ASML Holding N.V. develops, produces, markets, sells, and services advanced semiconductor equipment systems for chipmakers. It offers advanced semiconductor equipment systems, including lithography, metrology, and inspection systems. The company also provides extreme ultraviolet lithography systems; and deep ultraviolet lithography systems comprising immersion and dry lithography solutions to manufacture various range of semiconductor nodes and technologies. In addition, it offers metrology and inspection systems, including YieldStar optical metrology systems to assess the quality of patterns on the wafers; and HMI electron beam solutions to locate and analyze individual chip defects. Further, the company provides computational lithography solutions, and lithography systems and control software solutions; and refurbishes and upgrades lithography systems, as well as offers customer support and related services. It operates in Japan, South Korea, Singapore, Taiwan, China, rest of Asia, the Netherlands, rest of Europe, the Middle East, Africa, and the United States. The company was formerly known as ASM Lithography Holding N.V. and changed its name to ASML Holding N.V. in 2001. ASML Holding N.V. was founded in 1984 and is headquartered in Veldhoven, the Netherlands.

ASML Holding N.V. - New York Registry Shares

The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.27%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.43%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.33%. September E-mini S&P futures (ESU25) rose +0.28%, and September E-mini Nasdaq futures (NQU25) rose +0.36%.
Stock indexes on Tuesday settled higher after the preliminary revision to US payrolls in the year through March showed the number of jobs was fewer than previously stated, bolstering the outlook for accelerated interest rate cuts by the Fed. Stocks remain underpinned by the prospect of a more accommodative Fed, as the markets have fully priced in a 25 bp rate cut by the Fed at next week’s FOMC meeting and priced in a 10% chance for a 50 bp rate cut.
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M&A activity also supported stocks on Tuesday after Anglo American agreed to acquire Teck Resources, creating a more than $50 billion company. Also, Novartis AG is buying Tourmaline Bio for about $1.4 billion.
The preliminary benchmark payroll revisions to US payrolls in the year through March 2025 showed -911,000 fewer jobs than previously stated, a wider loss than expectations of -700,000 and the largest markdown in job growth since at least 2000, a sign of a weaker US labor market.
Market focus this week will be on any trade or tariff news. On Wednesday, Aug PPI final demand is expected to climb +3.3% y/y, unchanged from July, and Aug PPI ex-food and energy is expected to ease to +3.5% y/y from +3.7% y/y in July. On Thursday, Aug CPI is expected to climb to +2.9% y/y from +2.7% y/y in July, and Aug CPI ex-food and energy is expected to increase +3.1% y/y, unchanged from July. Also, weekly initial unemployment claims are expected to fall by -3,000 to 234,000. On Friday, the University of Michigan Sep consumer sentiment index is expected to slip -0.2 to 58.0.
The markets are now pricing in a 10% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. After the fully expected -25 bp rate cut at the Sep 16-17 meeting, the markets are now discounting a 75% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -72 bp rate cut in the federal funds rate by year-end to 3.66% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last month that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, “The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax.” The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 rose to a 1-week high and closed up +0.11%. China’s Shanghai Composite closed down -0.51%. Japan’s Nikkei Stock 225 dropped from a record high and closed down -0.42%.
Interest Rates
December 10-year T-notes (ZNZ5) on Tuesday closed down by -6.5 ticks. The 10-year T-note yield rose by +3.0 bp to 4.070%. Strength in stocks on Tuesday curbed safe-haven demand for T-notes. Also, supply pressures are weighing on T-notes as the Treasury will auction $119 billion of T-notes and T-bonds this week.
T-notes recovered some of their losses on solid demand for the Treasury’s $58 billion auction of 3-year T-notes that had a bid-to-cover ratio of 2.73, above the 10-auction average of 2.59. T-notes also have support after Tuesday’s larger-than-expected downward revision to annual US payroll growth and last Friday’s weak US unemployment report boosted the chances to 100% for a 25 bp Fed rate cut at next week’s FOMC meeting.
Concerns about Fed independence are negatively impacting T-note prices due to President Trump’s attempt to fire Fed Governor Cook and Stephen Miran’s intention to hold a Fed Governor position while remaining technically in his White House role on the Council of Economic Advisors.
European government bond yields on Tuesday moved higher. The 10-year German bund yield rose +1.7 bp to 2.659%. The 10-year UK gilt yield rose +1.8 bp to 4.623%.
French Jul manufacturing production fell -1.7% m/m, weaker than expectations of -1.2% m/m and the largest decline in 14 months.
Swaps are discounting no chance for a -25 bp rate cut by the ECB at Thursday’s policy meeting.
US Stock Movers
UnitedHealth Group (UNH) closed up more than +8% to lead gainers in the S&P 500 and Dow Jones Industrials and underpin health insurance stocks after saying it expects 78% of its Medicare Advantage members to be in highly rated 4-star or higher plans that earn bonus payments next year. Also, Centene (CNC) closed up more than +7% and Molina Healthcare (MOH) closed up more than +3%. In addition, Elevance Health (ELV) closed up more than +2% and CVS Health (CVS) closed up more than +1%
Strength in chip makers also supported gains in the broader market. Advanced Micro Devices (AMD) and Micron Technology (MU) closed up more than +2%. Also, Nvidia (NVDA), Marvell Technology (MRVL), ARM Holdings Plc (ARM), and ASML Holding NV (ASML) closed up more than +1%. In addition, KLA Corp (KLAC) closed up +0.96% and Applied Materials (AMAT) closed up +0.89%.
Tourmaline Bio (TRML) closed up more than +57% after Novartis AG agreed to buy the company for $1.4 billion or about $48 a share.
Nebius Group NV (NBIS) closed up more than +49% after announcing it will provide Microsoft access to GPU infrastructure capacity at its new data center in Vineland, New Jersey, over the next five years.
Brighthouse Financial (BHF) closed up more than +12% after the Financial Times reported that Aquarian Holdings is in late-stage talks with two Middle Eastern investors to finance a takeover of the company.
Atlassian Corp (TEAM) closed up more than +5% to lead gainers in the Nasdaq 100 after announcing it is ending its data center product over the coming three years and will move customers to its cloud platform.
CoreWeave (CRWV) closed up more than +7% after launching CoreWeave Ventures, a new initiative committed to backing founders and companies developing platforms and technologies shaping the AI ecosystem.
Humana (HUM) closed down more than -12% to lead losers in the S&P 500 after a post on LinkedIn, cited by analysts at Leerink Partners, stated that changes in the thresholds for Medicare quality ratings that pay bonuses to health plans are harder to get, and Humana receives most of its revenue from selling private Medicare Advantage plans.
Albemarle (ALB) closed down more than -11% as lithium stocks retreated on a report from Chinese state media Securities Times that said CATL’s lithium mine, which had suspended production last month, will resume production soon.
