Markets brace for Nvidia earnings as Canada tariffs and Waymo expansion shape trading day

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Markets brace for Nvidia earnings

Highlights

Nvidia earnings after the bell will reveal dependence on hyperscalers like Amazon, Google, and Microsoft following a 2% share rebound that ended its longest losing streak in four years.
Canada will impose retaliatory tariffs matching the Trump administration's 50% duties on over 700 U.S. goods worth $20 billion starting Sept. 8, escalating trade tensions.
Waymo will launch driverless rides in Germany by end-2027, starting phased tests in Munich, marking its European Union debut following trials in London and Tokyo.

Key events driving Wednesday trading

As reported by CNBC, investors are watching a packed calendar led by Nvidia's earnings report after the bell, with markets focused on whether the chipmaker is becoming more or less reliant on major hyperscale customers including Amazon, Google and Microsoft.

Nvidia has repeatedly beaten analyst expectations over the past year, but its shares have often come under pressure after results. The stock rose about 2% in the previous session, ending its longest losing streak in four years and helping lift the broader market, while CEO Jensen Huang is also set to appear on CNBC's "Mad Money" later in the evening.

Other scheduled releases include July's PCE price index and second-quarter GDP data in the morning, followed by quarterly results from Salesforce and Okta after the bell. In Washington, the Department of Health and Human Services is planning two new deputy commissioner roles at the Food and Drug Administration, including one focused on technology and the overlap between health care and AI.

Trade, transport and expansion shape wider outlook

Canada has officially announced retaliatory tariffs on the U.S., saying it will match the Trump administration's 50% duties dollar for dollar. The new measures, due to take effect Sept. 8, cover more than 700 U.S. goods worth about $20 billion, including a 50% tariff on American steel and aluminum.

The move follows a breakdown in trade talks after both sides accuse each other of last-minute changes, despite signals last week that an agreement was near. Canadian Finance Minister François-Philippe Champagne says the U.S. asked too much and offered too little.

In the Middle East, Iran and Oman are discussing a temporary joint shipping route through the Strait of Hormuz as tanker traffic remains well below prewar levels. The two countries are also considering a mine-clearing mission, while crude prices are lower after falling more than 3% in the previous session.

Waymo is also broadening its international push, saying it plans to launch driverless rides in Germany by the end of 2027. The Alphabet-owned robotaxi company will begin phased testing in Munich in the coming weeks, making the city its first market in the European Union after testing activity in London and Tokyo.

Narrow trading in London stocks amid falling oil prices was the focus of our earlier coverage, as weakness in heavyweight energy names offset gains in other sectors. We also noted that investors were bracing for upcoming U.S. inflation data and Nvidia’s quarterly results, while Iran–Oman discussions around easing Strait of Hormuz shipping constraints added pressure to crude and energy shares.

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