US stocks closed slightly lower; NVIDIA's blockbuster earnings report sparked a surge in after-hours trading, catalyzing the memory and optical communication sectors.

Index Close

- Dow Jones:53463.88，‑0.21%

- S&P 500:7675.70，‑0.02%

- Nasdaq:26130.20，‑0.08%The broader market remained cautious intraday, awaiting NVIDIA's earnings report and PCE data, with minimal volatility.

Key Hot Topics

1. NVIDIA (NVDA) earnings significantly exceeded expectations, surging +4.16% in after-hours trading.

Closed down -1.59%; reported FY2027 Q2 results after the bell: Revenue$96.2 billion (+106%); Data Center business reached $89 billion; Q3 revenue guidance continued to significantly exceed market expectations, with gross margins remaining high. Jensen Huang stated that AI demand is still accelerating, and Vera Rubin chips are now in mass production. The post-market rally lifted memory and optical communication sectors collectively, causing Nasdaq futures to jump. $NVIDIA (NVDA.US)$

2. Memory and optical communication sectors strengthened against the trend at the close.

Western Digital (WDC) +4.02%, Seagate (STX) +3.01%; Lumentum (LITE) +6.04%, Coherent (COHR) +2.16%. The logic behind HBM and AI server demand persists, with NVIDIA's after-hours earnings further boosting sector sentiment. $Western Digital (WDC.US)$$Seagate Technology (STX.US)$

3. US July PCE inflation data released

Core PCE rose 3.3% year-over-year, in line with expectations, but headline PCE rose 3.7% year-over-year, exceeding forecasts. Inflation stickiness remains, leading the market to raise expectations for Federal Reserve rate hikes, as investors awaitthe Jackson Hole Central Bank SymposiumFed Chair to speak (this Friday).

4. Divergence among the Mag 7

✅ Gainers: Apple +1.02%, Meta +1.13%, Microsoft +0.87% $Apple (AAPL.US)$

❌ Losers: NVIDIA -1.59%, Google -1.23%, Tesla -1.26%, Amazon -0.30% $Tesla (TSLA.US)$

5. Chinese ADRs pull back, Golden Dragon Index -0.61%

NetEase -4.17%, iQIYI and 21Vianet see significant pullbacks; Alibaba closes slightly higher, XPeng Motors edges up; overall sentiment remains weak.

6. Sector Performance

Internal divergence in semiconductors, with memory and optical communication stocks showing strength; precious metals and resource sectors weaken; energy stocks fluctuate slightly; crypto-related concepts rebound after hours following improved AI sentiment.

Key Focus Ahead

1. Spillover effect from NVIDIA's earnings report; continuity in memory and optical communication sectors;

2. Fed Chair's speech at the Jackson Hole Annual Symposium, which will determine the short-term direction of US Treasuries and growth stocks;

3. Changes in long-end US Treasury yields.

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