Macro Events & News
Earnings season ramped up with key reports from mega caps Tesla (NASDAQ:TSLA) and Alphabet (NASDAQ:GOOG). Tesla disappointed as sales declined and its forward-looking initiatives lacked meaningful updates, though sequential improvements from last quarter offered some relief. Alphabet delivered a much stronger showing — beating earnings expectations with positive momentum across AI, cloud, Search & ad growth, and continued expansion of Waymo. The breadth of Alphabet’s strength provides optimism for the rest of big tech set to report next week. Not all earnings were positive, however — Intel (NASDAQ:INTC) remains in a difficult transition, and IBM (NASDAQ:IBM) showed weakness in consulting demand.
On the trade front, sentiment improved following progress with Japan, Indonesia, and the Philippines. While the Japan agreement still requires formal approval, it’s viewed as a step forward. Negotiations with the EU are reportedly progressing well ahead of the August deadline. U.S. Treasury Secretary Scott Bessent also announced plans to meet with Chinese officials in Stockholm for a third round of talks aimed at extending the current trade deal.
The 10-year Treasury yield was marginally lower to 4.38%. The VIX fell back this week, closing at 14.93.
All the major indexes were higher this week: the Dow up 1%, the S&P 500 up 1%, and the Nasdaq up 1%.
Watchlist News
1% ▲
Adobe Inc (NASDAQ: ADBE) ended the week with a slight gain, buoyed by a 1.4% move on Tuesday despite the absence of any major company-specific news. Momentum faded gradually into week’s end.
august bear notes
The healthy pricing of Figma’s IPO may have renewed optimism around the design software space. Adobe had previously sought to acquire Figma before regulators blocked the deal. The current price level appears to offer near-term support, and with earnings not expected until September, there’s room for a tactical setup in the meantime.
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Alibaba Group (NASDAQ:BABA) shares jumped midweek following comments from U.S. Treasury Secretary Scott Bessent, who reaffirmed plans to engage in trade negotiations with China and suggested a potential extension of the August 12 tariff deadline.
august bear notes
While the upside wasn’t as strong as some expected, a week of sideways consolidation can be viewed as healthy. Reports surfaced about Alibaba’s new AI model (Qwen3) outperforming both ChatGPT and DeepSeek, though it failed to materially move the stock. Should there be constructive commentary next week from the China–U.S. trade talks in Stockholm, it could break higher.
3% ▲
Baidu Inc (NASDAQ:BIDU) spiked on Wednesday in premarket trading, briefly touching $95 after trade optimism returned on Bessent’s comments. It held onto a modest gain for the week.
august bear notes
While the weekly performance was tame relative to its midweek highs, BIDU remains in a tighter consolidation range than many of its Chinese counterpart Alibaba. That compression sets the stage for a larger move once a breakout occurs. Developments from the Stockholm trade talks will likely dictate whether it pushes toward $100 or reverts to support levels ahead of its earnings report in late August.
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GameStop (NYSE:GME) rallied above $24 and briefly flirted with $25 during after-hours trading before fading to end the week flat. A renewed wave of meme-stock enthusiasm appeared midweek but did not translate into lasting momentum.
august bear notes
GameStop’s relative exclusion from the meme frenzy could actually signal progress. Investors may be viewing the company less as a speculative play and more as a turnaround story under CEO Ryan Cohen, who has focused on streamlining the retail operation and expanding into collectibles and other nontraditional assets. Or investors may simply be wary of another equity dilution event if shares rally sharply. Either way, it should make a clear break out of its current right range soon.
