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What Is Tokenmaxxing? (And Why Does It Matter to You?)

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What’s in Today’s Report:

  • What Is Tokenmaxxing and Why Does It Matter to You?
  • ISM Manufacturing PMI Takeaways

Futures are slightly lower as a wave of broad market profit taking is being partially offset by a bid in the tech sector after NVDA’s CEO, Jensen Huang, said MRVL (+25%) could be the next $1T company overnight, stoking a fresh sense of AI-enthusiasm.

Economically, the Eurozone’s May HICP Flash rose 3.2% vs. (E) 3.3% Y/Y with the Narrow-Core rising to 2.5% vs. (E) 2.4% Y/Y.

Today, there are two domestic economic reports to watch with JOLTS (E: 6.815 million) being the key number to watch followed by Motor Vehicle Sales (E: 16.0 million).

Additionally, there is one Fed official scheduled to speak this morning: Hammack (8:30 a.m. ET) and the Treasury will hold a 6-Week Treasury Bill auction at 11:30 a.m. ET, both of which could move bond yields and influence equity markets (the lower yields go, the better for stocks).

Finally, some late season earnings to watch today including DG ($1.89), VSCO ($0.29), PANW ($0.43), GTLB (-$0.06), and ULTA ($6.91); the stronger the results, the better for the bullish equity narrative.

 

How to Get Pre-IPO Exposure to SpaceX

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What’s in Today’s Report:

  • How to Get Pre-IPO Exposure to SpaceX

Futures are modestly lower as NVDA earnings met expectations while markets await news on the ceasefire.

NVDA results were strong but not perfect (small miss on data center revs) and the stock is flat overnight.

Economically, EU and UK May flash PMIs signaled stagflation, with weak growth (sub-50) and high prices.

Today markets will continue to watch the U.S./Iran headlines and any backtracking on yesterday’s “progress” will be a general negative.

Away from geopolitics, however, today is a busy day of economic data that will give us important insight into stagflation risks.  Key reports toady include, in order of importance: Flash Manufacturing PMI (E: 53.5), Jobless Claims (E: 213K), Philly Fed (E: 15.0) and Housing Starts (1.410M).  In general, solid results modestly above expectations are the best case for stocks.  We also have one Fed speaker, Barkin at 12:20 p.m. ET, but he shouldn’t move markets.

Finally, on the earnings front, three notable reports today include WMT ($0.65), DE ($5.81) and WDAY ($1.17).

 

Stagflation or “Run Hot”

Between now and Labor Day, markets should get a much clearer answer on whether the economy is headed toward stagflation or a continued “run hot” environment of resilient growth and elevated inflation.

In this week’s Alpha webinar, we will build a practical “Stagflation vs. Run Hot Summer Scorecard” designed to help advisors identify which environment is developing beneath the surface of today’s market.

Subscribers receive:

  • The key growth and inflation indicators to watch this summer
  • The levels and signals that would point to stagflation vs. run hot
  • Portfolio implications for stocks, bonds, and commodities

Start your zero-risk free trial of Sevens Report Alpha today and access the webinar and all our recent issues: Access the Full Webinar Here

Jobs Report Preview

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What’s in Today’s Report:

  • Jobs Report Preview (Important for the Fed and Growth)

Futures are moderately higher following better than expected NVDA earnings, which is reinjecting some “AI Enthusiasm” into the markets (NVDA is up 5% pre-open).

Today the “data deluge” beings as we get several delayed economic releases including, in order of importance: September Employment Situation Report (E: 50K Job-Adds, 4.3% Unemployment Rate, 3.7% Wage Growth), Jobless Claims (E: 225K), Philly Fed (E: 1.0), and Existing Home Sales (E: 4.09 million).  Goldilocks data, so close to expectations but not too strong to reduce rate cut chances or weak enough to increase economic anxiety, is the best case for markets.

On the Fed front, there are numerous speakers today including: Hammack (8:45 a.m. ET), Cook (11:00 a.m. ET) and Goolsbee (1:40 p.m. ET) and the more dovish they are, the better.

Finally, on the earnings front, WMT ($0.61) results are the key today and if they are strong (and support solid consumer spending), it’ll be an added positive.

Bottom line, given NVDA’s solid results overnight, if markets can get a Goldilocks jobs report, solid WMT earnings and dovish Fed speak, this early rally could accelerate solidly.

