U.S. stocks advanced on Tuesday, August 25, 2026, with technology and semiconductor shares driving the Nasdaq higher as investors positioned ahead of NVIDIA Corporation’s (NASDAQ: NVDA) earnings due out on Wednesday after the market close. Falling crude oil prices and lower Treasury yields helped ease inflation concerns, while weaker consumer-confidence and housing data kept the broader economic outlook in focus.

Market Close

Index / Asset	Level	Daily Change
S&P 500	7,677.28	+24.42, +0.32%
Dow Jones Industrial Average	53,577.40	+160.24, +0.30%
Nasdaq Composite	26,151.30	+171.10, +0.66%
Russell 2000	3,010.02	+14.94, +0.50%
CBOE Volatility Index	15.48	-0.37, -2.34%
Gold	$4,724.60	+$26.80, +0.57%
Bitcoin	$78,909.44	-$21.82, -0.03%
Crude Oil, October 2026	$80.58	-$4.43, -5.21%

The Nasdaq Composite led the major benchmarks, rising 0.66%, as investors returned to AI, semiconductor, and technology exposure. The Russell 2000 gained 0.50%, signaling broader participation beyond mega-cap growth stocks, while the VIX fell 2.34% to 15.48, reflecting a calmer risk backdrop. Gold advanced 0.57% as investors balanced slowing-growth signals with ongoing geopolitical and trade-policy uncertainty. Bitcoin traded essentially flat, while October crude oil plunged 5.21% to $80.58 per barrel—a move that materially reduced near-term energy-driven inflation pressure.

Technology and Stocks in Focus

Semiconductor shares helped lead the advance ahead of NVIDIA (NASDAQ: NVDA, $213.05, +2.19%) earnings, which investors are watching closely for fresh evidence on AI-infrastructure demand, data-center spending, and the durability of the chip industry’s growth cycle. The broader tech rebound also supported shares of Advanced Micro Devices, Inc. (NASDAQ: AMD, $479.18, +4.91%), Intel Corporation (NASDAQ: INTC, $87.48, +.25%), Micron Technology, Inc. (NASDAQ: MU, $932.97, +2.48%), and Western Digital Corporation (NASDAQ: WDC). DICK’S Sporting Goods, Inc. (NYSE: DKS) was a notable exception in the consumer sector after its earnings report and reduced outlook pressured the stock. The company’s guidance reset also weighed on sentiment toward athletic-footwear and apparel demand, affecting Nike, Inc. (NYSE: NKE).

Macroeconomic Report Commentary

Tuesday’s economic releases showed a divergence between consumers’ assessment of current conditions and their expectations for the months ahead. The Conference Board Consumer Confidence Index declined to 89.4 in August from 90.2 in July. The Expectations Index dropped to 68.2, its weakest level in seven months, indicating rising household caution around employment prospects, business conditions, and future income. The Present Situation Index increased to 121.2, suggesting consumers see today’s environment as more stable than the outlook ahead. Meanwhile, July new-home sales dropped 10.5% month over month to a 607,000 annualized rate, below consensus expectations and down from June’s revised 678,000 pace. Persistent affordability challenges, including elevated mortgage rates and home prices, continue to suppress demand for newly built homes. These data points seem to strengthen the case that U.S. growth is losing momentum. That may improve the inflation outlook over time, particularly alongside today’s sharp oil decline, but it also makes the health of the consumer and housing sectors more consequential for the second-half economic outlook.

Rates, Commodities and Trade

Treasury yields moved lower again Tuesday, helping support valuation-sensitive growth shares. The 10-year Treasury yield declined toward 4.65%, while lower oil prices amplified the market’s perception that inflation risks may be moderating. The 5.21% slide in October crude oil to $80.58 was the clearest cross-asset development of the session. A sustained reduction in oil prices could soften headline inflation readings and give the Federal Reserve more flexibility, although investors will need to see confirmation in upcoming economic data. Trade tensions remained a source of uncertainty after Canada announced retaliatory tariffs on approximately $20 billion of U.S. imports, targeting products including steel, aluminum, dairy, and seafood. The tariffs are scheduled to begin September 8, following additional U.S. tariff actions against Canadian goods.

What To Watch

Many are now turning to July’s Personal Consumption Expenditures report, including core PCE, the Federal Reserve’s preferred inflation gauge. The data will help determine whether the market’s current optimism around moderating inflation and lower yields is warranted. Beyond the inflation report, NVIDIA (NASDAQ: NVDA) earnings remain pivotal for market sentiment. Strong guidance could reinforce the AI-led technology rally, while any sign of slower data-center demand, supply constraints, or cautious capital-spending trends could increase volatility across semiconductor and large-cap technology stocks.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $11.66.. Amwell® (NYSE: AMWL) announced (Aug. 4) financial results for the second quarter ended June 30, 2026. Dr. Ido Schoenberg, Chairman and CEO of Amwell stated, “The DHA’s intent to make Amwell a prime contractor is a powerful endorsement of our platform and our people. With subscription revenue now approaching half our total revenue, independently validated behavioral clinical outcomes, no debt, and positive cash flows from operations projected for the fourth quarter this year, we have never been better positioned to lead the era of AI-powered care.”