SailPoint (SAIL) closed down more than -7% after forecasting Q3 adjusted income from operations of $42.5 million-$43.5 million, weaker than the consensus of $50.4 million.
Fox Corp (FOXA) closed down more than -6% after trusts established for three of Rupert Murdoch’s children are selling 16.9 million shares of Class B stock.
Home builders and home building suppliers are falling today on long liquidation and profit taking following the sharp rally in the stocks over the past three months. Builders FirstSource (BLDR) closed down more than -5%. Also, PulteGroup (PHM), DR Horton (DHI), and Lennar (LEN) closed down more than -3%, and Toll Brothers (TOL) closed down more than -2%.
Freeport-McMoRan (FCX) closed down more than -5% after announcing that mining operations at the Central Papua, Indonesia Grasberg minerals district had been suspended to evacuate workers from an underground mine.
News Corp (NWS) closed down more than -4% after announcing it will offer 14.1 million shares of Class B common stock.
Earnings Reports(9/10/2025)
Barnes & Noble Education Inc (BNED), Chewy Inc (CHWY), Daktronics Inc (DAKT), Frequency Electronics Inc (FEIM), Oxford Industries Inc (OXM), PACS Group Inc (PACS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Higher on Hopes of Accelerated Fed Rate Cuts

The S&P 500 Index ($SPX) (SPY) on Monday closed up +0.21%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.46%. September E-mini S&P futures (ESU25) rose +0.25%, and September E-mini Nasdaq futures (NQU25) rose up +0.49%.
Stocks settled higher on Monday on the prospect of a more accommodative Federal Reserve. The 10-year T-note yield fell to a 5-month low on Monday of 4.04%. The markets have fully priced in a 25 bp rate cut by the Fed at next week's FOMC meeting and priced in a 10% chance for a 50 bp rate cut. Strength in semiconductor makers led technology stocks and the overall market higher. However, this week's US Aug CPI and PPI reports will show how much room the Fed has to cut interest rates and support the job market.
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Weaker-than-expected trade news from China is negative for global growth prospects after China's Aug exports rose +4.4% y/y, weaker than expectations of +5.5% y/y. Also, Aug imports rose +1.3% y/y, weaker than expectations of +3.4% y/y.
Market focus this week will be on any trade or tariff news. On Tuesday, the BLS will release annual benchmark revisions to US payrolls in the year through March. On Wednesday, Aug PPI final demand is expected to climb +3.3% y/y, unchanged from July, and Aug PPI ex-food and energy is expected to ease to +3.5% y/y from +3.7% y/y in July. On Thursday, Aug CPI is expected to climb to +2.9% y/y from +2.7% y/y in July, and Aug CPI ex-food and energy is expected to increase +3.1% y/y, unchanged from July. Also, weekly initial unemployment claims are expected to fall by -3,000 to 234,000. On Friday, the University of Michigan Sep consumer sentiment index is expected to slip -0.2 to 58.0.
The markets are now pricing in a 15% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. After the fully expected -25 bp rate cut at the Sep 16-17 meeting, the markets are now discounting an 81% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -76 bp rate cut in the federal funds rate by year-end to 3.62% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last month that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, "The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax." The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets on Monday settled higher. The Euro Stoxx 50 closed up +0.84%. China's Shanghai Composite closed up +0.38%. Japan's Nikkei Stock 225 rose to a 2.5-week high and closed up +1.45%.
Interest Rates
December 10-year T-notes (ZNZ5) closed up by +5 ticks. The 10-year T-note yield fell by -2.8 bp to 4.046%. The 10-year T-note yield dropped to a 5-month low Monday at 4.040% on carryover support from last Friday's weak US unemployment report that bolstered the outlook for Fed easing. Supply pressures are limiting gains in T-note prices as the Treasury will auction $119 billion of T-notes and T-bonds this week, beginning with Tuesday's $58 billion auction of 3-year T-notes.
Concerns about Fed independence are negatively impacting T-note prices due to President Trump's attempt to fire Fed Governor Cook and Stephen Miran's intention to hold a Fed Governor position while remaining technically in his White House role on the Council of Economic Advisors.
European government bond yields on Monday moved lower. The 10-year German bund yield fell to a 1-month low of 2.638% and finished down -2.0 bp to 2.642%. The 10-year UK gilt yield dropped to a 3-week low of 4.604% and finished down -4.0 bp to 4.605%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chip stocks rallied on Monday to provide support to the overall market. Marvell Technology (MRVL) closed up more than +3%, and Broadcom (AVGO) closed up more than +3% and added to last Friday's +9% surge to lead chip stocks higher on news that the company is teaming up with OpenAI to make artificial intelligence accelerators. Also, Lam Research (LRCX) closed up more than +2%, and ASML Holding NV (ASML) closed up more than +1%. In addition, Nvidia (NVDA) and Analog Devices (ADI) closed up +0.77%.
AppLovin (APP) closed up more than +11% to lead gainers in the Nasdaq 100 after S&P Dow Jones Indices announced the stock will replace Caesars Entertainment in the S&P 500 before the start of trading on September 22.
Rapport Therapeutics (RAPP) closed up more than +122% after reporting positive topline results from its RAP-219 treatment for focal onset seizures.
Forward Industries (FORD) closed up more than 54% after receiving $1.65 billion in cash and stablecoin commitments for a private investment in public equity offering to fund a Solana-focused digital asset treasury strategy.
EchoStar (SATS) closed up more than +18% after SpaceX's Starlink agreed to buy wireless spectrum from the company for about $17 billion.
Robinhood Markets (HOOD) closed up more than +15% after S&P Dow Jones Indices announced the stock would replace MarketAxess Holdings in the S&P 500 before the start of trading on September 22.
Premier Inc. (PINC) closed up more than +4% after Patient Square Capital was said to be exploring an acquisition of the company.
Uber Technologies (UBER) closed up more than +3% to lead gainers in the S&P 500 after it partnered with Chinese autonomous vehicle maker Momenta to test robotaxis in Munich next year.
Oracle (ORCL) closed up more than +2% after Morgan Stanley raised its price target on the stock to $246 from $175.
CVS Health Corp (CVS) closed down more than -3% to lead losers in the S&P 500 after the company CEO and CFO, during a private investor meeting, provided no details about its upcoming quality ratings from the US government and offered no financial guidance.
Telecommunication stocks are falling today after SpaceX agreed to buy wireless spectrum from EchoStar for $17 billion. T-Mobile US (TMUS) closed down more than -3% to lead losers in the Nasdaq 100, and Verizon Communications (VZ) closed down more than -2% to lead losers in the Dow Jones Industrials. Also, SBA Communications (SBAC) closed down more than -3% and AT&T (T) closed down more than -2%.
Summit Therapeutics (SMMT) closed down more than -25% unveiling new data that cast doubt on the future of its ivonescimab drug to treat lung cancer.