 

New ETFs to Watch and AI-Bubble Update

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What’s in Today’s Report:

  • More Bubble Signs? OpenAI and NVDA Partnership
  • New ETFs for Your Watchlist

Futures are little changed as traders digest mixed EU Flash PMI data and await fresh comments from Fed Chair Powell today.

Economically, the EU Composite PMI Flash rose to 51.2 vs. (E) 50.9 with the Services Index notably rising to 51.4 vs. (E) 50.5 however the Manufacturing index disappointed.

Today, there are two economic reports to watch in the U.S., both of which will print shortly after the open: PMI Composite Flash (E: 53.0) and the Richmond Fed Manufacturing Index (E: -10).

The Fed’s speaker circuit will remain fairly busy today with Bowman (9:00 a.m. ET) and Bostic (10:00 a.m. ET) speaking this morning before focus will turn to commentary from Powell (12:35 p.m. ET) mid-day.

Additionally, there is a 2-Yr Treasury Note auction at 1:00 p.m. ET that could move bond yields and ultimately impact equities if there are any surprises regarding demand metrics (the stronger the demand the better for stocks).

Finally, some late season earnings reports continue to trickle in with notables reporting today including AZO ($50.52) and MU ($2.69).

 

Market Technical Assessment: Bitcoin vs. Ethereum

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What’s in Today’s Report:

  • Market Technical Assessment:  Bitcoin vs. Ethereum

Futures are flat following very slightly underwhelming NVDA earnings amidst an otherwise quiet night of news.

NVDA beat earnings and revenue estimates but guidance didn’t meet very elevated expectations.  NVDA is down –2% pre-market but results weren’t disappointing enough to shake broader AI enthusiasm (so the slightly underwhelming NVDA earnings shouldn’t impact the broader market).

Today focus will be on economic data and the key report is Weekly Jobless Claims (E: 230K).  Claims jumped last week and if that continues this week we’ll see a small uptick in labor market anxiety ahead of next Friday’s jobs report (which could put a headwind on markets today).  Other economic reports today include Revised Q2 GDP (E: 3.1%) and Pending Home Sales (E: 0.2%) while we also have one Fed Speaker, Waller at 6:00 p.m. ET.  However, barring a major negative surprise, all of that is unlikely to move markets.

On the earnings front, the reports continue and important results we’re watching today include: BBY ($1.22), MRVL ($0.51) and DELL ($2.09).

 

Why NVDA Earnings Are So Important

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What’s in Today’s Report:

  • Why NVDA Earnings Are So Important
  •  Why Markets Shrugged Off the Trump-Cook Drama
  • Durable Goods and Case-Shiller Data Takeaways

Futures are flat after a mostly quiet night of news as global traders await AI-behemoth NVDA’s quarterly earnings (due out after the close today).

Economically, Australian CPI jumped from 1.9% to 2.8% vs. (E) 2.3% in July, the latest global inflation release to surprise to the upside which is adding to concerns about a resurgence in price pressures across major economies as a result of the trade war.

There are no noteworthy economic releases in the U.S. today and just one Fed official scheduled to speak: Barkin (12:00 p.m. ET).

There is a 5-Yr Treasury Note auction at 1:00 p.m. ET that could impact markets (yesterday’s solid 2-Yr auction results added a tailwind to the afternoon equity rally) with investors looking for more signs of strong demand.

With the limited list of catalysts today, markets should be quiet and trade with a positioning-style tone as investors await earnings from KSS ($0.33), ANF ($2.27), RY ($2.36), NVDA ($0.94), SNOW (-$0.57), HPQ ($0.75), and CRWD (-$0.19).

NVDA’s results will clearly be the primary focus as the chip-making giant accounts for roughly ~8% of the entire S&P 500; a miss could spark meaningful volatility while a positive surprise would likely see the major indexes make a run at all-time highs.

 

Nvidia, AMD Deal with Trump Administration Eases AI Investor Fears: Tom Essaye

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Chip sales to China continue under new revenue-sharing agreement

Nvidia & AMD investors can put China chip tariff risks ‘to bed’

Sevens Report founder Tom Essaye and Allspring Global’s John Campbell discussed reports that Nvidia and AMD reached a deal with the Trump administration to resume selling chips in China, with 15% of the revenue going to the U.S. government.

