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WALL STREET FLAT TO SLIGHTLY UP AMID US CHIP STOCK CAUTION

U.S. stocks are little changed early Monday, amid investor caution about a Trump administration maneuver that involves major chip companies sharing 15% of revenue from China sales with the government.

Nvidia NVDA.O and AMD AMD.O have agreed to the revenue sharing, a U.S. official told Reuters days after the Commerce Department began issuing licenses for the sale of Nvidia's H20 chips.

Nvidia's deal with the Trump administration implies over $7 billion of potential sales and about $1 billion in quarterly payments under the deal, according to BNY.

"The arrangement, driven by Trump's administration to secure financial returns in trade concessions, is unprecedented in modern corporate history," wrote BNY in a research note led by EMEA macro strategist Geoff Yu.

Investors are also looking to any statement about a long-lasting U.S.-China trade deal. The deadline for a deal expires on August 12.

The cautious tone comes after the Nasdaq .IXIC posted a record closing high for a second straight session last Friday, with the S&P 500 .SPX not far off. The S&P 500 is now up about 28% from the April lows and about 8% so far this year.

Meanwhile, Monday is light in terms of U.S. data but is jampacked with Tuesday with economic reports and events. Inflation via the consumer price index, producer prices, and retail sales are key this week. Economists are projecting higher CPI, with the influence of tariffs accelerating between now and the end of the year.

U.S. President Donald Trump is also preparing to meet Russian President Vladimir Putin in Alaska this week for the first face-to-face exchange between the two since the beginning of Trump’s second term, as the outlines for a Russia-Ukraine ceasefire are emerging.

Here is an early snapshot of financial markets:

(Gertrude Chavez-Dreyfuss)

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