Norwegian Cruise Line Holding (NCLH) closed down more than -4% after announcing it will sell $1.025 billion of senior notes due 2031 and $1.025 billion of senior notes due 2033 in a private offering.
Dexcom (DXCM) closed down more than -3% after Oppenheimer & Co. downgraded the stock to perform from outperform.
BXP Inc (BXP) closed down more than -1% after cutting its quarterly cash dividend to 70 cents a share from 98 cents.
Earnings Reports(9/9/2025)
Core & Main Inc (CNM), GameStop Corp (GME), Oracle Corp (ORCL), Rubrik Inc (RBRK), SailPoint Inc (SAIL), Synopsys Inc (SNPS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Higher as Bond Yields Fall and Chip Makers Climb

Key Points
Investing in the companies powering artificial intelligence (AI) models is a smart move.
AI hyperscalers are spending billions on data centers, but are also recouping some of that investment by renting out computing power.
Artificial intelligence (AI) investing remains a primary driver in the market, fueled by massive capital expenditures in data centers by AI hyperscalers. There are numerous AI stocks that investors can consider right now, and this list can serve as a starting point for further research on which AI stocks appear to be great buys.
I've got 10 on my short list for top AI stocks to buy now, but there are likely many more beyond this.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More »
1. Nvidia
Nvidia (NASDAQ: NVDA) has been a leader in AI investing since its inception, primarily due to its industry-leading graphics processing units (GPUs), which have been widely utilized to train and run AI models. The company projects monster growth for its GPUs over the next five years, as it expects data center capital expenditures to rise from $600 billion this year to $3 trillion to $4 trillion by 2030.
We'll see if this projection pans out, but there's still massive computing demand for AI, and Nvidia is the top provider in this segment.
2. Broadcom
Another company heavily involved in this sector is Broadcom (NASDAQ: AVGO). Broadcom has two major products being used in AI data centers: its connectivity switches and its custom AI accelerators. The biggest growth story for Broadcom is these custom AI accelerators, which are alternatives to Nvidia's GPUs that are designed in conjunction with the end user.
This could be a huge market for Broadcom, and makes me bullish on the stock.
3. Taiwan Semiconductor
Neither Nvidia nor Broadcom can produce chips themselves, so they outsource the fabrication work of their designs to Taiwan Semiconductor (NYSE: TSM). TSMC is the world's largest chip foundry and has established a reputation for continuous innovation and delivering best-in-class product yields.
It's slated to capitalize on the massive AI arms race spending, regardless of which companies are using computing devices, making it an excellent AI investment on the chip side of AI.
4. ASML
ASML (NASDAQ: ASML) is a key equipment supplier to chip foundries, such as Taiwan Semiconductor, as it holds a technological monopoly with its primary product: the extreme ultraviolet (EUV) lithography machine. This allows chip manufacturers to lay down microscopic electrical traces. Without ASML, none of the cutting-edge chip technology we know today would be possible.
With the stock down about 30% from its all-time high (at the time of this writing), it appears to be a tremendous opportunity to scoop up while it's on sale.
5. Alphabet
Moving to the AI hyperscaler side, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) looks like a strong investment. Although many assumed that Alphabet had fallen too far behind in the AI arms race to be a worthy competitor, it has emerged as one of the top players. Its generative AI model, Gemini, is one of the best available, and with Alphabet integrating it into its Google Search engine, it's easily one of the most used.
Alphabet still trades at a discount to its big tech peers despite its recent success, and that could be a prime opportunity to make a profit over the next five years.
6. Meta Platforms
Meta Platforms (NASDAQ: META), the parent company of Facebook and Instagram, is also heavily investing in AI. It's spent a ton of money hiring the best AI talent possible, and now it has reached a point where it's focusing that all-star lineup on various AI goals.
Time will tell whether this is a winning strategy, but Meta is giving itself the best chance to succeed by equipping itself with the brightest minds to lead its various AI initiatives.
7. Amazon
Amazon (NASDAQ: AMZN) may not be the first company you think of when you hear AI, but its cloud computing business, Amazon Web Services (AWS), is a huge part of the AI build-out trend. Most companies can't afford to build out a massive data center specifically for AI, so they rent it from a cloud computing provider like AWS.
AWS is a significant contributor to Amazon's profitability, generating 53% of Amazon's operating profits in Q2, despite accounting for only 18% of revenue. Cloud computing has a massive tailwind blowing in its favor, and investing in companies with this business is a genius idea.
8. Microsoft
AWS is the largest cloud computing provider, but Microsoft's (NASDAQ: MSFT) Azure is quickly gaining ground. Azure has grown rapidly over the past few years, with its Q4 FY 2025 growth rate (ending June 30) coming in at 39%. That's far quicker than AWS's 17% growth rate, making Microsoft an interesting stock to watch in this space.
9. SoundHound AI
SoundHound AI (NASDAQ: SOUN) is quite a bit smaller than nearly every company on this list, but it's growing at a rapid pace. SoundHound AI's technology combines AI with audio recognition, which can be used to automate millions of jobs. In Q2, its revenue grew at a jaw-dropping 217% year-over-year pace, providing an incredibly bullish outlook for the future.
Management believes they can deliver 50% organic growth for the foreseeable future, which would lead to an incredible stock performance.
10. The Trade Desk
Last on this list is The Trade Desk (NASDAQ: TTD), which has struggled lately. The stock is down over 60% from its all-time high because it's experiencing issues transitioning users from its old platform to its new AI-first platform, Kokai.
However, The Trade Desk is well-positioned to capitalize on the digital ad market. Once it gets the transition on track, it will become a leading competitor in a rapidly growing space.
Should you invest $1,000 in Nvidia right now?
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Keithen Drury has positions in ASML, Alphabet, Amazon, Broadcom, Meta Platforms, Nvidia, Taiwan Semiconductor Manufacturing, and The Trade Desk. The Motley Fool has positions in and recommends ASML, Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, Taiwan Semiconductor Manufacturing, and The Trade Desk. The Motley Fool recommends Broadcom and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

What Are the 10 Top Artificial Intelligence (AI) Stocks to Buy Right Now?

The S&P 500 Index ($SPX) (SPY) today is up +0.35%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.79%. September E-mini S&P futures (ESU25) are up +0.35%, and September E-mini Nasdaq futures (NQU25) are up +0.76%.
Stocks are climbing today on the prospect of a more accommodative Federal Reserve. The 10-year T-note yield fell to a 5-month low today of 4.04%. The markets have fully priced in a 25 bp rate cut by the Fed at next week's FOMC meeting and priced in a 10% chance for a 50 bp rate cut. However, this week's US Aug CPI and PPI reports will show how much room the Fed has to cut interest rates and support the job market. Stocks fell last Friday after the weaker-than-expected US Aug payroll report sparked concerns that the Fed was falling behind in supporting a rapidly cooling US labor market.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Weaker-than-expected trade news from China is negative for global growth prospects after China's Aug exports rose +4.4% y/y, weaker than expectations of +5.5% y/y. Also, Aug imports rose +1.3% y/y, weaker than expectations of +3.4% y/y.
