Major indices are heading higher across the board, with the more Technology (XLK) heavy Nasdaq names leading the way following Nvidia’s (NVDA) earnings report as well as several favorable earnings reports from the software niche.

Technology is the key driver for the market today, confirmed further by a look at the sectors, as it is the only one moving in the green. Meanwhile, the more defensive sectors of Consumer Staples (XLP) and Utilities (XLU) are lagging.

Memory Moves

Despite NVDA’s comments on tight memory and higher pricing, the group faded after the open (seen in the DRAM ETF).

The pressure looks tied to ChangXin Memory Technologies’ (CXMT) plans to raise DRAM output toward about 800,000 wafers per month by 2031, plus a report today that it has unlocked a path to the 1a node using Hafnium transistors, adding to Chinese supply pressures.

Additionally, SanDisk (SNDK) and Kioxia announced a $31 billion Japan investment to expand NAND supply.

Furthermore, SK Hynix (SKHY) broke ground on its $4B US high-bandwidth memory (HBM) facility in Indiana, with mass production of next-gen HBM expected in the second half of 2029.

In other news, Fed Hammack gave hawkish comments this morning indicating that she sees the neutral rate on the higher side relative to other Fed officials.

Bitcoin is continuing to see strength and broke above the $80,000 level today.

Oil is edging higher after reports from the White House Press Secretary that there are currently no negotiations with Iran.

Economic Data

Initial Jobless Claims fell by 4,000 to 203,000 in the third week of August, below expectations of a rise to 208,000.

On the other hand, Continuing Jobless Claims fell by 18K to 1.778M, coming in below forecasts of 1.79M.

The Kansas Fed Manufacturing Index rose to 10 in August from 9 in the prior month.

New orders and backlogs improved, and were partially offset by shipments and the employment metrics. Meanwhile, both raw materials and finished product prices accelerated.

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