Sept 04 25

Market Overview

• Futures: S&P 500 & Nasdaq 100 slightly higher, Dow flat, Russell 2000 +0.3%.

• Bonds: 10-year Treasury yield at 4.19%, near multi-month lows.

• Commodities: Crude oil down >1% (after –2.5% yesterday on OPEC+ supply news), natural gas up.

Economic Data

• ADP Jobs: 54k vs 68k expected (down sharply from July’s 106k).

• Jobless claims: 237k (slightly above forecasts), continuing claims eased.

• Challenger layoffs: +39% MoM.

• Q2 Productivity: +3.3% (above 2.5% est.); unit labor costs +1% (below est.).

• Trade deficit (July): $73.8B.

• Upcoming: PMI Composite (9:45 ET), ISM Services (10:00 ET).

Policy & Trade

• Fed still expected to cut rates; key test will be jobs report Friday.

• Trump asked Supreme Court to reinstate tariffs ruled illegal by appeals court.

Earnings & Corporate News

• Winners:

  • Credo (+274% rev., strong guidance).

  • Ciena (rev. +29.5%, guidance up).

  • American Eagle (EPS beat; Sydney Sweeney ad cited as success).

  • HPE (beat EPS/rev., stock rising).

• Mixed/Weak:

  • Salesforce (rev. +10%, guided lower).

  • Figma (IPO report beat but stock falling).

  • GitLab (beat but weak guidance).

  • PagerDuty inline, weak momentum.

  • C3.ai (rev. –19%, widened loss, CEO change).

  • Sanofi (trial disappointment).

Tech & AI

• Palantir: partnerships with Lumen & Lear, little stock move.

• DeepSeek working on advanced AI model.

• NVIDIA investing in Honeywell quantum computing; Chinese firms still demand NVIDIA chips.

EVs & Autos

• BYD cut 2025 sales target (4.6M vs 5.5M).

• Tesla Robotaxi app waitlist opened; regulatory scrutiny ongoing.

 Other Notables

• Atlassian buying browser firm ($610M).

• Google fined $425M for privacy violations.

• T. Rowe Price stake purchase by Goldman Sachs ($1B).

• Brinker Intl. upgraded (Chili’s menu improvements).

• Broadcom, AGX, Samsara reporting after close.