US stocks pull back after last week’s Fed-fueled rally, with investors betting on rate cuts but watching key data ahead of the September FOMC meeting. Nvidia (NVDA) reported earnings on Wednesday, a critical test for the AI trade. Analysts eye data center growth, sovereign AI, and China sales—crypto surges as ethereum hits record highs, boosting Coinbase (COIN) and Circle. Meanwhile, Keurig Dr Pepper (KDP) strikes an $18B deal to acquire JDE Peet’s (JDEP.AS), planning to split its coffee and beverage units into two US-listed companies. Intel (INTC) jumps after the US government takes a 10% stake under the CHIPS Act, Wayfair (W) sinks on new tariff probes, and Ørsted (ORSTED.CO) slumps after the US blocks a central offshore wind farm.

Takeaways:

Fed rally fades; markets eye PCE data and September rate cut bets

Nvidia earnings loom as AI trade faces critical test

ethereum surge lifts crypto plays; Circle and Coinbase benefit

Keurig Dr Pepper in $18B JDE Peet’s deal; Intel, Wayfair, Ørsted move on policy news

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