Market focus this week will be on any trade or tariff news. On Tuesday, the BLS will release annual benchmark revisions to US payrolls in the year through March. On Wednesday, Aug PPI final demand is expected to climb +3.3% y/y, unchanged from July, and Aug PPI ex-food and energy is expected to ease to +3.5% y/y from +3.7% y/y in July. On Thursday, Aug CPI is expected to climb to +2.9% y/y from +2.7% y/y in July, and Aug CPI ex-food and energy is expected to increase +3.1% y/y, unchanged from July. Also, weekly initial unemployment claims are expected to fall by -3,000 to 234,000. On Friday, the University of Michigan Sep consumer sentiment index is expected to slip -0.2 to 58.0.
The markets are now pricing in a 10% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. After the fully expected -25 bp rate cut at the Sep 16-17 meeting, the markets are now discounting an 81% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -76 bp rate cut in the federal funds rate by year-end to 3.62% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last month that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, "The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax." The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +0.61%. China's Shanghai Composite closed up +0.38%. Japan's Nikkei Stock 225 rose to a 2.5-week high and closed up +1.45%.
Interest Rates
December 10-year T-notes (ZNZ5) are up by +3 ticks. The 10-year T-note yield is down by -1.3 bp to 4.061%. The 10-year T-note yield dropped to a 5-month low today at 4.044% on carryover support from last Friday's weak US unemployment report that bolstered the outlook for Fed easing. Supply pressures are limiting gains in T-note prices as the Treasury will auction $119 billion of T-notes and T-bonds this week, beginning with Tuesday's $58 billion auction of 3-year T-notes.
Concerns about Fed independence are negatively impacting T-note prices due to President Trump's attempt to fire Fed Governor Cook and Stephen Miran's intention to hold a Fed Governor position while remaining technically in his White House role on the Council of Economic Advisors.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 1-month low of 2.638% and is down -1.8 bp to 2.644%. The 10-year UK gilt yield dropped to a 3-week low of 4.605% and is down -2.5 bp to 4.620%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chip stocks are climbing today to provide support to the overall market. Broadcom (AVGO) is up more than +4% and added to last Friday's +9% surge to lead chip stocks higher and gainers in the S&P 500 on news that the company is teaming up with OpenAI to make artificial intelligence accelerators. Also, Lam Research (LRCX) is up more than +3% after the stock received a 30-day upside catalyst watch at Citigroup. In addition, Marvell Technology (MRVL) is up more than +2%, and Nvidia (NVDA), KLA Corp (KLAC), ASML Holding NV (ASML), ARM Holding NV (ARM), and Microchip Technology (MCHP) are up more than +1%.
AppLovin (APP) is up more than +10% to lead gainers in the Nasdaq 100 after S&P Dow Jones Indices announced the stock will replace Caesars Entertainment in the S&P 500 before the start of trading on September 22.
Rapport Therapeutics (RAPP) is up more than +134% after reporting positive topline results from its RAP-219 treatment for focal onset seizures.
Forward Industries (FORD) is up more than 46% after receiving $1.65 billion in cash and stablecoin commitments for a private investment in public equity offering to fund a Solana-focused digital asset treasury strategy.
EchoStar (SATS) is up more than +15% after SpaceX's Starlink agreed to buy wireless spectrum from the company for about $17 billion.
Robinhood Markets (HOOD) is up more than +14% after S&P Dow Jones Indices announced the stock will replace MarketAxess Holdings in the S&P 500 before the start of trading on September 22.
Premier Inc. (PINC) is up more than +8% after Patient Square Capital was said to be exploring an acquisition of the company.
Oracle (ORCL) is up more than +3% after Morgan Stanley raised its price target on the stock to $246 from $175.
Telecommunication stocks are falling today after SpaceX agreed to buy wireless spectrum from EchoStar for $17 billion. SBA Communications (SBAC) is down more than -4% to lead losers in the S&P 500 and Nasdaq 100. Also, T-Mobile US (TMUS) is down more than -3% and Verizon Communications (VZ) is down more than -2% to lead losers in the Dow Jones Industrials. In addition, AT&T (T) is down more than -1%.
Summit Therapeutics (SMMT) is down more than -21% unveiling new data that cast doubt on the future of its ivonescimab drug to treat lung cancer.
Caesars Entertainment (CZR) is down more than -1% after S&P Dow Jones Indices announced the stock will be replaced by AppLovin in the S&P 500 before the start of trading on September 22.
BXP Inc (BXP) is down more than -1% after cutting its quarterly cash dividend to 70 cents a share from 98 cents.
TransDigm Group (TDG) is down -0.63% after RBC Capital Markets downgraded the stock to sector perform from outperform.
Earnings Reports(9/8/2025)
Casey's General Stores (CASY).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Hopes of Fed Rate Cuts

The S&P 500 Index ($SPX) (SPY) today is up +0.17%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.58%. September E-mini S&P futures (ESU25) are up +0.18%, and September E-mini Nasdaq futures (NQU25) are up +0.68%.
Stocks are climbing today on the prospect of a more accommodative Federal Reserve. The 10-year T-note yield fell to a 5-month low today of 4.05%. The markets have fully priced in a 25 bp rate cut by the Fed at next week's FOMC meeting and priced in a 10% chance for a 50 bp rate cut. However, this week's US Aug CPI and PPI reports will show how much room the Fed has to cut interest rates and support the job market. Stocks fell last Friday after the weaker-than-expected US Aug payroll report sparked concerns that the Fed was falling behind in supporting a rapidly cooling US labor market.
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Weaker-than-expected trade news from China is negative for global growth prospects after China's Aug exports rose +4.4% y/y, weaker than expectations of +5.5% y/y. Also, Aug imports rose +1.3% y/y, weaker than expectations of +3.4% y/y.
Market focus this week will be on any trade or tariff news. On Tuesday, the BLS will release annual benchmark revisions to US payrolls in the year through March. On Wednesday, Aug PPI final demand is expected to climb +3.3% y/y, unchanged from July, and Aug PPI ex-food and energy is expected to ease to +3.5% y/y from +3.7% y/y in July. On Thursday, Aug CPI is expected to climb to +2.9% y/y from +2.7% y/y in July, and Aug CPI ex-food and energy is expected to increase +3.1% y/y, unchanged from July. Also, weekly initial unemployment claims are expected to fall by -3,000 to 234,000. On Friday, the University of Michigan Sep consumer sentiment index is expected to slip -0.2 to 58.0.
