Gold prices hit new all-time highs, IPO market boom, Super Micro climbs on Nvidia shipments

Market Overview - US stock futures are pulling back after a record run on Wall Street, with all three major indices closing at new highs, particularly the Dow closing above 46,000 for the first time [1][8] - Investors are awaiting the University of Michigan sentiment index for insights into the American consumer [1] - The Federal Reserve is expected to cut interest rates by a quarter of a percent in the upcoming September meeting [2][12] Trade Relations - Mexico has raised tariffs on Chinese-made vehicles to 50%, prompting a strong response from China [2][3] - The US is urging G7 allies to impose tariffs as high as 100% on China and India for their purchases of Russian oil [2] Company Earnings - Adobe reported strong earnings and guidance for profit and revenue, with annual recurring revenue from AI-influenced products exceeding $5 billion [4][5][28] - Super Micro is benefiting from Nvidia's volume shipments of its Blackwell Ultra solutions, enhancing its high-performance computing infrastructure [30] - RH, the upscale furniture retailer, has cut its revenue forecast for the year due to impacts from new US tariffs, now expecting a revenue increase of 9% to 11% [31] IPO Activity - A wave of IPOs is occurring, including companies like Gemini and CLA, with many recent IPOs priced above their expected range [21][24] - Recent IPOs have shown significant first-day pops, although not as extreme as earlier in the season, indicating more accurate pricing by underwriters [25][26] Gold Market - Gold has reached all-time highs, surpassing its inflation-adjusted high from 1980, solidifying its status as a safe haven and inflation hedge [19][20] Economic Outlook - Goldman Sachs highlights potential risks in the market, including a possible recessionary dynamic in the labor market and the potential for growth to hold up, which could lead to rising yields [15][17] - The market is currently pricing in expectations of multiple rate cuts by the Federal Reserve, with a total of 100 basis points expected by January [12][13]