Tech Stocks Lift Futures as Treasury Yields Take a Breather

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Futures are inching up, lifted by tech stocks that started the week strongly. Treasury yields are taking a breather, after hitting multiyear highs. 🚨 Follow our live coverage throughout the day for the latest news affecting markets. Meanwhile, our Gunjan Banerji reports on how traders are ramping up bets that the rally in Nvidia's shares has further to run. Live Markets Snapshot Data refreshes every time you open this email.

Stocks to Watch

  • Microsoft (MSFT): The company submitted a new proposal for acquiring videogame maker Activision Blizzard (ATVI) to the U.K.’s competition authority. Under the plan, Activision would sell some cloud-streaming rights to France's Ubisoft (FR:UBI). Shares of Microsoft and Activision rose 0.5% and 1.5%, respectively, premarket. Ubisoft stock gained more than 6% in Paris.
  • Tesla (TSLA): Shares in the electric-car maker looked set to build on Monday's 7.3% surge, adding another 3.6% in premarket trading.
  • Teva (TEVA): The generic drug maker agreed to pay $225 million to settle criminal charges over price-fixing allegations.
  • Coinbase (COIN): The crypto exchange said late Monday that it took a stake in stablecoin company Circle. The companies co-founded the USD Coin—the second-largest stablecoin—in 2018. Shares of Coinbase traded up 1.7% premarket.
  • Macy's (M) and Lowe's (LOW) are among the companies due to release earnings Tuesday.

Is Nvidia the New Tesla? Options Traders Place Their Bets By Gunjan Banerji ‏‏‎ ‎ Traders are ramping up their bets that the blockbuster rally in Nvidia’s shares will accelerate after Wednesday’s earnings report. Riding the frenzy of interest in artificial-intelligence technology, they have dished out more than $100 billion on Nvidia options this year, according to Cboe Global Markets data through mid-August. About 60% of that sum is tied to call options that can be used to bet on a continued rally. No other stock besides Tesla has garnered that level of investor interest. Keep reading.

The Wall Street Journal’s Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of spying—a charge the Journal and the U.S. government vehemently deny. Follow the latest coverage, sign up for an email alert, and learn how you can use social media to support Evan.

Charting the Markets

  • Inflation is falling under the most aggressive series of interest-rate increases in four decades. The biggest question now is: How aggressive should the Fed be in squeezing out what’s left?
  • Demand for natural gas in Europe hasn’t bounced back despite lower prices. The region’s TTF benchmark price is down 85% compared with a year ago. Behind the lackluster demand are European homes and factories that are going green faster than expected.
  • Retailers are on track to open 1,000 net new stores in the U.S. this year as retail availability hits record lows, in fresh signs of the sector’s resilience despite turmoil in commercial real estate.

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