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August 26, 2026 - 00:08
5 minutes
(Bloomberg) — Asian stocks were set to advance as falling oil prices eased inflation concerns and pushed bond yields lower, while traders awaited Nvidia Corp.’s earnings for fresh clues on the outlook for artificial intelligence.Equity-index futures for Australia, Japan and South Korea all gained after a rebound in chipmakers snapped Nvidia’s seven-day losing streak ahead of its results later Wednesday. US stock futures were steady after the Nasdaq 100 Index closed 0.6% higher and the S&P 500 Index rose 0.3%.US crude extended losses in early Asia trading following hopes for a revival of energy flows through the Strait of Hormuz after Iran and Oman discussed an interim framework. Lower oil prices helped push 10-year Treasury yields down seven basis points on Tuesday, while a gauge of dollar strength declined.The retreat in oil is offering some relief to markets after persistent inflation and elevated yields have weighed on risk appetite. Investors are now looking to Nvidia’s results and Federal Reserve Chair Kevin Warsh’s Jackson Hole speech for signals on whether the AI rally can regain momentum and where interest rates are headed.“This week is providing a better backdrop for yields to respond positively to the Treasury’s buyback plans as lighter-than-expected economic data and sinking oil prices lift momentum in the fixed-income complex,” said José Torres, senior economist at Interactive Brokers.Analysts estimate Nvidia’s revenue nearly doubled from a year earlier to $92 billion last quarter, more than any of its rivals generate in a full year. The results will offer a key test of whether the AI boom can sustain the earnings expectations underpinning technology valuations.“Nvidia is operating on all cylinders and they’re doing absolutely everything correctly at this point,” said Mark Malek at Siebert Financial. “We’re anticipating good news here, but so is everybody.”Attention will then shift to the annual Jackson Hole Symposium on Friday, where Warsh will deliver his first major speech as Fed chair. Investors will be looking for greater clarity on his assessment of the economy and the path for monetary policy.Data Tuesday showed US consumer confidence fell to a seven-month low in August as the outlook for business conditions and the labor market deteriorated. The Conference Board’s gauge declined 0.8 point to 89.4 after the prior month was revised lower.“Consumers are optimistic about today but increasingly nervous about tomorrow,” said Jeffrey Roach, chief economist at LPL Financial. “Although employment conditions remain solid, fading expectations for income growth may act as a headwind to spending.”Elsewhere, Canadian Prime Minister Mark Carney matched new tariffs imposed by President Donald Trump and announced support for businesses hurt by the escalating trade dispute with the country’s largest trading partner.Trade talks between the two sides collapsed Friday, and Carney said Monday it had become clear that US officials were seeking to undermine key Canadian industries including steel, aluminum and auto manufacturing.Canada will double existing counter-tariffs on US steel and aluminum products to 50%. American-made milk, furniture and clothing will also face new 50% duties, along with video-game consoles, smartphones and other electronics.Corporate Highlights:OpenAI said its new Jalapeno chips performed better than Nvidia’s current lineup during testing, underscoring progress developing AI processors in-house. SpaceX plans to build a new $100 billion launch site for its Starship rocket on the southern coast of Louisiana, allowing the company to expand operations of the behemoth vehicle that’s critical to its future. Apple Inc. announced upgraded Mac mini and Mac Studio desktop computers, giving the in-demand machines major processor upgrades. Lambda Inc., an AI cloud-computing provider backed by Nvidia, is in talks to raise as much as $3 billion in a round that could tee it up to go public next year, according to people familiar with the efforts. Dick’s Sporting Goods Inc. sank after the Foot Locker chain it acquired last year continued to struggle, raising doubts about the broader sneaker market. Some of the main moves in markets:StocksHang Seng futures rose 0.4% as of 7:04 a.m. Tokyo time S&P/ASX 200 futures rose 0.3% Nikkei 225 futures were little changed CurrenciesThe euro was little changed at $1.1677 The Japanese yen was little changed at 159.21 per dollar The offshore yuan was little changed at 6.7175 per dollar The Australian dollar was little changed at $0.7162 CryptocurrenciesBitcoin rose 0.5% to $78,626.82 Ether rose 0.2% to $2,441.64 CommoditiesSpot gold was little changed West Texas Intermediate crude fell 1.5% to $81.12 a barrel This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
