Market Monitor News August 11 BMO - Nasdaq Breaks Records, But The Trade Desk Hits a Wall

The Nasdaq nailed its 18th record close of the year on Friday, capping off a strong week for US equities.

The Dow Jones and and S&P 500 tagged along for the ride, while the broader market shrugged off last week’s weak jobs report in favor of renewed hopes for Federal Reserve rate cuts. Investors, it seems, have gone from fretting about a slowing labor market to eagerly anticipating a monetary sugar rush.

Still, it wasn’t all green on the board. A few high-profile names found themselves firmly on the losing side.

The Trade Desk: From S&P 500 Darling to Disaster in a Day

The Trade Desk (TTD | -38.61%) delivered one of those quarterly updates that make investors wish they’d just stayed in bed.

CEO Jeff Green warned about margin pressure from tariffs and slower-than-expected revenue growth in Q2 — particularly in the connected TV advertising space.

The forecast for Q3 revenue — $717 million — fell short of analyst expectations, and the market responded brutally, wiping $13 billion in market cap off the board in one session. Considering the company only recently joined the S&P 500, this was a rough introduction to the index’s more brutal side.

Under Armour Still Can’t Find Its Stride

Under Armour (UAA | -17.22%) turned in its ninth consecutive quarterly revenue decline, down to $1.1 billion.

Tariffs are expected to cost the company up to $100 million for the fiscal year, with management now projecting a 6–7% drop in Q2 sales, far worse than the 3% analysts had penciled in. For a brand that once aimed to be the next Nike, this feels more like jogging in reverse.

The Week’s Bigger Picture: Fed Drama, Tariff Tensions, and Gold Confusion

On the macro front, the Fed’s leadership saga took another twist. Stephen Miran was nominated to temporarily fill a vacant Board of Governors seat.

Miran is seen as dovish and supportive of Trump’s push for rate cuts, raising speculation about a more politically influenced central bank.

Meanwhile, Treasury Secretary Scott Bessent is spearheading the search for Jerome Powell’s successor, with names like Kevin Hassett, Kevin Warsh, and James Bullard floating around.

Trade tensions flared again, this time over Swiss gold bars. The Financial Times initially reported that the US had slapped a 39% tariff on 1kg gold imports, sending prices to record highs. But later, Bloomberg cited White House officials clarifying that no such tariffs would be implemented, cooling the rally.

Gold ended off its highs, though the brief panic was a reminder of how jittery commodity markets can be.

Oil (WTI) finished the week down about 5%, the 10-year Treasury yield ticked up to 4.288%, and the euro/dollar closed at 1.1644.

Other Movers

Expedia (EXPE | +4.08%) rose after raising full-year guidance.

Gilead Sciences (GILD | +8.28%) jumped on a stronger outlook.

Pinterest (PINS | -10.31%) fell after disappointing earnings.

Twilio (TWLO | -19.38%) beat profit estimates but saw margins shrink for the fifth straight quarter.

Bottom line: The market’s still in a bullish mood, driven by optimism over potential rate cuts but company-specific shocks like The Trade Desk’s nosedive are a stark reminder that in earnings season, no one is safe.

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Kristoff - ChartMill

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