Semtech Holds 4% Gain as QQQ Slips Before Nvidia
Overnight tape turns cautious before Nvidia
Broad ETFs are fractionally lower while Semtech keeps part of its earnings jump. Oil’s 2% slide and a dense 8:30 a.m. macro window set up the next repricing.
Overnight quotes are venue-specific; cash indexes are latest completed closes.
−0.07%
BOATS real time · 1:02 a.m. EDT
−0.07%
BOATS real time · 1:03 a.m. EDT
+0.04%
Last BOATS trade · 11:01 p.m. EDT
−0.05%
Overnight · 12:52 a.m. EDT
Tuesday finished higher, led by technology
| Index | Close | Move |
|---|---|---|
| S&P 500 | 7,677.28 | +0.32% |
| Nasdaq Composite | 26,151.30 | +0.66% |
| Dow Industrials | 53,577.40 | +0.30% |
| Russell 2000 | 3,010.02 | +0.50% |
Delayed index closes for August 25; source timestamps ranged from 4:30–5:43 p.m. EDT. Reliable consolidated overnight breadth is not available, so it is omitted.
Earnings reactions split the overnight board
Semtech’s overnight premium narrowed but stayed positive after record quarterly sales of $341.9 million and above-consensus current-quarter guidance.
BOATS · 1:02 a.m. EDT · results ↗
Fiscal 2027 revenue guidance of $23.28–$23.51 billion missed the $23.72 billion LSEG estimate as Intuit prioritizes customer growth.
Last BOATS trade · 10:15 p.m. EDT · Reuters ↗
Nvidia holds slightly above its $213.05 cash close before results expected around 4:20 p.m.; the conference call starts at 5:00 p.m.
BOATS · 1:05 a.m. EDT · Nvidia IR ↗
A small overnight bounce follows a record 30.68% cash-session loss after DICK’S cut forecasts amid weak Foot Locker demand.
BOATS · 1:04 a.m. EDT · Reuters ↗
Oil relief, yields still the hinge
- WTI October$80.60−2.14%12:57 a.m. EDT · delayed
- U.S. Dollar Index99.00+0.09%12:50 a.m. EDT
- 10-year Treasury4.639%−6.5 bpAugust 25 close · 2:59 p.m. EDT
- VIX15.45−2.52%August 25 close · 4:15 p.m. EDT
Index risk is quiet; single-stock risk is not
Cautious, orderly
QQQ and SPY are each down 0.07%. SMTC’s gain has cooled to +4.30%; INTU remains the largest negative earnings reaction.
Macro first, Nvidia after the bell
Second-estimate Q2 GDP, July personal income/outlays and July durable-goods orders arrive together.
Watch whether oil relief broadens participation or the tape waits for Nvidia.
Scheduled
Crude inventories can reinforce or reverse WTI’s overnight 2.14% decline.
Scheduled · EIA ↗
Revenue, data-center demand, margins and the fiscal-Q3 outlook are the main index-level risk.
Scheduled · Nvidia IR ↗
Disinflation + AI follow-through
A benign PCE print keeps the 10-year below 4.64%, oil stays near $80 and Nvidia validates spending strength. QQQ reclaiming $710.72 cash close would improve tone.
Rates reprice before Nvidia
Hot inflation or firmer spending pushes yields back above 4.70%. A weak Nvidia margin or outlook then turns a narrow overnight dip into a broader tech reset.
The short list
QQQ: $710 / $706.32 prior close
SPY: $765 / $763.47 prior close
10Y: 4.64% / 4.70%
WTI: $80 / $82.36
Intuit Slides 10% as QQQ Starts New Trade Date Lower
U.S. EQUITIES · LIVE OVERNIGHT SESSION
Intuit’s outlook shock meets a cautious new trade date
Updated August 26, 2026 at 12:06 a.m. EDT (UTC−4)
Blue Ocean ATS active
8:00 p.m.–4:00 a.m. EDT
Broad ETFs ease; single-stock earnings risk stays loud
QQQ and SPY are fractionally below Tuesday’s closes in overnight trading. Intuit is the outlier: its 24-hour quote is down 10.2% from the regular close after fiscal-2027 guidance missed expectations. Semtech holds a post-earnings gain, while Nvidia is little changed before Wednesday’s results.
24-hour prices observed at 12:06 a.m. EDT on August 26 via Robinhood pages; Blue Ocean executions use direct venue feeds and are not carried by the consolidated SIP. Thin overnight liquidity can widen spreads. Session rules · QQQ · SPY · INTU · SMTC
Tuesday close
4:00 p.m. EDT · final
| S&P 500 | 7,677.28 | +0.32% |
|---|---|---|
| Nasdaq Composite | 26,151.30 | +0.66% |
| Dow Industrials | 53,577.40 | +0.30% |
| Russell 2000 | — | +0.50% |
Tech led the rebound before Nvidia; lower oil and Treasury yields helped duration-sensitive shares. Reuters · AP
Participation
Tuesday close · final
Cap-weighted gains outran the average stock; the session was constructive, not broad. Close attribution
Movers & catalysts
latest verified
- IntuitFiscal-2027 revenue growth guided to 9%–10% versus 14% in fiscal 2026; Mailchimp and TurboTax monetization remain pressure points.
- SemtechHeld a 4.0% extended-hours gain after quarterly results and guidance topped expectations.
- Nvidia$213.70 in the 24-hour market, about 0.3% above its $213.05 close; options imply a 5.4% post-earnings move.
- DICK’SClosed down 30.7% after cutting forecasts; the day’s sharpest verified large-cap drawdown.
Cross-asset pulse
10:17 p.m. EDT · latest available
Oil fell more than 2% as markets priced some hope for a temporary Strait of Hormuz shipping channel. Lower energy pressure also pulled the 10-year yield down after Tuesday’s 6.5-basis-point decline.
Wednesday decision points
all times EDT (UTC−4)
Soft PCE, firm auction demand and Nvidia guidance above the market’s high bar could turn Tuesday’s narrow tech rebound into broader participation.
Sticky inflation or weak duration demand would push yields back up; a Nvidia miss would hit the market’s most concentrated leadership.
QQQ $710.72 close, S&P breadth above 50%, the 10-year near 4.63%, and whether Intuit can hold above its overnight low.
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