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The Daily Briefing · Monday, August 31, 2026
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Iran Missiles Target U.S. Bases in Jordan, UAE
Jordan's air defenses intercepted 8 inbound ballistic missiles; Al, Minhad Air Base in the UAE sustained minor perimeter damage from drone debris
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Also today
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Canada Hits $125B in U.S. Goods With Tariffs Up to 50%
Canada announced 15%, 50% tariffs on $125 billion in U.S. exports targeting steel, aluminum, dairy, and agricultural equipment, effective September 8.
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Wheat Hits 3, Year High as Black Sea Routes Fall
Wheat futures settled at 784 cents per bushel, the highest closing price since February 2023.
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PayPal Tumbles 17% as Stripe, Advent Takeover Bid Collapses
PYPL fell approximately 17% on August 28, 2026, as the Stripe, Advent consortium confirmed it had dropped its pursuit.
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U.S. Strikes IRGC Rocket Sites on Larak Island
CENTCOM confirmed U.S. forces destroyed IRGC rocket, launcher positions on Larak Island late Sunday, pre, empting a sea, mine attack on Hormuz tanker lanes.
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Brent Near $91 as Tehran Hardens Hormuz Terms
Brent crude climbed to $90.69 a barrel on August 31 after U.S. forces struck Iranian rocket launchers on Larak Island in the strait's first military action in a month.
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Nvidia NVDA Tops $3.25T to Lead All Markets
Nvidia posted roughly $62 billion in fiscal Q2 revenue, up 106% year, over, year, well ahead of Wall Street estimates
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More headlines
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Z.ai Surges on GLM, 5.3, Flash Chip Milestone
Z.ai's Hong Kong listing surged 8, 12% as GLM, 5.3, Flash debuted on 100,000 domestic chips, ranking 10th globally and outscoring DeepSeek V4 Pro Max in a direct challenge to US export controls.
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Nvidia's $2.9B Hugging Face Bid Reshapes AI
At $2.9 billion, the deal is Nvidia's largest acquisition, nearly double the Mellanox outlay and a strategic pivot beyond silicon
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Apple Hands CEO Crown to Ternus Sept. 1
Tim Cook, 65, becomes executive chairman September 1; Ternus, 51, takes the CEO role after 25 years leading Apple hardware engineering.
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Tesla TSLA Jumps 3.7% on Optimus Mass Production Launch
Tesla (TSLA) surged 3.7% after officially activating its first dedicated Optimus humanoid robot production line at Fremont, California.
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PG&E Crashes 16.7% as California Wildfire Bill Fails
PCG plunged 16.7%, erasing the risk premium investors had built into the stock on expectations of a legislative liability cap.
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Affirm AFRM Surges 13% on Most Profitable Quarter
AFRM jumped 13% after Q4 FY2026 revenue of $1.17B beat the $1.11B Wall Street estimate by 5.4%.
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Marvell Technology Stock Sinks on Margin Shock
MRVL beat Q2 FY2027 revenue at $2.74B (up 37% YoY) and EPS of $0.94, but fell ~10% on a Q3 non, GAAP gross margin guide of 57.5%, 58.5%.
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Fed Rate, Hike Odds Hit 50/50 After Warsh Jackson Hole
CME FedWatch pricing doubled to 50% odds of a September rate hike after Chair Warsh's Jackson Hole speech cited PCE inflation at 3.7% as showing insufficient progress toward the Fed's 2% target.
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Marvell Technology Stock Slides 10% on Google Deal Fog
Marvell posted record Q2 FY2027 revenue of $2.74B, up 37% year over year, with adjusted EPS of $0.94, beating consensus.
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Ross Stores ROST Jumps 8% on Blowout Q2 Comps
ROST shares surged 8% after Q2 comparable, store sales of 10% crushed the 7.6% Wall Street consensus estimate on EPS of $1.66
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DG Stock Surges 12% on Raised 2026 Guidance
DG stock climbed 12% after management raised full, year 2026 EPS guidance to $5.80, $6.00 from a prior range of $5.20, $5.45.
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AVGO Earnings: AI Revenue Poised to Triple September 2
AI semiconductor revenue guided at $16 billion for Q3 FY2026, more than tripling year, over, year but landing below the $17.2 billion analyst consensus
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August Jobs Forecast Puts Fed Interest Rate Path in Doubt
August nonfarm payrolls consensus sits at 55,000, the weakest projected monthly gain since 2023, after July logged the first outright job contraction in over three years.
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Dell (DELL) Q2: $51B AI Backlog in Focus Tuesday
Dell booked $24.4 billion in AI server orders during Q1 FY2027, pushing its total AI backlog to a record $51.3 billion with a book, to, bill ratio near 1.5x.
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From the startup desk
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Video of the day
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Understanding Market Volatility
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The Daily Briefing from Pomegra. Market news, educational content only. Nothing here is investment advice.
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