The Pulse with Francine Lacqua 8/26/2026

Bloomberg Television reported that the Trump administration is discussing additional trade penalties against Canada after Canadian Prime Minister Mark Carney unveiled dollar-for-dollar retaliation to new US tariffs imposed on Saturday. The report did not identify the size or timing of any further measures.

US stocks struggled for direction and Treasuries slipped as traders reduced risk ahead of Nvidia’s earnings and July’s reading of the Federal Reserve’s preferred inflation gauge. Nvidia’s enrichment shows FY 2026 revenue of $215.9B, up 65.5% year over year, with a 71.1% gross margin and a 55.6% net margin.

The immediate read for NVDA will be set by the earnings release, while the trade-policy dispute adds a macro risk channel for semiconductor demand and market sentiment. The report also said ECB Executive Board member Isabel Schnabel argued that interest rates must rise further as the Middle East conflict and stronger euro-area conditions complicate the policy outlook.

The next decisive information is Nvidia’s earnings report and the accompanying outlook. Details on trade penalties, the scope of any Canadian retaliation, and the July inflation reading will determine whether the macro backdrop remains a secondary risk or becomes a larger driver of the shares.