The S&P 500 Index ($SPX) (SPY) at this time is up by +0.13%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.04%. September E-mini S&P futures (ESU25) are up +0.14%, and September E-mini Nasdaq futures (NQU25) are up +0.05%.
Inventory indexes recovered early losses at this time and are barely greater on energy in software program shares, led by a +32% surge in MongoDB after reporting better-than-expected Q2 adjusted EPS and elevating its 2026 adjusted EPS forecast. Buying and selling exercise is skinny because the markets await Nvidia’s earnings after the shut for an replace on the unreal intelligence increase. With a $4.4 trillion market capitalization, Nvidia has an 8.1% weighting within the S&P 500, giving it vital energy to impression the index.
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Positive aspects in shares are restricted as bond yields rise on issues in regards to the Fed’s independence following President Trump’s push to fireside Fed Governor Lisa Prepare dinner. The ten-year T-note yield is up +2 bp to 4.28%. Moreover, weak point within the semiconductor market is weighing on know-how shares and the broader market.
Feedback at this time from New York Fed President Williams have been impartial, as he acknowledged that the US economic system is slowing, not stalling, and he stays optimistic in regards to the economic system’s route. He added that each FOMC assembly is “reside” for rates of interest and that in some unspecified time in the future, it is going to be applicable for us to regulate charges downward as we stay in a “modestly restrictive” stance on coverage.
US MBA mortgage purposes fell -0.5% within the week ended August 22, with the acquisition mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -3.5%. The typical 30-year fastened fee mortgage rose +1 bp to six.69% from 6.68% within the prior week.
Concerning tariffs, President Trump late Monday threatened to impose new tariffs and export restrictions on superior know-how and semiconductors in retaliation in opposition to different nations’ digital companies taxes that hit American firms. Final week, Mr. Trump widened metal and aluminum tariffs to incorporate greater than 400 shopper gadgets that comprise the metals, equivalent to bikes, auto components, furnishings elements, and tableware. The change went into impact final Monday and didn’t exclude items already in transit.
In different latest tariff information, Mr. Trump on August 13 prolonged the tariff truce with China for one more 90 days till November. On August 6, Mr. Trump introduced that he’ll double tariffs on US imports from India to 50% from the present 25% tariff, because of India’s purchases of Russian oil. In accordance with Bloomberg Economics, the common US tariff will rise to fifteen.2% if charges are carried out as introduced, up from 13.3% earlier, and considerably greater than the two.3% in 2024 earlier than the tariffs have been introduced.
The markets this week will deal with any recent tariff information or developments on ending the Ukraine-Russian battle. After at this time’s shut, Nvidia will launch its quarterly earnings and steering. On Thursday, Q2 GDP is predicted to be revised upward by +0.1 to three.1% (q/q annualized). Additionally, weekly preliminary unemployment claims are anticipated to fall by -5,000 to 230,000. On Friday, July private spending is predicted to climb +0.3% m/m, and July private earnings is predicted to rise +0.4% m/m. Additionally, the July core PCE value index, the Fed’s most popular inflation gauge, is predicted to climb +0.2% m/m and +2.9% y/y. As well as, the Aug MNI Chicago PMI is predicted to fall -0.6 to 46.5. Lastly, the College of Michigan’s final-Aug US shopper sentiment index is predicted to be unrevised at 58.6.
Federal funds futures costs are discounting the probabilities for a -25 bp fee reduce at 87% on the subsequent FOMC assembly on September 16-17. The markets are discounting the probabilities at 52% for a second -25 bp fee reduce on the following assembly on October 28-29.
Earnings stories point out that S&P 500 earnings for Q2 are on observe to rise +9.1% y/y, a lot better than the pre-season expectations of +2.8% y/y and essentially the most in 4 years, in accordance with Bloomberg Intelligence. With Q2 earnings season winding down, over 95% of S&P 500 corporations having reported Q2 earnings, about 82% of firms exceeded revenue estimates.
Abroad inventory markets at this time are combined. The Euro Stoxx 50 rebounded from a 2-week low and is up +0.03%. China’s Shanghai Composite closed down -1.76%. Japan’s Nikkei Inventory 225 closed up +0.30%.
Curiosity Charges
September 10-year T-notes (ZNU5) at this time are down -4 ticks, and the 10-year T-note yield is up +1.4 bp to 4.275%.