The markets are now pricing in a 13% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. After the fully expected -25 bp rate cut at the Sep 16-17 meeting, the markets are now discounting an 81% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -76 bp rate cut in the federal funds rate by year-end to 3.62% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last month that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, "The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax." The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +0.57%. China's Shanghai Composite closed up +0.38%. Japan's Nikkei Stock 225 rose to a 2.5-week high and closed up +1.45%.
Interest Rates
December 10-year T-notes (ZNZ5) are up by +4 ticks. The 10-year T-note yield is down by -2.1 bp to 4.053%. The 10-year T-note yield dropped to a 5-month low today at 4.051% on carryover support from last Friday's weak US unemployment report that bolstered the outlook for Fed easing. Supply pressures are limiting gains in T-note prices as the Treasury will auction $119 billion of T-notes and T-bonds this week, beginning with Tuesday's $58 billion auction of 3-year T-notes.
Concerns about Fed independence are negatively impacting T-note prices due to President Trump's attempt to fire Fed Governor Cook and Stephen Miran's intention to hold a Fed Governor position while remaining technically in his White House role on the Council of Economic Advisors.
European government bond yields today are moving lower. The 10-year German bund yield fell to a 1-month low of 2.640% and is down -2.1 bp to 2.641%. The 10-year UK gilt yield dropped to a 3-week low of 4.616% and is down -2.9 bp to 4.615%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
The Magnificent Seven stocks are mostly higher today, lifting the broader market. Nvidia (NVDA) is up more than +2% and Meta Platforms (META) is up more than +2%. Also, Alphabet (GOOGL) is up +0.92% and Tesla (TSLA) is up +0.88%. In addition, Microsoft (MSFT) is up +0.77%, and Amazon (AMZN) is up +0.73%. Apple (AAPL) is a laggard, down -0.15%.
Chip stocks are climbing today to provide support to the overall market. Broadcom (AVGO) is up more than +4% and added to last Friday's +9% surge to lead chip stocks higher and gainers in the S&P 500 on news that the company is teaming up with OpenAI to make artificial intelligence accelerators. Also, Lam Research (LRCX) is up more than +2% after the stock received a 30-day upside catalyst watch at Citigroup. In addition, KLA Corp (KLAC), ASML Holding NV (ASML), Marvell Technology (MRVL), ARM Holding NV (ARM), and Applied Materials (AMAT) are up more than +1%.
AppLovin (APP) is up more than +10% to lead gainers in the Nasdaq 100 after S&P Dow Jones Indices announced the stock will replace Caesars Entertainment in the S&P 500 before the start of trading on September 22.
Robinhood Markets (HOOD) is up more than +11% after S&P Dow Jones Indices announced the stock will replace MarketAxess Holdings in the S&P 500 before the start of trading on September 22.
Rapport Therapeutics (RAPP) is up more than +171% after reporting positive topline results from its RAP-219 treatment for focal onset seizures.
Forward Industries (FORD) is up more than 67% after receiving $1.65 billion in cash and stablecoin commitments for a private investment in public equity offering to fund a Solana-focused digital asset treasury strategy.
EchoStar (SATS) is up more than +20% after SpaceX's Starlink agreed to buy wireless spectrum from the company for about $17 billion.
Premier Inc. (PINC) is up more than +8% after Patient Square Capital was said to be exploring an acquisition of the company.
Oracle (ORCL) is up more than +2% after Morgan Stanley raised its price target on the stock to $246 from $175.
Telecommunication stocks are falling today after SpaceX agreed to buy wireless spectrum from EchoStar for $17 billion. T-Mobile US (TMUS) is down more than -4% to lead losers in the S&P 500 and Nasdaq 100. Also, AT&T (T) is down more than -3%. In addition, Verizon Communications (VZ) is down more than -2% to lead losers in the Dow Jones Industrials.
Summit Therapeutics (SMMT) is down more than -15% unveiling new data that cast doubt on the future of its ivonescimab drug to treat lung cancer.
Caesars Entertainment (CZR) is down more than -4% after S&P Dow Jones Indices announced the stock will be replaced by AppLovin in the S&P 500 before the start of trading on September 22.
TransDigm Group (TDG) is down more than -1% after RBC Capital Markets downgraded the stock to sector perform from outperform.
Duolingo (DUOL) is down -0.69% after Wells Fargo Securities started coverage of the stock with an underweight rating and a price target of $239.
Earnings Reports(9/8/2025)
Casey's General Stores (CASY).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mostly Higher on Fed Easing Prospects

The following are the top rated Information Technology stocks according to Validea's Patient Investor model based on the published strategy of Warren Buffett. This strategy seeks out firms with long-term, predictable profitability and low debt that trade at reasonable valuations.
ASML HOLDING NV (ADR) (ASML) is a large-cap growth stock in the Semiconductors industry. The rating according to our strategy based on Warren Buffett is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: ASML Holding N.V. is a holding company based in the Netherlands. The Company operates through its subsidiaries in the Netherlands, the United States, Italy, France, Germany, the United Kingdom, Ireland, Belgium, South Korea, Taiwan, Singapore, China, Hong Kong, Japan, Malaysia and Israel. The Company operates through one business segment which is engage in development, production, marketing, sales, upgrading and servicing of advanced semiconductor equipment systems, consisting of lithography, metrology and inspection systems. The Company offers TWINSCAN systems, equipped with lithography system with a mercury lamp as light source (i-line), Krypton Fluoride (KrF) and Argon Fluoride (ArF) light sources for processing wafers for manufacturing environments for which imaging at a small resolution is required. TWINSCAN systems also include immersion lithography systems (TWINSCAN immersion systems).
