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A bad day for Nvidia got even worse on Tuesday when Bloomberg reported that the Department of Justice subpoenaed the chipmaker as part of its investigation into whether the world’s hottest company unfairly wields its industry dominance. Yesterday, Nvidia denied it was technically subpoenaed. Bloomberg followed up to say that Nvidia was merely splitting hairs about the type of request it received from the DOJ but that it was in fact asked to answer questions about its empire.

CITE: https://www.r2library.com/Resource

What’s up

• Nio—the Chinese EV maker, not the Keanu Reeves character—soared 14.52% after reporting record deliveries last quarter and forecasting a stronger quarter ahead.
• US Steel continued its roller coaster ride today, rising 1.97% on the rumor that President Biden will block its acquisition by Japan’s Nippon Steel.
• JetBlue Airways ascended 7.16% after the company boosted its revenue guidance for the coming quarter.
• G-III Apparel Group rocketed 22% thanks to a shockingly impressive quarter for the fancy apparel maker.
• Shoe Carnival, which sells shoes and isn’t in fact a poorly scripted horror film, popped 8.20% thanks to a back-to-school shopping boom.

What’s down

• C3.ai, which sounds like the name of a new Star Wars droid, sank 8.21% after the enterprise software company announced that subscription revenue fell short of expectations last quarter.
• Hewlett Packard Enterprise staggered 6.02% after posting record AI revenue but paying the price for it.
• Copart dropped 6.67% once the online car auctioneer reported solid revenue growth but missed earnings expectations last quarter.
• ChargePoint plummeted 17.75% thanks to an absolutely terrible quarter for the EV charging network company.
• Toro Company, makers of your dad’s favorite lawnmower, fell 10.09%. Sales to residential customers rose last quarter, but sales to professionals, who buy more expensive equipment, fell.

CITE: https://tinyurl.com/2h47urt5

Here’s where the major benchmarks ended:

• The SPX fell 16.66 points (–0.30%) to 5,503.41; the Dow Jones Industrial Average^® ($DJI) dropped 219.22 points (–0.54%) to 40,755.75; the NASDAQ Composite^® ($COMP) added 43.36 points (0.25%) to 17,127.66.
• The 10-year Treasury note yield (TNX)slid to 3.73%, its lowest close since August 5 following today’s jobs-related data. 
• The CBOE Volatility Index^® (VIX)fell to just above 20, near its historic average.

CITE: https://tinyurl.com/tj8smmes

The president is gearing up to block Japan’s Nippon Steel from acquiring US Steel, according to the Washington Post—a move that could end the highly politicized deal.

Visualize: How private equity tangled banks in a web of debt, from the Financial Times.

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