The Market Today
Alphabet Inc. (NASDAQ:GOOGL) and Tesla Inc. (NASDAQ:TSLA) report Q2 2026 earnings after the close tonight, and markets are bracing for the outcome. The S&P 500 closed Tuesday at 7,509 (+0.89 pct), but the Invesco QQQ Trust (NASDAQ:QQQ) is slipping 0.58 pct pre-market Wednesday as chip stocks cool. Crude oil (WTI) is elevated at $83.93 per barrel, Iran strait tensions alive and stoking inflation concerns. Most consequentially for rate traders: CME FedWatch now prices a 24 pct chance of a July 29 FOMC rate hike, up sharply, with nine of eighteen committee members now publicly leaning toward action in 2026. The Fed's next move is suddenly in play just as earnings season peaks.
Existing Positions
NVIDIA Corp. (NASDAQ:NVDA), HOLD
NVIDIA is trading at $207.92 today (+0.30 pct), still below my average cost of $215.76, an unrealized loss of 3.63 pct, or -$297.92 on the position. Goldman Sachs described the current 21.7x forward earnings valuation as "compelling" this week, and the denied Kyber architecture delay remains net positive for the competitive moat thesis. The near-term headwind: reports of increased AI supply as hyperscalers front-load capex and explore internal chip development. Tonight, Alphabet's Q2 call is the direct read-through. If Sundar Pichai confirms accelerating Google Cloud AI infrastructure spend, NVDA bulls get their catalyst toward $220+. If Alphabet signals any pivot away from external compute, NVDA faces another leg lower. Stop firm at $182. Target $265. No reason to act until tonight's data arrives.