Tech-led futures dip, Alibaba's two selloffs, Canada tariffs hit
Futures edge lower with tech under pressure, Friday's crypto rally still dominates the boards, and 50% US tariffs on Canadian goods took effect at midnight.
Futures are marginally lower and the weakness is concentrated in technology, three days before Nvidia reports and Kevin Warsh speaks at Jackson Hole. Over the weekend, US–Canada trade talks collapsed and 50% tariffs on a range of Canadian goods took effect at midnight.
A soft, tech-led open
Dow futures are down 11 points, S&P 500 futures are off 0.1% and Nasdaq-100 futures are down 0.5%. The tech sector ETF XLK is lower by nearly 1% pre-market, with Coherent (−5%) and Lumentum (−4.5%) among the leading decliners; CNBC attributes the pressure to elevated Treasury yields. Overnight, MSCI’s Asia Pacific gauge slipped 0.2% with technology leading the drag, and European shares edged lower on the same sector. That is the shape of the morning: not a broad risk-off, a narrow one, and it sits directly ahead of Wednesday’s Nvidia print.
Friday’s board still tells the crypto story
The big percentage moves circulating this morning are Friday’s close, not this morning’s tape. Robinhood rose 13.7% to $108.13 on 50.2 million shares and Coinbase gained 8.2% to $186.49, both on a re-rating of the crypto regulatory outlook — prospective SEC work on tokenized securities and contract rules, not enacted change — alongside a bitcoin rally that trade-press accounts put above $77,000. Tesla added 5.14% to $362.86 on approval to run robotaxis in Las Vegas and a European debut for the electric Semi. The tell is underneath: Intel (−2.24%, 91.2 million shares) and Nvidia (−0.98%, 98.5 million) were the two heaviest-volume names and both fell on a day the S&P 500 and Nasdaq Composite each closed up 0.4%, while rate-sensitive Duke Energy (−2.31%) and NextEra (−1.62%) lagged.
Alibaba: two selloffs being told as one
Our data has the Alibaba ADR down 8.57% Friday, from $130.53 to $119.34, on a Q1 profit miss and heavy AI infrastructure spending, with AI Cloud revenue up 45%. Separately, the Hong Kong listing fell 8% Monday after the company finalised an HK$80bn (US$10.21bn) placement at HK$112.70 to fund AI development. Figures of roughly 7% and nearly 10% are also circulating in coverage. They are not competing measurements of one event — they are two different listings, on two different days, for two different reasons.
Tariffs at midnight, and a front-loaded week
US–Canada talks broke down late Friday and 50% US tariffs took effect at midnight on goods including hockey sticks, building materials, liquors and certain clothing; Prime Minister Carney says Canada will match “dollar for dollar.” The scheduled risk is concentrated on Wednesday: Q2 GDP and July core PCE both at 8:30 AM ET, then Nvidia after the close, where guidance of roughly $91bn ±2% already sits above a consensus near $87.2bn — so the guide, not the print, is the variable. Jackson Hole runs 27–29 August, with Warsh giving his first major address as chair on the theme of financial innovation and payments, having explicitly declined to offer forward guidance.
What to watch today
- XLK, Coherent and Lumentum at the open after pre-market declines of 5% and 4.5%
- Alibaba’s ADR versus the Hong Kong line following the HK$80bn placement at HK$112.70
- Details of Canada’s promised “dollar for dollar” response to the 50% US tariffs
- Tuesday 8:30 AM ET: Housing Starts, previous 1,239K
- Wednesday 8:30 AM ET: Q2 GDP and July core PCE; Nvidia reports after the close
- Jackson Hole symposium, 27–29 August, with Chair Kevin Warsh’s first address
Not financial advice. iTrading Buddy summarizes publicly available market data and news; every figure above is sourced from the reporting available before the US open on the date shown. Verify anything you act on.