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of ASML HOLDING NV (ADR)
APPLE INC (AAPL) is a large-cap growth stock in the Communications Equipment industry. The rating according to our strategy based on Warren Buffett is 79% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Apple Inc. designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. Its product categories include iPhone, Mac, iPad, and Wearables, Home and Accessories. Its software platforms include iOS, iPadOS, macOS, watchOS, visionOS, and tvOS. Its services include advertising, AppleCare, cloud services, digital content and payment services. The Company operates various platforms, including the App Store, that allow customers to discover and download applications and digital content, such as books, music, video, games and podcasts. It also offers digital content through subscription-based services, including Apple Arcade, Apple Fitness+, Apple Music, Apple News+, and Apple TV+. Its products include iPhone 16 Pro, iPhone 16, iPhone 15, iPhone 14, iPhone SE, MacBook Air, MacBook Pro, iMac, Mac mini, Mac Studio, Mac Pro, iPad Pro, iPad Air, AirPods, AirPods Pro, AirPods Max, Apple TV and Apple Vision Pro.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of APPLE INC
CHECK POINT SOFTWARE TECHNOLOGIES LTD (CHKP) is a large-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Warren Buffett is 79% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Check Point Software Technologies Ltd is an Israel-based company primarily engaged in the cybersecurity industry. The Company focuses on providing AI-powered, cloud-delivered security solutions to protect corporate enterprises and governments worldwide. Their key product is the Check Point Infinity Architecture, which is a comprehensive cybersecurity platform. The Platform aims to defend against fifth-generation cyber-attacks across various networks, endpoints, cloud environments, workloads, Internet of Things (IoT), and mobile devices. Apart of that, the Company offers a range of products and services designed to secure IT infrastructure. It integrates advanced threat prevention technologies, including firewall, intrusion prevention system (IPS), antivirus, anti-bot, and sandboxing capabilities.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of CHECK POINT SOFTWARE TECHNOLOGIES LTD
MONOLITHIC POWER SYSTEMS INC (MPWR) is a large-cap growth stock in the Semiconductors industry. The rating according to our strategy based on Warren Buffett is 77% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Monolithic Power Systems, Inc. is a fabless company, which provides semiconductor-based power electronic solutions. The Company design and develop its products for the enterprise data, storage and computing, automotive, communications, consumer, and industrial end markets. Direct Current (DC) to DC, Alternating Current (AC) to DC, driver metal-oxide-semiconductor field-effect transistor, power management integrated circuit (IC), current limit switch and lighting control products. Its DC to DC ICs are used to convert and control voltages within a range of electronic systems, such as cloud-based central processing unit (CPU) servers, server artificial intelligence (AI) applications, storage applications, commercial notebooks, digital cockpit, power sources, home appliances, fourth generation (4G) and fifth generation (5G) infrastructure and satellite communications applications. The Company have sales offices in various locations in Asia, Europe and the United States.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of MONOLITHIC POWER SYSTEMS INC
ADOBE INC (ADBE) is a large-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Warren Buffett is 72% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Adobe Inc. is a global technology company. The Company's products, services and solutions are used around the world to imagine, create, manage, deliver, measure, optimize and engage with content across surfaces and fuel digital experiences. Its segments include Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment is centered around Adobe Creative Cloud and Adobe Document Cloud, which include Adobe Express, Adobe Firefly, Photoshop and other products, offering a variety of tools for creative professionals, communicators and other consumers. The Digital Experience segment provides an integrated platform and set of products, services and solutions through Adobe Experience Cloud. The Publishing and Advertising segment contains legacy products and services. In addition, its Adobe GenStudio solution allows businesses to simplify their content supply chain process with generative artificial intelligence (AI) capabilities and intelligent automation.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of ADOBE INC
About Warren Buffett: Warren Buffett is considered by many to be the greatest investor of all time. As the chairman of Berkshire Hathaway, Buffett has consistently outperformed the S&P 500 for decades, and in the process has become one of the world's richest men. (Forbes puts his net worth at $37 billion.) Despite his fortune, Buffett is known for living a modest lifestyle, by billionaire standards. His primary residence remains the gray stucco Nebraska home he purchased for $31,500 nearly 50 years ago, according to Forbes, and his folksy Midwestern manner and penchant for simple pleasures -- a cherry Coke, a good burger, and a good book are all near the top of the list -- have been well-documented.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Information Technology Stocks Based On Warren Buffett - 9/8/2025

Key Points
Manufacturing cutting-edge chips requires ASML's machines.
The stock's valuation is well below its historical levels.
ASML's results regularly exceed management's conservative guidance.
Few companies' products are as critical to the modern world's technological infrastructure as those made by ASML (NASDAQ: ASML). Without the chipmaking equipment the Netherlands-based manufacturer provides, much of the world's most innovative technology wouldn't be possible. That makes it one of the most important companies in the world, even if many people have never heard of it.
Over the long term, ASML has been a profitable investment, but the stock has struggled recently -- it's down by more than 30% from the all-time high it touched in July 2024. I believe this pullback presents an excellent opportunity to buy shares of this key supporting player for the AI sector and other advanced technologies.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More »
ASML has been a victim of government policies around the globe
ASML makes lithography machines, which trace out the incredibly fine patterns of the circuits on silicon chips. Its top-of-the-line extreme ultraviolet (EUV) lithography machines are the only ones capable of printing the newest, most powerful, and most feature-dense chips. No other companies have been able to make EUV machines thus far. They are also highly regulated, as Western nations don't want this technology going to China, so the Dutch and U.S. governments have put strict restrictions on the types of machines ASML can export to China or its allies. In fact, even tighter new regulations were put in place last year that prevented ASML from servicing some machines that it previously was allowed to sell to Chinese companies.
As a result of these export bans, ASML's sales to one of the world's largest economies have been curtailed. This led to investors bidding the stock down in 2024 -- a drop it still hasn't recovered from.
2025 has been a relatively strong year for ASML's business, but tariffs have made it challenging to forecast where matters are headed. Management has been cautious with its guidance for the year as it is unsure of how tariffs will affect the business. In its Q2 report, management stated that tariffs had had a less significant impact in the quarter than initially projected. As a result, ASML generated 7.7 billion euros in sales, which was at the high end of its 7.2 billion to 7.7 billion euro guidance range. For Q3, the company says it expects sales of between 7.4 billion and 7.9 billion euros, but if tariffs have a significantly negative impact on the economic picture, it could come up short.
Given all the planned spending on new chip production capacity to meet AI-related demand, investors would be wise to assume that ASML will benefit. However, the company is staying conservative in its guidance even as it prepares for growth. This conservative stance has caused the market to remain fairly bearish on ASML's outlook even as all signs point toward a strong 2026.
This makes ASML a buying opportunity at its current stock price.
ASML's valuation hasn't been this low since 2023
Compared to the last five years, ASML trades at a historically low price-to-earnings (P/E) ratio and a forward P/E ratio.
With expectations for ASML at low levels, investors shouldn't be surprised if its valuation rises sometime over the next year, particularly if management's commentary becomes more bullish as demand increases in line with chipmakers' efforts to expand their production capacity.
This could lift ASML back into its more normal valuation range in the mid-30s, which is perfectly acceptable given its growth level, considering that it has no direct competition.
ASML is a great stock to buy now and hold for several years or longer, allowing you to reap the benefits of chipmakers increasing their production capacity. Just because the market isn't that bullish on ASML now, that doesn't mean it won't be in the future. This rare moment offers an ideal opportunity to load up on shares of a stock that I believe is one of the best values in the market right now.
Should you invest $1,000 in ASML right now?
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Keithen Drury has positions in ASML. The Motley Fool has positions in and recommends ASML. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

1 Brilliant Artificial Intelligence (AI) Stock Down 30% From Its All-Time High That's a No-Brainer Buy

The S&P 500 Index ($SPX) (SPY) on Friday fell -0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) fell -0.48%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose +0.08%. September E-mini S&P futures (ESU25) fell -0.35%, and September E-mini Nasdaq futures (NQU25) rose +0.04%.
