Kansas City Federal Reserve President Jeff Schmid said ahead of the Jackson Hole gathering that policy is still too accommodative while inflation remains above the Fed’s 2% goal. He highlighted a 20% to 30% surge in agricultural commodities in recent weeks as a potential new source of inflation pressure. Schmid also downplayed the impact of possible renewed U.S.-Canada tariffs, calling them a small part of the broader economy. His comments reinforced concerns that the Fed could keep policy tight for longer.

Nvidia plans to raise prices by more than 15% on several AI servers to offset higher costs for components such as memory. The company reported $81.6 billion in revenue last quarter, up 85% year over year, including $75.2 billion from its Data Center business, which rose 92%. Non-GAAP gross margin was 75%, and Nvidia guided fiscal second-quarter revenue to roughly $91 billion while maintaining a 75% non-GAAP gross margin.

The Trump administration has returned more than $100 billion in IEEPA-related tariffs, about 60% of what was collected. Walmart received about $2.9 billion in refunds. Target took in $994 million and used it to lift margins, contributing $1.65 to earnings per share. Amazon and Home Depot received roughly $600 million and $730 million, respectively.

Lowe’s reported second-quarter revenue of $26 billion, slightly below the $26.1 billion the Street expected, while comparable sales rose 0.2%. The retailer lowered its 2026 sales forecast to $92 billion as higher mortgage rates continue to weigh on the housing market and DIY demand. Adjusted earnings per share came in at $4.27 versus expectations of $4.22, helped in part by tariff refunds, according to Bloomberg estimates.

CoreWeave reported second-quarter results after the close on Tuesday, posting a loss per share of $1.14 versus expectations for a $1.41 loss, while revenue of $2.5 billion matched forecasts. Adjusted operating income came in at $128 million, well above the $66 million consensus estimate. The stock had fallen more than 30% since its previous earnings report in May. Shares rose more than 8% in after-hours trading following the release.

SanDisk reported fiscal fourth-quarter revenue of $8.79 billion, topping expectations, and posted adjusted earnings per share of $39.25, also above forecasts. The company projected fiscal first-quarter revenue of $10.3 billion to $10.8 billion, below the $11.16 billion estimate, sending the stock down 4% in afterhours trading on Wednesday. SanDisk also authorized an additional $14 billion share repurchase program. The stock is up nearly 490% year to date.

The U.S. reinstated a naval blockade on Iran, pushing Brent crude above $85 a barrel. The geopolitical escalation strengthened expectations that inflation and interest rates will stay elevated, increasing worries about funding costs for highly valued tech and software companies. MongoDB, Flywire and Marqeta fell 3%, 3% and 2.3%, respectively, in afternoon trading.

Taiwanese investigators raided local parties linked to Super Micro Computer (SMCI) as part of a probe into alleged efforts to bypass U.S. export controls and illegally reroute high-end Nvidia AI chips to higher-risk destinations. The case has raised fresh questions over the company’s ability to manage compliance across its global supply chain. It has also fueled concerns that U.S. authorities could coordinate enforcement, customers could re-evaluate supplier qualifications, and market worries over debt, cash flow and delivery of AI orders could intensify.

The U.S. National Highway Traffic Safety Administration formally closed its engineering analysis into a power-steering loss issue affecting about 376,241 2023 Model 3 and Model Y vehicles, citing Tesla’s over-the-air software recall and a measurable drop in owner complaints. Morgan Stanley and Barclays raised their Tesla Q2 delivery forecasts to 413,000 and about 418,000 vehicles, respectively, well above the prior consensus. Elon Musk also said xAI’s Grok 4.5 has begun internal private beta testing at Tesla and SpaceX, though the key drivers were reduced regulatory risk and higher delivery expectations.