Amwell Second Quarter 2026 Highlights:

• Recorded Total Revenue of $52.0 million at the top end of the previously provided financial guidance range for Q2
  • Achieved subscription revenue of $25.7 million
  • Recorded Amwell Medical Group (“AMG”) visit revenue of $24.4 million
• Reported gross margin of 53%
• Net loss was ($9.6) million, compared to ($10.3) million in the first quarter of 2026, continuously moving from quarter to quarter in a favorable trajectory
• Adjusted EBITDA of ($1.2) million compared to ($3.1) million in the first quarter of 2026
• Total visits on the platform were 0.8 million.
  

Financial Outlook

The Company is significantly improving Adjusted EBITDA, reaffirming its AMG visit guidance, and raising the low end of its 2026 revenue outlook:

• Revenue in the range of $200 million to $205 million increased from $195 million to $205 million
• AMG visits between 1.32 million and 1.37 million
• Adjusted EBITDA in the range between ($9) million to ($7) million increased from ($16) million to ($12) million. 
  

The Company also provided financial guidance for Q3 2026 Revenue and adjusted EBITDA:

• Q3 revenue in the range of $46 million to $48 million
• Q3 adjusted EBITDA expected to in the range of ($5) million to ($3) million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $14.91, +1.36%) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $7.42, +1.92%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Aug. 13) positive results from a new analysis of the RESOLVE study examining the effect of EP-104GI on symptom severity, including for the first time an analysis of the effect of EP-104GI on odynophagia (pain when swallowing). This is important because odynophagia scoring is a component of Dysphagia Symptom Questionnaire (DSQ), a commonly used patient reported outcome used in pivotal clinical trials in EoE patients.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $3.79 +1.34%, a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB) delivered the sort of second-quarter report investors tend to enjoy: revenue and profitability exceeded guidance, full-year expectations moved higher, and AI demand translated into contracts rather than merely conference-call poetry. SMWB closed at $8.93. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.38, +2.74%) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $2.96), a world-class beauty innovation pioneer, announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $24.74) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
• Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
• Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
• Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

• Revenue between $170 million and $171 million.
• Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

• Revenue between $671 million and $681 million.
• Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (NYSE: SOC, $4.71) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that—but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.

T1 Energy Inc. (NYSE: TE)

T1 Energy Inc. (NYSE: TE, $4.65, +7.64%) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 reported second-quarter net sales of $250.1 million, produced 935 megawatts of solar modules at its G1_Dallas facility and generated adjusted EBITDA of $10.7 million. The company also monetized $39.1 million of 2025 Section 45X tax credits and ended the quarter with $156.4 million in cash, cash equivalents and restricted cash, including $79.1 million unrestricted. The headline loss should not be ignored: T1 reported a $36.9 million net loss from continuing operations, while its adjusted EBITDA benefited from $24.4 million in tariff refunds recognized in cost of sales. Yet the more interesting investor question is whether the company is creating a viable U.S. solar-manufacturing platform at a time when supply-chain security and domestic energy capacity carry unusually high strategic value. The company expects its first solar cells from a planned 2.1-gigawatt manufacturing facility in the first quarter of 2027. With 3 gigawatts of firm contracts, a 641-megawatt offtake agreement with Clearway and 2026 output expected toward the upper end of its 3.1-to-4.2-gigawatt range, T1’s story is increasingly about turning production capacity into contracted revenue. For investors, TE is less a conventional earnings multiple story than an execution-and-optionality story. If domestic solar demand remains durable and manufacturing milestones stay on schedule, the market may ultimately value the company less like a troubled commodity producer and more like a strategically positioned industrial platform.

Nvidia (NVDA, $213.05, +2.19%)

NVDA continues to expand its influence in AI with the launch of the Alpamayo model and a new $2 billion investment in AI infrastructure.

Exodus Movement, Inc. (EXOD, $9.69, +23.44%)

The Sources

1. Yahoo Finance Stock Market Today: Dow, S&P 500, Nasdaq Futures Mixed After U.S.-Canada Talks Break Down
2. CNBC Stock Market Today: Live Updates
3. CNBC From NVIDIA Earnings to Trade-War Headlines, a Simple Strategy May Be This Week’s Best Bet
4. Reuters Technology Drags S&P 500 and Nasdaq Lower as Investors Await NVIDIA Results
5. Federal Reserve Bank of St. Louis Economic Release Calendar
6. OANDA PCE Report, Jackson Hole, and Market Outlook

Disclosure: This market commentary is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell securities. Past performance is not indicative of future results.