Essaye said the agreement signals that the companies are “ready to play ball” with policymakers to protect growth in the AI sector. “Eighty-five percent is a lot more than zero,” he noted, calling the resolution a relief for AI-focused investors now that a major uncertainty has been removed.

Also, click here to view the full video featured on Yahoo Finance published on August 11th, 2025. However, to see the Sevens Report’s full comments on the current market environment sign up here.

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Data Check: Hard Landing or Soft Landing?

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Data Check: Hard Landing or Soft Landing?: Start a free trial of The Sevens Report.

What’s in Today’s Report:

  • Hard Landing vs. Soft Landing Scoreboard
  • Chart: NVDA Earnings Loom Large – Key Technical Support in Focus

Futures are slightly higher but well off session highs as “warm” EU inflation data pushed yields higher overnight with the U.S. 10-Yr pushing back beyond 4.40%.

Economically, inflation data in Europe was “warm” as U.K. Core CPI rose 3.3% y/y vs. (E) 3.2% in October while German PPI unexpectedly rose 0.2% m/m last month following a sizeable 0.5% drop in September.

There are no notable economic reports today but there is a 20-Yr Treasury Bond auction at 1:00 p.m. ET that could move markets depending on demand measures for the longer duration government bonds (higher yields would weigh on stocks again).

Additionally, there are two Fed speakers today Cook (11:30 a.m. ET) and Bowman (12:15 p.m. ET), but unless they are materially hawkish, their comments should not move markets.

Finally, earnings season has largely wound down however there are some notables reporting quarterly results today including: TGT ($2.29), TJX ($1.09), NVDA ($0.74), PANW ($1.48), SQM ($0.64).

Interestingly, Barclays analysts noted earlier this week that options markets suggest today’s report from NVDA will be the biggest catalyst remaining in 2024, underscoring the importance of investor sentiment towards the AI-darling’s growth prospects, leaving the chip-maker’s earnings report a potential make-or-break event for markets this afternoon.

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The market is just sort of drifting around

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The market is just sort of drifting around: Sevens Report Editor, Tom Essaye, Quoted in Barron’s

The S&P 500 Turns Around. Tech Stocks Are Rising Again.

“The market is just sort of drifting around,” Sevens Report Research’s Tom Essaye told Barron’s in a phone interview.

Essaye says Nvidia and the personal consumption expenditures price index on Friday will add some drama to an otherwise empty week ahead of the Labor Day holiday weekend in the U.S.

Also, click here to view the full Barron’s article published on August 27th, 2024. However, to see the Sevens Report’s full comments on the current market environment sign up here.

It’ll be Very Hard for This Market to RallyIf you want research that comes with no long term commitment, yet provides independent, value added, plain English analysis of complex macro topics, then begin your Sevens Report subscription today by clicking here.

To strengthen your market knowledge take a free trial of The Sevens Report.

Join hundreds of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.

Why Is NVDA Falling? (And Is It A Problem for the Market?)

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Hard Landing vs. Soft Landing Scoreboard: Start a free trial of The Sevens Report.

What’s in Today’s Report:

  • Why Is NVDA Falling? (And Is It A Problem for the Market?)
  • EIA Update and Oil Market Analysis

Futures are slightly lower following several underwhelming earnings reports and ahead of important economic data.

Micron (MU) and Levi-Strauss (LEVI) missed earnings and are declining solidly pre-market and those disappointing results are weighing on futures.

Economically, it was a quiet night and none of the reports are moving markets.

Today focus will be on economic data and the key reports, in order of importance, are as follows: Jobless Claims (E: 236K), Durable Goods Orders (E: 0.0%), Final Q1 GDP (E: 1.4%) and Pending Home Sales (E: 1.9%).  Given some cautious commentary on the economy from corporate management (including this morning), markets will want to see solid data that meets or slightly exceeds expectations and if that’s the case, the broad markets should be able to rally (even despite some tech headwinds from MU).

Additionally, today is the first (and potentially only) Presidential Debate (9:00 p.m. ET) and the closer look at the two candidates’ policies could move markets on Friday.

Sevens Report Q2 ’24 Quarterly Letter Coming July 1st. 

The Q2 2024 Quarterly Letter will be delivered to advisor subscribers on Monday, July 1st.

We will deliver the letter on the 1st business day of the new quarter because we want you to be able to send your quarterly letter before your competition (and with little to no work from you).

You can view our Q1 ’24 Quarterly Letter here.

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