Happy Wednesday. I saw "Maybe Happy Ending" on Broadway last night. The musical about robots got me wondering whether humanoid robots will be able to sing.
Stock futures are flat this morning after a positive day for all three major indexes.
Here are five key things investors need to know to start the trading day:
1. Sense of scale
All eyes are on Nvidia ahead of the chipmaker's earnings report due after the bell. As CNBC's Kif Leswing writes, investors are eager to see whether Nvidia is growing more or less dependent on hyperscalers Amazon, Google and Microsoft amid concerns about customer concentration.
Here's what to know:
- While the artificial intelligence darling has repeatedly beaten analyst expectations over the past year, Nvidia's stock has often been penalized by investors after reporting results.
- The chipmaker's results and any subsequent stock move could have broader market implications. CNBC's Nick Wells took a look at the stocks that tend to move in sympathy with Nvidia.
- Shares of Nvidia rose about 2% yesterday, snapping its longest losing streak in four years and helping power a broader advance for stocks.
- CEO Jensen Huang will speak with CNBC's Jim Cramer tonight on "Mad Money" at 6 p.m. ET. Watch live on CNBC or CNBC+.
- The blockbuster earnings report isn't the only event on today's calendar: July's PCE price index and second-quarter GDP data are due out this morning, followed by additional quarterly results from Salesforce and Okta after the bell.
- Follow live market updates here.
2. Tit for tat
Canada officially announced its promised retaliatory tariffs on the U.S. yesterday, saying it would match the Trump administration's 50% duties "dollar for dollar."
As CNBC's Kevin Breuninger reports, the new batch of tariffs set to take effect Sept. 8 cover more than 700 U.S. goods and amount to around $20 billion. Canada notably slapped a 50% tariff on American steel and aluminum, doubling the current rate.
President Donald Trump had signaled that the U.S. and its northern neighbor were closing in on a trade deal last week, but talks fell apart as both sides accused the other of making last-minute changes. Canadian Finance Minister François-Philippe Champagne said yesterday that the U.S. "asked too much and offered too little."
3. Clear the way
Iran and Oman discussed a proposal to create a temporary, joint shipping route through the Strait of Hormuz yesterday as tanker traffic remains sharply below prewar levels. Sayyid Badr bin Hamad Albusaidi, Oman's foreign minister, said he was hopeful a route and "practical arrangements to restore safe navigation" could be announced soon.
The two countries also considered a mission to clear mines from the passageway, contradicting Trump, who said in a Truth Social post earlier Tuesday morning that "all mines have been removed and/or detonated" from the strait.
Crude prices are lower this morning after falling more than 3% in yesterday's session.
4. Food for thought
The Department of Health and Human Services is planning to form two new deputy commissioner roles at the Food and Drug Administration, sources told CNBC's Annika Kim Constantino.
Current senior advisor to the FDA Jared Seehafer is the leading candidate for a new position focused on technology and the intersection of health and AI. CNBC could not find a frontrunner for the second deputy commissioner position, which is focused on drugs.
The two positions would report to Heidi Overton, Trump's pick for FDA commissioner, who has yet to receive Senate confirmation. Sources told CNBC that some within the Trump administration are seeing the new roles, which would be appointed by HHS officials, as an effort by the Robert F. Kennedy Jr.-led department to exert more influence over the FDA.
5. New road map
Waymo is entering its third international market, announcing on Tuesday that it plans to launch driverless rides in Germany by the end of 2027.
The Alphabet-owned robotaxi company said it would begin "phased" testing in Munich in the coming weeks to adapt its software to the city's "distinct driving conditions." Waymo — which operates in 11 U.S. cities with plans to expand to 19 more — is already testing its vehicles in London and Tokyo, but Munich marks the company's first EU market.
"Munich is a world-class hub for mobility and engineering, and becoming part of this city marks an important milestone in our global expansion," Waymo co-CEO Tekedra Mawakana said in a blog post yesterday.
The Daily Dividend
Bitcoin jumped above the $81,000 mark on Tuesday, the latest sign that the crypto rally is picking up steam. Here's what the move looked like:
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— CNBC's Tobias Burns, Kif Leswing, Fred Imbert, Nick Wells, Sean Conlon, Kevin Breuninger, Spencer Kimball, Annika Kim Constantino, Samantha Subin and Lee Ying Shan contributed to this report.
Luke Fountain assisted in the production of this newsletter. Josephine Rozzelle edited this edition.