August 25 Morning Read: Futures rise as Nebius closes $5.75B financing

Snapshot: August 25, 2026, 03:58–04:08 ET. U.S. equity futures were modestly higher after Monday's technology-led decline: Nasdaq-100 futures rose 0.45%, S&P 500 futures added 0.18%, and Dow futures gained 0.08%. Asia finished mixed-to-higher and early Europe was positive. The company focus is NBIS, which closed a much larger convertible-note financing than first proposed, while NVDA approaches its fiscal second-quarter results on Wednesday.

Macro overnight

The overnight board improved without turning into a broad risk surge. The Nasdaq-100 contract outpaced the S&P 500 and Dow, reversing part of Monday's relative technology weakness. Japan's Nikkei 225 closed up 0.50%, Shanghai gained 0.19%, and the Euro Stoxx 50 was up 0.24% in early trade. The pattern points to a selective rebound led by growth shares rather than a synchronized global surge.

Official Treasury data put the August 24 par yields at 4.24% for two years and 4.70% for ten years. Near 04:00 ET, the U.S. Dollar Index was up 0.07% around 99.071, while October WTI fell 0.65% to $84.46. December gold traded near $4,687. The official August 24 VIX close was 15.85, keeping completed-session volatility in the mid-teens before the next round of data and earnings.

Today's macro calendar

The first scheduled marker is the Philadelphia Fed non-manufacturing survey at 08:30 ET. At 10:00 ET, the calendar clusters three releases: Conference Board consumer confidence, July new residential sales, and the Richmond Fed manufacturing survey. The housing release is the federal item with the clearest direct read-through to rate-sensitive demand; the two surveys add regional business and consumer context. With three releases sharing the same time, the initial market reaction may reflect the combined signal rather than one headline.

Your tickers

NBIS — financing closes: Nebius said it closed two convertible-note series with aggregate gross proceeds of approximately $5.75 billion after the initial purchasers exercised their options in full. The package consists of 0.50% notes due 2030 and 4.50% notes due 2034. In separate exchanges, the company agreed to swap $400 million principal amount of its 2029 notes and $400 million of its 2031 notes for about 15.8 million Class A shares. Nebius said the new cash is intended for data-centre construction, AI-cloud development, a larger data-centre footprint, key components including GPUs, and general corporate purposes.

NVDA — the next AI checkpoint: NVIDIA's official investor calendar confirms fiscal Q2 FY27 results for Wednesday, August 26, at 2:00 p.m. PT. The event matters beyond NVDA itself. Data-centre revenue, accelerator supply and deployment commentary can shape expectations for related GPU customers and infrastructure names, including NBIS, CRWV, HPE and semiconductor producers. Today's futures bounce comes before that release, so it should not be confused with confirmation of the earnings outcome.

What to watch today

• Technology breadth after 09:30 ET: the 0.45% Nasdaq-100 futures gain needs confirmation from semiconductors, software and mega-cap platforms.
• The 10:00 ET data cluster: compare consumer confidence, new-home sales and the Richmond manufacturing survey as one combined macro signal.
• The Treasury curve: use 4.24% at two years and 4.70% at ten years as Monday's official completed-session references.
• NBIS financing digestion: separate the stronger liquidity runway from the potential equity-supply effects of convertible securities and the share exchange.
• NVDA event risk: Wednesday's 2:00 p.m. PT results are the next scheduled sector-wide AI demand checkpoint; avoid treating today's positioning as the result itself.

The pre-market setup is constructive but measured: U.S. futures and major Asian benchmarks improved, Europe opened higher, oil weakened and the dollar edged up. NBIS has secured substantial expansion capital while accepting a more complex dilution path, and NVDA's scheduled report remains the larger near-term technology catalyst. This is educational market information, not personalized financial advice or an instruction to trade.