Nvidia shares slump; three killed in US school shooting

Happy Thursday and welcome to your morning wrap of the key global political and business headlines from overnight.

First up, shares in the world's most valuable company, Nvidia, have fallen about 2% despite reporting better-than-expected earnings and revenue. The chipmaker reported second-quarter revenue of US$46.7 billion, up 56% from a year ago, and said it expected its third-quarter revenue to be US$54b, plus or minus 2%. 

The company also announced a US$60b share buyback. Its share price slid, however, after its data centre revenue missed expectations. 

Vital Knowledge president Adam Crisafulli told Bloomberg: “On an absolute basis, the Nvidia performance remains extraordinary (how many companies this big are growing sales >50% Y/Y?), but against extremely elevated expectations, the numbers are rather pedestrian (if not outright underwhelming) which should (assuming the PCE on Fri isn’t any more hot than the CPI/PPI were, which seems unlikely) help propel the rotation trade.”

Wall Street's main indices closed higher in anticipation of the results, with the S&P500 hitting a fresh record. 

Paul Meeks, managing director of investment banking at Freedom Capital, was quoted by CNN saying Nvidia’s shares could be affected by Trump’s trade policy.

“I bet that there’ll be a dip in the stock – not necessarily after they report, but sooner or later – and it’ll probably be a result of Chinese trade talks, not the company’s fundamentals at all.”

In other news, three people are dead and 17 injured after a mass shooting at a Catholic church and school in the US state of Minnesota.

Reuters reported that local police first responded just before 8:30am (local time) to a shooting at Annunciation Catholic School in Minneapolis.

Police chief Brian O’Hara said the gunman approached the church and began firing a rifle through a window towards children sitting in the pews for morning prayer. Two children, aged 8 and 10, were killed, and 14 of the 17 injured were also children. The gunman then took his own life.

"This was a deliberate act of violence against innocent children and other people worshipping. The sheer cruelty and cowardice of firing into a church full of children is absolutely incomprehensible," O’Hara told reporters.

According to a tweet shared by Reuters, the shooting at Annunciation Catholic School is the 146th school shooting so far in 2025.

In India, the United States' 50% tariffs on goods from the country have taken effect, as President Donald Trump seeks to punish Delhi for purchasing Russian oil and weapons, the BBC reported.

The tariffs, among the highest in the world, include a 25% levy on transactions with Russia, which remains a key source of funding for its war in Ukraine. India has shown no signs of halting its purchases.

Meanwhile, New Delhi think tank Global Trade Research Initiative said the tariffs will likely wipe out the billions of dollars India saved by importing discounted Russian oil. They estimate India saved at least US$17 billion, but the new levies could slash Indian exports by more than 40%, or nearly US$37 billion.

India has been hit with steep tariffs by the US for refusing to stop importing Russian oil.

In Australia, a manhunt is ongoing for a gunman suspected of killing two police officers in the state of Victoria, as the region is hit by icy weather, the ABC reported.

Police are searching for Dezi Freeman, who allegedly opened fire on a group of 10 officers as they executed a warrant at his rural property. The warrant was related to historical sex crimes.

Two officers were shot and killed, and a third was injured. Freeman fled the property on foot, carrying several firearms, and remains at large in the bush around Porepunkah.

He is known to police as a “sovereign citizen”, referring to a belief that government and court systems are illegitimate.

In business news, ByteDance, the owner of TkTok, is set to launch a new employee share buyback that will value the Chinese tech giant at more than $330b, Reuters reported, citing three unnamed sources.

The company plans to offer current employees just over $200 a share, which is up 5.5% from what it offered the company about six months ago.

The latest buyback at a higher valuation will come as ByteDance consolidates its position as the world’s largest social media company by revenue, with second-quarter sales up 25% year-on-year.

Finally, New York-listed shares of Canada Goose spiked nearly 15% following a report from CNBC that the winter clothing maker’s controlling shareholder, Bain Capital, has received bids to take the company private. Sources told CNBC that Bain is looking to offload its holding.

Boyu Capital and Advent International have reportedly made verbal offers, valuing the company at US$1.35b. 

Canada Goose is well known for its thick winter jackets.