Stocks on Friday initially rallied after the weak US unemployment report, which solidified market expectations for at least two Fed rate cuts by year-end. However, stocks then turned lower as market sentiment turned negative on concern about weaker US corporate earnings if the US economy is headed towards a recession.
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Friday’s Aug payroll report of +22,000 was weaker than the consensus of +75,000. Over the past three months, payrolls have shown an average monthly rise of only +29,000. July payrolls were revised slightly higher to +79,000 from +73,000, but June was revised lower to a decline of -13,000. Aug private payrolls rose by only +38,000, while manufacturing payrolls fell by -12,000. The Aug unemployment rate rose by +0.1 point to a 3.75-year high of 4.3%, up from +4.2% in July, which was in line with market expectations.
Aug average hourly earnings rose by +0.3% m/m, which was in line with market expectations. In a positive inflation development, the Aug average hourly earnings report eased to +3.7% y/y from +3.9% in July and was slightly weaker than expectations of +3.8%.
Stocks received underlying support as the 10-year T-note yield fell -7 bp on the US unemployment report. The markets are now pricing in a 9% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. After the fully expected -25 bp rate cut at the Sep 16-17 meeting, the markets are now discounting an 84% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -73 bp rate cut in the federal funds rate by year-end to 3.65% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last Friday that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, “The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax.” The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets on Friday closed mixed. The Euro Stoxx 50 closed down -0.53%. China’s Shanghai Composite closed up +1.24%, snapping a 3-session losing streak. Japan’s Nikkei Stock 225 closed up +1.03%.
Interest Rates
December 10-year T-notes (ZNZ5) rose by +15.5 ticks. The 10-year T-note yield fell by -7.1 bp to 4.090% and posted a 5-month low. T-note prices rallied on the weak US unemployment report and the increased chances for Fed easing. T-note prices also saw support from Friday’s -1.6 bp decline to 2.374% in the 10-year inflation expectations rate, driven by the weak unemployment report and the -2.5% plunge in crude oil prices.
The Treasury market on Friday focused on the weak US unemployment and ignored, for the time being, concerns about Fed independence sparked by President Trump’s attempt to fire Fed Governor Cook and by Stephen Miran’s intention to be a Fed Governor while still technically holding his White House job on the Council of Economic Advisors.
European government bond yields ended lower. The 10-year German bund yield fell -5.7 bp to 2.662%. The 10-year UK gilt yield fell -7.5 bp to 4.646%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
The Magnificent Seven stocks on Friday closed mixed, with three stocks closing higher and four stocks closing lower. Tesla (TSLA) led the pack with a +3.6% gain after announcing a pay deal for Elon Musk potentially worth as much as $1 trillion to entice him to show up for work at Tesla and meet aggressive targets. Apple (AAPL) closed slightly lower despite news that its annual fiscal sales in India hit a record of nearly $9 billion. Nvidia (NVDA) fell -2.7% on news that Broadcom is encroaching on its AI chip territory. Microsoft (MSFT) fell -2.6%, and Amazon (AMZN) fell -1.4%.
Broadcom (AVGO) rallied +9.4% on an agreement with OpenAI to design and produce a new AI chip, seeking to displace Nvidia’s stronghold in AI chips. Chip stocks were strong in general, with
Micron (MU) up +5.8% and gains of more than +3% in ASML (ASML), KLA-Tencor (KLAC), and Align Technology (ALGN).
Energy stocks fell due to Friday’s -2.5% sell-off in Oct WTI crude oil on reports that Saudi Arabia wants OPEC+ to speed up the next oil production boost. ConocoPhillips (COP), Diamondback Energy (FANG), Exxon Mobil (XOM), Chevron (CVX), and Devon Energy (DVN) all closed lower by more than -2%.
Crypto stocks closed mixed, even though Bitcoin (^BTCUSD) rallied +1%. Coinbase (COIN) fell -2.5%, but Strategy (MSTR) rallied +2.5%. Riot Platforms (RIOT) and MARA Holdings (MARA) closed up by more than +0.5%.
Homebuilders rallied on Friday’s continued decline in the 10-year T-note yield, which put downward pressure on mortgage rates. DR Horton (DHI), Lennar (LEN), and PulteGroup (PHM) all closed up by more than +2%, while Toll Brothers (TOL) closed up +1.4%.
Lululemon Athletica (LULU) fell by -18.6% after reducing its guidance due to a weak consumer environment and tariffs.
Earnings Reports(9/8/2025)
Casey’s General Stores (CASY).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Fade on Economic Concerns after Weak US Unemployment Report

The S&P 500 Index ($SPX) (SPY) today is down -0.56%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.58%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.25%. September E-mini S&P futures (ESU25) are down -0.49%, and September E-mini Nasdaq futures (NQU25) are down -0.20%.
Stocks today initially rallied after the weak US unemployment report, which solidified market expectations for at least two Fed rate cuts by year-end. However, stocks then turned lower as market sentiment turned negative on concern about weaker US corporate earnings if the US economy is headed towards a recession.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s Aug payroll report of +22,000 was weaker than the consensus of +75,000. Over the past three months, payrolls have shown an average monthly rise of only +29,000. July payrolls were revised slightly higher to +79,000 from +73,000, but June was revised lower to a decline of -13,000. Aug private payrolls rose by only +38,000 while manufacturing payrolls fell by -12,000. The Aug unemployment rate rose by +0.1 point to a 3.75-year high of 4.3%, up from +4.2% in July, which was in line with market expectations.
Aug average hourly earnings rose by +0.3% m/m, which was in line with market expectations. In a positive inflation development, the Aug average hourly earnings report eased to +3.7% y/y from +3.9% in July and was slightly weaker than expectations of +3.8%.
Stocks received underlying support today as the 10-year T-note yield fell -9 bp on the US unemployment report. The markets are now pricing in a 14% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. The markets are now discounting a 93% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -75 bp rate cut in the federal funds rate by year-end to 3.63% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last Friday that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, “The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax.” The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.80%. China’s Shanghai Composite closed up +1.24%, snapping a 3-session losing streak. Japan’s Nikkei Stock 225 closed up +1.03%.
Interest Rates
December 10-year T-notes (ZNZ5) are up +22.5 ticks. The 10-year T-note yield is down -8.8 bp at 4.072% and posted a 5-month low. T-note prices rallied on the weak US unemployment report and the increased chances for Fed easing. T-note prices are also seeing support from today’s -2.9 bp decline to 2.361% in the 10-year inflation expectations rate, driven by the weak unemployment report and today’s -3% plunge in crude oil prices.
T-note prices today are being driven by the weaker labor market and are ignoring, for the time being, concerns about Fed independence sparked by President Trump’s attempt to fire Fed Governor Cook and by Stephen Miran’s intention to be a Fed Governor while still technically holding his White House job on the Council of Economic Advisors.
