Market Briefing: Chip Stocks Steady, Nvidia Looms — August 25, 2026

Market Briefing — August 25, 2026

Futures are firmer this morning as pressure eases off chip stocks following Monday's slide, but the real event risk sits mid-week: Nvidia reports Wednesday after the close and options are pricing a roughly 6% swing. Today's session hinges on the 10am economic prints and whether dealer positioning near current gamma levels holds the tape in a tight range ahead of that catalyst.

Where the major indexes stand

Market setup

Key levels (dealer gamma)

SPY (spot ~763.5): call wall 766, then 770; put wall 762, then 760. QQQ (spot ~706.5): call wall 710, then 720; put wall 705, then 700. Call walls mark strikes where dealer hedging may slow rallies; put walls mark strikes where hedging flows may cushion dips — these are positioning estimates, not guarantees.

Five things that matter today

1. Chip selloff pauses ahead of Nvidia. Micron, AMD and Broadcom all fell 2-6% Monday; Nasdaq-100 futures are bouncing about 1% with Nvidia's Wednesday report the next catalyst.
2. Iran sanctions escalate, oil stays choppy. Washington's expanded sanctions drew a retaliation threat overnight while WTI eased toward the low $80s.
3. Yields still elevated. The 10-year sits near 4.71% with the September Fed path unsettled, keeping pressure on long-duration growth names.
4. Dealer gamma is boxing in the tape. Both SPY and QQQ show tight call-wall/put-wall ranges just above and below spot.
5. Confidence data lands at 10am. New home sales and the Conference Board's Consumer Confidence print follow a University of Michigan sentiment reading that already slid to 51 in August.

Notable earnings

Already reported: Dick's Sporting Goods (DKS) reported before the open with shares indicated sharply lower; Bank of Montreal (BMO) and Bank of Nova Scotia (BNS) also reported premarket. Still ahead before the open: Vipshop, Kanzhun, Grupo Financiero Galicia and SelectQuote. After the close: Intuit (±6.9% implied), Semtech (±18.6%), Zoom (±7.4%), Box (±9.4%), nCino (±13.7%) and Qifu Technology (±13.4%).

Notable options flow

What to Watch

The next 48 hours are dominated by Nvidia's Wednesday print, which options markets expect to move the stock roughly 6% and ripple through the broader semiconductor complex. Watch whether today's 10am housing and confidence data reinforces the University of Michigan's weaker sentiment read, and keep an eye on oil headlines tied to the Iran sanctions campaign — any escalation could quickly reprice energy and inflation expectations heading into next week's data.

Sign-off

That's the setup heading into the bell. Positioning looks tight, the catalyst calendar is loaded, and Wednesday's Nvidia report will likely set the tone for the rest of the week.