The S&P 500 (SPX) drifted up to an all-time high, as eight of eleven sectors finished in the green. This is not the same as a so-called melt-up. The market is on autopilot after an impressive earnings season that exceeded watered-down expectations yesterday.

Consumer-facing names performed well yesterday, as did software that benefited from the coattails of MongoDB, Inc. (MDB).

Solid Across the Board

Mostly green across all extended factors, with small-caps leading the charge yet again.

Continue to watch small-cap value stocks for fresh opportunities.

Market Breadth

Breadth was strong across all measures, with advancers way ahead of decliners, and up volume dwarfing down volume.

There were only two new 52-week lows made on the New York Stock Exchange (NYSE).

The overall volume was light, as traders took a break for the long holiday weekend.

Market Breadth	NYSE	NASDAQ
Advancers	1,748	2,584
Decliners	1,005	1,899
New Highs	124	189
New Lows	2	43
Up Volume	2.07 billion	3.96 billion
Down Volume	1.03 billion	2.73 billion

NVDA Clips the  Bar

Expectations were extremely high for Nvidia (NVDA) going into last night's earnings release. What they posted was akin to an Olympic high jumper clipping the bar in a record-setting effort.

Something to be awed by because it was better than what anyone else could do, but just not as much as expected or hoped for. NVDA missed by a tiny bit on its data center and provided guidance that some consider tepid.

I was blown away by the $60 billion buyback program and also impressed that the shares were only off a couple of percentage points.

Today’s Session

Economic Data Beats

The 2Q25 GDP growth rate was revised to +3.3% from the initial read of +3.0%.

Initial Jobless Claims fell to 229,000 from 234,000 and came in below consensus of 230,000.

Back to NVDA

Although only 20% of financial media coverage of Nvidia (NVDA) earnings has been positive, the stock is holding up nicely – this is huge for the stock, but also speaks volumes about the lost confidence in financial media.

I’m loving the action in small caps, which has put in the best August this century has seen.

Comments

Can't wait for the added upwardmomentum of a $60B! buyback!!! Jim Phillips on 8/28/2025 1:25:50 PM

Tweet

 

Home | Products & Services | Education | In The Media | Help | About Us | Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.