Sep 11 2025

 

Market Overview

• Futures: S&P 500, Nasdaq 100, and Dow up ~0.3%; Russell 2000 up 0.25–0.3%.

• Treasury Yield: 10-year at 4.02%, near a 5-month low (briefly dipped below 4%).

Economic Data

• CPI (Aug):

  • Headline: +0.4% (a bit higher than expected).

  • YoY: 2.9% (in line).

  • Core: +0.3% MoM, 3.1% YoY (steady).

  • Airfares jumped +5.9% MoM; core goods prices rising (possibly tariff impact).

• Jobless Claims: Rose to 263K (highest since Oct 2021, mostly due to Texas data anomaly). Continuing claims dipped, suggesting hiring remains healthy.

• Fed Outlook: Still strong expectation of a 25 bp cut at next meeting; slim chance of 50 bp.

• ECB: Left rates unchanged, raised 2025 Eurozone inflation forecast to 2.1%.

Earnings & Corporate News

• Kroger (KR): Beat EPS, missed revenue; same-store sales ex-fuel +3.4%. Raised guidance slightly.

• Opendoor (OPEN): New CEO (ex-Shopify exec). Founders returning to board; $40M private placement → stock surged.

• KalVista Pharma (KALV): Wider loss, revenue miss, but optimism on new drug demand; EU approval expected Oct.

• Centene (CNC): Reaffirmed EPS guidance; stock surging, echoing insurer rebound seen with UnitedHealth.

• Micron (MU): Surging on Citi upgrade; strong fiscal 2026 guidance expected.

• Apple (AAPL): Downgraded to neutral by DA Davidson; product announcements seen as underwhelming. Stock down.

• Soundhound (SOUN): Initiated at Perform by Oppenheimer.

• UPS & FedEx: BofA downgraded UPS (underperform) and FedEx (neutral) → tariff changes on small imports may hurt volume and costs. FedEx reports earnings next week.

• Adobe (ADBE): Earnings after close; under pressure amid AI competition concerns.

• Gemini IPO (GEMI): Pricing tonight; Winklevoss twins involved. Money-losing but anticipated listing.