2026-08-27 · Software Squeeze Ahead of the Fed
Nvidia's blowout guide sparked a narrow software melt-up while quiet accumulation built in utilities and semiconductors underneath, and the real test lands tomorrow when the Fed chair gives his first Jackson Hole speech with a rate hike genuinely on the table.
The Signal
A narrow, violent rally: the Nasdaq outran the S&P and the Dow barely moved, as Nvidia's blowout revenue guide (roughly $108B for next quarter, up about 89% year over year) sent software names like Salesforce, CrowdStrike, Veeva and ServiceNow sharply higher. The move pulled money from railroads, card networks…
The skinny
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