U.S. equities closed broadly lower on Monday as renewed selling in technology and semiconductor shares outweighed strength in the Dow Jones Industrial Average. Investors positioned cautiously ahead of NVIDIA Corporation’s (NVDA) earnings, this week’s July PCE inflation report, Federal Reserve commentary from Jackson Hole, and continuing trade and geopolitical headlines.

U.S. Market Performance

Index	Close	Change	% Change
S&P 500	7,652.86	-21.51	-0.28%
Dow Jones Industrial Average	53,417.16	+140.15	+0.26%
Nasdaq Composite	25,980.19	-200.26	-0.76%
Russell 2000	2,995.43	-22.44	-0.74%
CBOE Volatility Index (VIX)	15.84	+0.71	+4.70%

The divergence was clear: the Dow gained 140 points, while the Nasdaq Composite lost 0.76% and the small-cap Russell 2000 fell 0.74%. The S&P 500 declined 0.28%, reflecting broader risk reduction but not indiscriminate selling. The VIX rose 4.70% to 15.84, signaling an increase in near-term hedging demand as markets approach several major catalysts.

Technology and AI Stocks Lead Decline

Semiconductor and AI-related shares remained the principal source of market pressure. Investors reduced exposure to high-multiple growth and infrastructure beneficiaries ahead of NVIDIA (NVDA) results, which are expected to be a major test of the AI capital-spending cycle and the durability of data-center demand. The session’s technology weakness extended beyond NVIDIA (NVDA), with notable selling pressure in memory, storage, optical networking, and chip-equipment-linked companies. Micron Technology, Inc. (MU), Advanced Micro Devices, Inc. (AMD), Broadcom Inc. (AVGO), SanDisk Corporation (SNDK), Seagate Technology Holdings plc (STX), Western Digital Corporation (WDC), Coherent Corp. (COHR), Lumentum Holdings Inc. (LITE), Corning Incorporated (GLW), and Marvell Technology, Inc. (MRVL) were among the AI-adjacent names under pressure. This is increasingly a valuation and expectations reset rather than a wholesale rejection of the AI investment thesis. The market is asking whether earnings growth, margins, order visibility, and hyperscale data-center spending can continue to exceed already ambitious forecasts.

Macro and Cross-Asset Update

The Treasury market provided partial support, with yields moving lower after reports of potential expanded Treasury purchases of longer-dated debt. However, the decline in yields did not fully offset the pressure on growth equities, underscoring how sensitive technology valuations remain to earnings execution and macro uncertainty.

Asset	Close	Change	% Change
Gold	$4,709.50	+$28.90	+0.62%
Bitcoin (BTC-USD)	$78,717.21	+$1,324.03	+1.71%
WTI Crude Oil	$85.03	-$2.03	-2.33%

Gold rose 0.62% to $4,709.50 per ounce, consistent with ongoing investor demand for inflation, fiscal, currency, and geopolitical hedges. Bitcoin (BTC-USD) advanced 1.71% to $78,717.21, recovering alongside selective appetite for alternative assets. Meanwhile, WTI crude oil fell 2.33% to $85.03 per barrel, easing immediate energy-price pressure even as geopolitical and sanctions risks remain elevated.

Macro Outlook: PCE and Jackson Hole

This week’s macro calendar will likely determine whether Monday’s technology-led weakness becomes a brief consolidation or a deeper correction.

• July PCE inflation: The Federal Reserve’s preferred inflation gauge will be released Wednesday. A hotter reading could lift Treasury yields and renew pressure on long-duration growth stocks.
• NVIDIA (NVDA) earnings: The company’s revenue outlook, gross-margin commentary, Blackwell demand trends, supply capacity, and customer spending observations may influence the broader AI, semiconductor, networking, and cloud-infrastructure complex.
• Jackson Hole policy signals: Investors will parse Federal Reserve officials’ remarks for insight on inflation, policy rates, labor conditions, long-term yields, and financial-market stability.
• Trade tensions: The breakdown in U.S.-Canada negotiations and proposed tariff measures continue to create uncertainty for autos, industrials, steel, and cross-border supply chains.

Market Takeaway

Monday’s close showed a more selective market rather than a broad risk-off event. The Dow’s advance indicates continued support for parts of the industrial, financial, defensive, and value-oriented complex, while losses in the Nasdaq and Russell 2000 point to reduced tolerance for valuation risk and smaller-company exposure. For investors, the immediate question is whether NVIDIA (NVDA) (earnings due on Wednesday) can reaffirm the AI growth narrative against a backdrop of rising volatility and macro uncertainty. A favorable combination of contained PCE inflation, constructive Jackson Hole messaging, and strong NVIDIA guidance could restore leadership in growth stocks. Conversely, a hotter inflation print or disappointment in AI-related guidance could broaden the recent rotation away from expensive technology equities.

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 $11.92, +.17% on Friday. 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, $14.71, +1.45%) 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, $7.28, +8.17%), 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, $3.74, +5.65%, 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 $8.99, +9.10% on Monday. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.29, +.30%) 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, $3), 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, $25.30) 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, $5.10, +22.89% over the last 5-days) 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, $4.32) 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, $208.48)

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

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.