^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0945 - S&P manufacturing PMI for August: Expected 53.3; Prior 53.3
1000 - ISM manufacturing PMI for August: Expected 49; Prior 48
1000 - Construction spending m/m for July: Expected -0.1%; Prior -0.4%

Big Tech

-0.94%

On watch amid a rise in treasury yields on Tuesday morning, with the 10-year climbing over 6 basis points to 4.287%. A federal appeals court ruled most of Trump’s global tariffs illegal, raising the risk that the government may need to refund collected revenues. The decision, which Trump vowed to appeal to the Supreme Court, heightens concerns over U.S. fiscal strain as tariffs were expected to generate $172.1 billion in 2025.

MSFT, META, GOOGL, PLTR

NVIDIA Corp (NVDA)

-2.15%

Semafor reported that Abu Dhabi-backed G42 plans to reduce reliance on Nvidia by sourcing chips from AMD, Cerebras, and Qualcomm for its UAE-US AI campus. The group is also in talks with U.S. tech firms including Amazon, Microsoft, Meta, and xAI; Google is reportedly the furthest along in these talks.

Amazon.com Inc (AMZN)

-1.48%

Trading lower premarket after Reuters reported U.S. Prime memberships rose 5.4M around Prime Day, about 2% below last year and company targets. While sign-ups outperformed during the July 8–11 sale, they underperformed leading up to the event. Analyst attributed this underperformance to slowing momentum ahead of the event, growing competition from Walmart+, and tariff-related consumer pressures.

Apple Inc (AAPL)

-0.69%

JPMorgan issued a note on the stock ahead of the company’s iPhone event on Tuesday, September 9. The analyst, which maintained an Overweight rating and $255 price target on Apple, expects the iPhone event to offer modest upside, with potential surprises in hardware and pricing alongside incremental AI features. Key drivers include the new slimmer iPhone Air—targeted at 10–15M units in 2H—and strategic pricing in China, where models under ¥6,000 (~$840) qualify for a 15% subsidy.

Meta Platforms Inc (META)

-1.27%

On watch after the Information reported that the company is exploring partnerships with Google and OpenAI to integrate external AI models like Gemini into its chatbot and apps. These collaborations are seen as temporary moves to boost Meta’s AI features until its in-house models become more competitive.

PepsiCo Inc (PEP)

+3.94%

Trading sharply higher premarket after the Wall Street Journal reported that Elliott Management has built a roughly $4 billion stake in the company, one of its largest equity positions ever. The activist investor reportedly plans to push for changes aimed at boosting the beverage giant’s share price.

Tesla Inc (TSLA)

-1.11%

Data from the China Passenger Car Association showed that Tesla’s China-made EV sales fell 4% in August year-over-year, extending July’s decline. Deliveries of Shanghai-made Model 3 and Model Y vehicles, however, jumped 22.6% from July to 83,192 units. Facing fierce competition from BYD and Xiaomi, Tesla has cut prices and launched a new six-seater Model Y in China to revive demand amid political backlash and weaker sales in Europe.

NIO Inc (NIO)

+0.94%

Trading higher premarket following its Q2 2025 earnings report. The company reported losses of $0.25 per American depository share, better than the expected loss of $0.30 per share, though sales of $2.65 billion missed estimates of $2.76 billion. Nio guided Q3 sales between $3.045 billion and $3.193 billion, below estimates of $4.69 billion, and expects deliveries to rise by 40.7% to 47.1% year-over-year for the same quarter.

Signet Jewelers Ltd (SIG)

+4.49%

Trading sharply higher premarket after reporting earnings for fiscal Q2 2026, with adjusted earnings of $1.61 per share and sales of $1.53 billion beating estimates of $1.23 and $1.5 billion, respectively. Same-store sales rose by 2% year-over-year. The company guided Q3 sales between $1.34 billion and $1.38 billion, mostly exceeding estimates of $1.341 billion. Signet also raised its sales and EPS guidance for FY26; its new sales guide is in-line with estimates, while the midpoint of its new EPS guide of $8.04 to $9.57 falls below estimates of $8.97.

Constellation Brands Inc (STZ)

-8.10%

Gapping down after cutting its outlook for FY26 amid concerns about macroeconomic headwinds that could impact demand from consumers. The company lowered its FY26 comparable EPS guide from $12.60-$12.90 to $11.30-$11.60. Constellation also slashed its guidance in a variety of other metrics, including enterprise operating income growth and enterprise organic net sales growth.

SHF Holdings Inc (SHFS)

+82.54%

Gapping up after launching the Fully Managed Cannabis Banking Program, the first solution offering complete operational and compliance outsourcing for financial institutions serving the cannabis industry. CEO Terry Mendez will discuss the future of cannabis banking at the PBC Conference 2025, highlighting the company’s push for compliant, scalable national financial infrastructure.