T-notes are barely decrease at this time because of rising inflation expectations because the 10-year breakeven inflation expectations fee rose to a 6-month excessive at this time of two.453%. Provide pressures are additionally weighing on T-notes, because the Treasury will public sale $28 billion in 2-year floating-rate notes and $70 billion in 5-year T-notes later at this time. As well as, T-notes are underneath strain with President Trump’s transfer to fireside Fed Governor Prepare dinner, exacerbating investor issues in regards to the Fed’s independence and fanning inflation fears if politics forces rates of interest under the impartial fee.
European authorities bond yields are transferring decrease at this time. The ten-year German bund yield fell to a 1.5-week low of two.695% and is down -1.6 bp to 2.707%. 10-year UK gilt yield is down -0.7 bp to 4.733%.
The German Sep GfK shopper confidence survey unexpectedly fell -1.9 to a 5-month low of -23.6, weaker than expectations of no change at -21.5.
Swaps are discounting the probabilities at 2% for a -25 bp fee reduce by the ECB on the September 11 coverage assembly.
US Inventory Movers
MongoDB (MDB) is up greater than +32% to steer software program shares greater after reporting Q2 adjusted EPS of $1.08, nicely above the consensus of 65 cents, and elevating its 2026 adjusted EPS forecast to $3.64-$3.73 from a earlier forecast of $2.94-$3.12, stronger than the consensus of $3.20. Additionally, Atlassian (TEAM) is up greater than +4% to steer gainers within the Nasdaq 100. As well as, Snowflake (SNOW) and Cloudflare (NET) are up greater than +3%, and Datadog (DDOG) is up greater than +1%.
Weak spot in chip makers at this time is weighing on the broader market. Microchip Expertise (MCHP) and ON Semiconductor Corp. are down by greater than 1%. Additionally, Lam Analysis (LRCX), Analog Gadgets (ADI), and Texas Devices (TXN) are down -0.80%. As well as, NXP Semiconductors NV (NXPI) is down -0.74%, and Utilized Supplies (AMAT) and ARM Holdings Plc (ARM) are down -0.60%.
Kohl’s (KSS) is up greater than +20% after reporting Q2 EPS of $1.35, nicely above the consensus of 31 cents, and forecasting full-year EPS of fifty cents-80 cents, higher than the consensus of 49 cents.
nCino (NCNO) is up greater than +17% after reporting Q2 subscription income of $130.8 million, higher than the consensus of $125.6 million, and elevating its 2026 subscription income estimate to $513.5 million-$517.5 million from $507 million-$511 million.
American Eagle Outfitters (AEO) is up greater than +5% after releasing a collaboration with Travis Kelce’s AE x Tru Kolors clothes model in an try and money in on Taylor Swift’s reputation.
Elanco Animal Well being (ELAN) is up greater than +4% after S&P Dow Jones Indices introduced the corporate will change Sarepta Therapeutics within the S&P MidCap 400 earlier than the opening of buying and selling on Tuesday. September 2.
Okta (OKTA) is up greater than +3% after reporting Q2 income of $728 million, stronger than the consensus of $696.9 million, and elevating its full-year income estimate to $2.88 billion-$2.89 billion from a earlier estimate of $2.85 billion-$2.86 billion, above the consensus of $2.86 billion.
Dynatrace (DT) is up greater than +2% after Oppenheimer initiated protection of the inventory with a advice of outperform and a value goal of $65
J M Smucker (SJM) is down greater than -4% to steer losers within the S&P 500 after reporting Q1 internet gross sales of $2.11 billion, under the consensus of $2.12 billion.
SBA Communications (SBAC) is down greater than -2% after Financial institution of America downgraded the inventory to impartial from purchase.
PayPal Holdings (PYPL) is down greater than -1% after Suddeutsche Zeitung reported that a number of banks blocked direct debits within the wake of funds that gave the impression to be suspicious or fraudulent.
Earnings Experiences(8/27/2025)
Agilent Applied sciences Inc (A), BILL Holdings Inc (BILL), Cooper Cos Inc/The (COO), Crowdstrike Holdings Inc (CRWD), Donaldson Co Inc (DCI), 5 Under Inc (FIVE), HP Inc (HPQ), J M Smucker Co/The (SJM), NetApp Inc (NTAP), Nutanix Inc (NTNX), NVIDIA Corp (NVDA), Pure Storage Inc (PSTG), Snowflake Inc (SNOW), Veeva Methods Inc (VEEV), Williams-Sonoma Inc (WSM).
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