Pre-market | PCE data meets expectations, Alibaba rises 5% after earnings, Marvell Technology plunges over 13%

US July Core PCE Price Index YoY increased by 2.9%, expected 2.9%, previous value 2.8%.

US July Core PCE Price Index MoM increased by 0.3%, expected 0.30%, previous value 0.30%.

US July PCE Price Index YoY increased by 2.6%, expected 2.60%, previous value 2.60%.

US July PCE Price Index MoM increased by 0.2%, expected 0.20%, previous value 0.30%.

US July personal spending MoM recorded 0.5%, the highest since March 2025.

Interpretation: US consumer spending grew steadily in July, and core PCE saw an uptick as import tariffs pushed up prices of some goods. However, amid a softening labor market, this data may not prevent the Federal Reserve from cutting rates next month. Low layoff rates support robust wage growth, which in turn supports consumption. But President Trump’s comprehensive tariffs on imported goods are increasing business costs, intensifying corporate caution and making employers reluctant to hire more staff. Government reports this month show that in the three months ending July, employment increased by an average of 35,000 per month, compared to 123,000 in the same period in 2024.

After the data release, short-term interest rate futures narrowed earlier losses; traders still expect the Federal Reserve to cut rates in September.

The three major US stock index futures all fell collectively.

Pre-market Movements of Individual Stocks

Alibaba rose 5%. Fiscal year 2026 Q1 revenue was 247.652 billion yuan, up 2% year-on-year; net profit was 42.382 billion yuan, up 76% year-on-year; non-GAAP net profit was 33.51 billion yuan, down 18% year-on-year. This quarter, Alibaba’s AI+Cloud business performed strongly, with Alibaba Cloud revenue growth accelerating to 26%, a three-year high, and AI-related product revenue achieving triple-digit year-on-year growth for eight consecutive quarters.

Nvidia fell nearly 1%. Reports indicate that Alibaba has developed more advanced chips to fill the gap left by Nvidia’s sales obstacles in China.

Marvell Technology plunged over 13%. Q2 revenue grew 58% year-on-year, but Q3 revenue guidance missed market expectations.

Dell fell over 6%. Dell’s Q2 AI server orders dropped sharply from $12.1 billion in the previous quarter to $5.6 billion, a decline of more than 50%. The company expects Q3 adjusted EPS of $2.45, below analysts’ average expectation of $2.55.

Ambarella rose over 18%. Q2 adjusted EPS was $0.15, three times the consensus estimate of $0.05. Revenue jumped to $95.5 million, exceeding the expected $90 million and up 49.9% year-on-year from $63.7 million a year ago. The company expects Q3 revenue to be between $100 million and $108 million, higher than the market consensus of $91.13 million.

“US Huabei” Affirm rose over 17%. Fiscal year 2025 Q4 adjusted EPS was $0.20, far above the analysts’ average estimate of $0.11. Revenue grew 33% year-on-year to $876 million, also beating analysts’ expectations of $837 million. The company also achieved positive operating profit on both GAAP and adjusted bases for the first time, marking an important step toward sustainable profitability.

IREN rose over 16%. Q4 adjusted EBITDA exceeded expectations, and annual bitcoin mining revenue is expected to surpass $1 billion.

Elastic NV rose over 7%. Q1 results beat market expectations, and full-year revenue guidance was raised.

Autodesk rose over 11%. Q2 revenue increased 17% year-on-year, and operating income surged 36%.

SentinelOne rose over 8%. Q2 revenue increased 22% year-on-year, and full-year revenue guidance was raised.

Celsius rose over 7%. PepsiCo spent $585 million to increase its stake in Celsius.

Ulta Beauty rose over 3%. Q2 revenue beat market expectations, and full-year revenue guidance was raised.

CHAGEE fell 5%. Q2 net income was 3.3319 billion yuan, up 10.2% year-on-year; adjusted net profit was 629.8 million yuan.