days ahead of the original 27th August end date. South Korea’s Foreign Minister confirmed Seoul was not notified in advance of President Trump’s decision, which was communicated via social media. US-North Korea - US President Trump is pushing for a meeting with North Korean leader Kim Jong Un as soon as this autumn, potentially during a November Asia trip, as Trump wants to revive nuclear diplomacy, WSJ reports. No formal planning is under way, however. US-ICC - The Trump administration sanctioned ICC President Tomoko Akane and senior trial lawyer Abdoulaye Seye. Secretary of State Marco Rubio threatened further measures to “systematically dismantle” the court. The Netherlands Foreign Minister condemned the action, while four US human rights organisations have filed a lawsuit against the administration’s campaign against the ICC. TRADE: US-Canada - President Trump paused a threatened 50% tariff on nearly USD 20bln of Canadian imports for three days, citing progress towards a deal. Key outstanding issues include US auto tariffs, which were being discussed at a reduction from 25% to 15%, and the reinstatement of US alcohol sales banned by most Canadian provinces. Canadian PM Carney acknowledged substantial progress, while noting important work remains. Mexico-China - Mexico is considering further trade restrictions and higher duties on selected imports from China and other countries, with steel and vehicles among possible targets. The measures would support domestic manufacturing and align Mexico more closely with US trade policy, though the economy ministry said no concrete tariff proposal currently exists. MACRO: RBA - RBA Deputy Governor Hauser said the central bank will raise interest rates again if upside inflation risks materialise and consumer prices fail to ease. After the central bank held rates at 4.35% for a second consecutive meeting last week, money markets currently price around 66% probability of an additional hike by December. Indonesia - FTSE Russell will defer index changes that would increase Indonesian equities’ weights until at least its December review. It will still implement reductions and removals in September. The move follows MSCI’s June decision to delay its Indonesia market-status review until November. Brazil Elections - Brazilian Presidential candidate Bolsonaro added former energy minister Adolfo Sachsida to his economic advisory team. Daniella Marques remains an economic policy spokesperson. The campaign also named advisers focused on women’s empowerment and energy policy.