Latest / MPC Markets Morning Call
SaaS & Nvidia drive market higher
Nvidia's Q2 blowout ($96.2B revenue, +106% Y/Y) and a massive 2M GPU deal with AWS couldn't stop the stock slipping ~2% after hours. But the bigger story overnight was the SaaS resurgence — Salesforce +12%, CrowdStrike +12%, Okta +17% — as quality software names with a moat proved the SaaS-pocalypse narrative wrong. July PCE inflation came in hot at 3.7%, keeping the Fed on hold ahead of Warsh's Jackson Hole keynote. Plus: ASX earnings wrap including WiseTech, Woolworths, and Nine Entertainment, oil falling on Hormuz ceasefire hopes, and record copper at $6.75/lb. Mark and Phil break it all…
The skinny
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