European government bond yields are lower. The 10-year German bund yield is down -6.1 bp to 2.659%. 10-year UK gilt yield is down -7.0 bp at 4.650%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
The Magnificent Seven stocks today are mixed, with four stocks trading higher but three trading lower. Tesla (TSLA) is leading the pack with a +2.8% gain after announcing a pay deal for Elon Musk potentially worth as much as $1 trillion to entice him to show up for work at Tesla and meet aggressive targets. Apple (AAPL) is trading slightly higher after news that its annual fiscal sales in India hit a record of nearly $9 billion. Nvidia (NVDA) is down more than -3% on news that Broadcom is encroaching on its AI chip territory. Microsoft (MSFT) is down more than -2%, and Amazon (AMZN) is down more than -1%.
Broadcom (AVGO) is up more than +9% on an agreement with OpenAI to design and produce a new AI chip, seeking to displace Nvidia’s stronghold. Chip stocks are strong in general today, with gains of more than +3% in ON Semiconductor (ON), Microchip Technology (MCHP), ASML (ASML), and Micron (MU).
Energy stocks are trading lower today due to the -3% sell-off in Oct WTI crude oil on reports that Saudi Arabia wants OPEC+ to speed up the next oil production boost. Diamondback Energy, Devon Energy (DVN), Occidental Petroleum (OXY), ConocoPhillips (COP), and Baker Hughes (BKR) are all down more than -2%.
Crypto stocks are mostly lower today on technical pressure after Bitcoin (^BTCUSD) gave up an early rally and turned mixed. Coinbase (COIN) is down more than -3%, Riot Platforms (RIOT) is down more than -2%, and MARA Holdings (MARA) is down more than -1%.
Homebuilders are trading higher on today’s sharp decline in the 10-year T-note yield, which put downward pressure on mortgage rates. Lennar (LEN) and DR Horton (DHI) are up more than +3%, while PulteGroup (PHM) is up more than +2%, and Toll Brothers (TOL) is up more than +1%.
Lululemon Athletica (LULU) is down more than -18% after reducing its guidance due to a weak consumer environment and tariffs.
Earnings Reports(9/5/2025)
ABM Industries Inc (ABM), C&F Financial Corp (CFFI), Ermenegildo Zegna NV (ZGN), KalVista Pharmaceuticals Inc (KALV), Louisiana-Pacific Corp (LPX), National Beverage Corp (FIZZ), Pathward Financial Inc (CASH), Pro-Dex Inc (PDEX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Turn Lower on Economic Concerns after Weak US Unemployment Report

The S&P 500 Index ($SPX) (SPY) today is down -0.40%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.14%.
Stocks are lower after today’s weak US payroll report, which solidified market expectations for at least two Fed rate cuts by year-end. However, the unemployment report also suggested slower US economic growth, which would be negative for US corporate earnings.
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Today’s Aug payroll report of +22,000 was weaker than the consensus of +75,000. Over the past three months, payrolls have shown an average monthly rise of only +29,000. July payrolls were revised slightly higher to +79,000 from +73,000, but June was revised lower to a decline of -13,000. Aug private payrolls rose by only +38,000 while manufacturing payrolls fell by -12,000. The Aug unemployment rate rose by +0.1 point to a 3.75-year high of 4.3%, up from +4.2% in July, which was in line with market expectations.
Aug average hourly earnings rose by +0.3% m/m, which was in line with market expectations. In a positive inflation development, the Aug average hourly earnings report eased to +3.7% y/y from +3.9% in July and was slightly weaker than expectations of +3.8%.
The US Bureau of Labor Statistics released the unemployment report on time, but announced before the report that it was experiencing technical difficulties that might cause some data to be delayed.
Stocks received support today as the 10-year T-note yield fell -8 bp on the US unemployment report. The markets are now pricing in a 17% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. The markets are now discounting a 96% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -75 bp rate cut in the federal funds rate by year-end to 3.63% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last Friday that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, “The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax.” The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +0.23%. China’s Shanghai Composite closed up +1.24%, snapping a 3-session losing streak. Japan’s Nikkei Stock 225 closed up +1.03%.
Interest Rates
December 10-year T-notes (ZNZ5) are up +21 ticks. The 10-year T-note yield is down -8.5 bp at 4.076% and posted a 5-month low. T-note prices rallied on the weak US unemployment report and the increased chances for Fed easing. T-note prices are also seeing support from today’s -2.8 bp decline to 2.362% in the 10-year inflation expectations rate, driven by the weak unemployment report and today’s -2% decline in crude oil prices.
T-note prices today are being driven by the weaker labor market and are ignoring, for the time being, concerns about Fed independence sparked by President Trump’s attempt to fire Fed Governor Cook and by Stephen Miran’s intention to be a Fed Governor while still technically holding his White House job on the Council of Economic Advisors.
European government bond yields are lower. The 10-year German bund yield is down -5.3 bp to 2.666%. 10-year UK gilt yield is down -6.4 bp at 4.656%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
The Magnificent Seven stocks today are mixed, with four stocks trading higher but three trading lower. Tesla (TSLA) is leading the pack with a +3.7% gain after announcing a pay deal for Elon Musk potentially worth as much as $1 trillion to entice him to work at Tesla and meet aggressive targets. Apple (AAPL) is trading slightly higher after news that its annual fiscal sales in India hit a record of nearly $9 billion. Microsoft (MSFT) and Nvidia (NVDA) are down more than -1%.
Crypto stocks are higher today due to Bitcoin’s (^BTCUSD) rally of +2.3% on the weak payroll report and increased expectations for Fed easing. Riot Platforms (RIOT) is up more than +3%, MARA Holdings (MARA) is up more than +2%, and Strategy (MSTR) is up more than +1%. Coinbase (COIN) is up +0.3%.
Homebuilders climbed after the 10-year T-note yield fell to a 5-month low, a bullish factor for mortgage rates and housing demand. PulteGroup (PHM), Toll Brothers (TOL), Lennar (LEN), and DR Horton (DHI) are all up more than +2%.
Broadcom (AVGO) is up more than +11% on an agreement with OpenAI to design and produce a new AI chip, seeking to displace Nvidia’s stronghold. Chip stocks are strong in general today, with gains of more than +2% in ASML (ASML), Micron (MU), and GlobalFoundries (GFS).
Lululemon Athletica (LULU) is down more than -16% after reducing its guidance due to a weak consumer environment and tariffs.
Earnings Reports(9/5/2025)
ABM Industries Inc (ABM), C&F Financial Corp (CFFI), Ermenegildo Zegna NV (ZGN), KalVista Pharmaceuticals Inc (KALV), Louisiana-Pacific Corp (LPX), National Beverage Corp (FIZZ), Pathward Financial Inc (CASH), Pro-Dex Inc (PDEX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.