Closing Bell: Nvidia Climbs, Citigroup Closes Higher, Wells Fargo Falls

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Emily Graffeo, and Tim Stenovec.

On this episode of Stock Movers:

- Nvidia (NVDA) notched record highs after the close, after news that the company, along with AMD, plan to resume sales of some AI chips in China after securing Washington's assurances that such shipments would get approved. US government officials told Nvidia they would green-light export licenses for its H20 artificial intelligence accelerator, and AMD received similar assurances from the US Commerce Department for its MI308 chips. The move is seen as a win for Nvidia's Chief Executive Officer Jensen Huang, who has branded US chip curbs a "failure", and is expected to add billions to Nvidia's revenue this year, according to the company.

- Citigroup (C) shares closed up 3.7%, the highest level since 2008 after the bank said it would ramp up stock buybacks following a strong result in regulatory stress tests. The company plans to repurchase at least $4 billion of shares this quarter, Chief Financial Officer Mark Mason said Tuesday on a call with analysts. That’s more than the $3.75 billion the firm bought back in the entire first half of the year, and the plans helped push the stock past $90 for the first time since the financial crisis.

- Wells Fargo (WFC) shares are down after the bank lowered its full-year guidance for net interest income after another quarter of tepid growth amid the ongoing trade war. The San Francisco-based lender posted $11.7 billion in NII — income from lending minus the cost of deposits — for the three months through June, falling just short of analysts’ estimates of $11.8 billion. That prompted Wells Fargo to lower its full-year NII growth target to little changed from last year, down from its previous guidance of 1% to 3% growth, driven by lower NII in the bank’s markets business.

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