CVS Health Corporation provides health solutions in the United States. It operates through Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates. The Health Services segment offers pharmacy benefit management solutions, including plan design and administration, formulary management, retail pharmacy network management, specialty and mail order pharmacy, clinical, disease management, and medical spend management services. It serves employers, insurance companies, unions, government employee groups, health plans, prescription drug plans, Medicaid managed care plans, CMS, plans offered on public health insurance, and other sponsors of health benefit plans. The Pharmacy & Consumer Wellness segment sells prescription and over-the-counter drugs, consumer health and beauty products, and personal care products. This segment also distributes prescription drugs; and provides related pharmacy consulting and other ancillary services to care facilities and other care settings. It operates online retail pharmacy websites, LTC pharmacies and on-site pharmacies, retail specialty pharmacy stores, compounding pharmacies and branches for infusion and enteral nutrition services. The company was formerly known as CVS Caremark Corporation and changed its name to CVS Health Corporation in September 2014. CVS Health Corporation was incorporated in 1996 and is headquartered in Woonsocket, Rhode Island.

CVS Health Corporation

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.
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 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

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Alkermes plc (Symbol: ALKS), where a total of 8,976 contracts have traded so far, representing approximately 897,600 underlying shares. That amounts to about 60.6% of ALKS's average daily trading volume over the past month of 1.5 million shares. Especially high volume was seen for the $28 strike put option expiring September 19, 2025, with 3,285 contracts trading so far today, representing approximately 328,500 underlying shares of ALKS. Below is a chart showing ALKS's trailing twelve month trading history, with the $28 strike highlighted in orange:
Bath & Body Works Inc (Symbol: BBWI) saw options trading volume of 36,452 contracts, representing approximately 3.6 million underlying shares or approximately 59% of BBWI's average daily trading volume over the past month, of 6.2 million shares. Particularly high volume was seen for the $23 strike put option expiring October 24, 2025, with 18,058 contracts trading so far today, representing approximately 1.8 million underlying shares of BBWI. Below is a chart showing BBWI's trailing twelve month trading history, with the $23 strike highlighted in orange:
And CVS Health Corporation (Symbol: CVS) options are showing a volume of 35,504 contracts thus far today. That number of contracts represents approximately 3.6 million underlying shares, working out to a sizeable 58.6% of CVS's average daily trading volume over the past month, of 6.1 million shares. Particularly high volume was seen for the $72 strike put option expiring September 12, 2025, with 3,610 contracts trading so far today, representing approximately 361,000 underlying shares of CVS. Below is a chart showing CVS's trailing twelve month trading history, with the $72 strike highlighted in orange:
For the various different available expirations for ALKS options, BBWI options, or CVS options, visit StockOptionsChannel.com.
Also see:
ETFs Holding NTWK
CXT Videos
Institutional Holders of AMLI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Monday Option Activity: ALKS, BBWI, CVS

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the SPDR Portfolio S&P 500 High Dividend ETF (Symbol: SPYD) where we have detected an approximate $224.1 million dollar inflow -- that's a 3.1% increase week over week in outstanding units (from 161,000,000 to 166,000,000). Among the largest underlying components of SPYD, in trading today CVS Health Corporation (Symbol: CVS) is up about 0.4%, Viatris Inc (Symbol: VTRS) is up about 1.1%, and HP Inc (Symbol: HPQ) is higher by about 0.6%. For a complete list of holdings, visit the SPYD Holdings page » The chart below shows the one year price performance of SPYD, versus its 200 day moving average:
Looking at the chart above, SPYD's low point in its 52 week range is $37.92 per share, with $47.52 as the 52 week high point — that compares with a last trade of $44.97. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Free Report: Top 8%+ Dividends (paid monthly)
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Also see:
Dividend Channel
TIBX Videos
UNB Insider Buying
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable ETF Inflow Detected - SPYD, CVS, VTRS, HPQ

(RTTNews) - CVS Health Corp. (CVS) announced Wednesday that updated 2025-2026 flu vaccines are available at CVS Pharmacy and MinuteClinic locations across the United States.
According to the Centers for Disease Control and Prevention (CDC), annual flu vaccination is the best way to help reduce the risk of contracting the flu and its potentially serious complications. The CDC recommends that everyone ages six months and older, with rare exceptions, should receive the updated flu vaccine, ideally in September or October.
Patients interested in getting a flu vaccine can quickly and easily make vaccination appointments by visiting CVS.com, MinuteClinic.com or through the CVS Health app seven days a week, including during evenings and weekends. Walk-in vaccination appointments are accepted at CVS Pharmacy and MinuteClinic.
According to a survey of U.S. consumers commissioned by CVS Health, 63 percent of consumers say they are likely to get a flu shot this season. That is similar to the last two years.
In addition, participating CVS Pharmacy locations in 38 states and the District of Columbia are offering the 3-in-1 combo test, which allows patients to be tested for Influenza A, Influenza B and COVID-19 with one swab.
In states that allow pharmacists to both test for and treat COVID-19 and flu, patients can be tested and assessed by a CVS pharmacist for antiviral treatment in one appointment. Participating states include California, Colorado, Idaho, Illinois, Michigan, Minnesota, Montana, Nebraska, South Dakota, Tennessee, Washington, Wisconsin and Wyoming.
CVS Pharmacy and MinuteClinic offer more than 15 of the most common vaccinations, including flu, COVID-19, RSV, shingles, hepatitis B and more. Patients who receive any CDC-recommended vaccine at CVS Pharmacy will also receive a $10 off $20 to use on in-store purchases.
ExtraCare members who have opted into rewards at the pharmacy will also receive $2 in ExtraBucks Rewards for each CDC-recommended vaccine received.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CVS Health Announces Availability Of Updated Flu Vaccines At Pharmacy And Clinic Locations

CVS Health’s CVS Health Care Benefits (“HCB”) segment continued its strong run in the second quarter of 2025. Revenues grew more than $36 billion, up more than 11% from the prior year, driven mainly by increases in the government businesses, reflecting the impact of the 2022 Inflation Reduction Act on the Medicare Part D program. Notably, adjusted operating income jumped nearly 40%, benefiting from the favorable year-over-year impact of changes to individual exchange risk adjustment estimates, stronger performance in government businesses and higher positive prior-period development.
Earlier this year, CVS Health announced it would exit the individual exchange business in 2026, where Aetna independently runs ACA plans. Despite years of effort, management concluded that there is no near- or long-term way to materially improve performance and projects $350 million-$400 million in variable losses from this business for 2025. Medical membership as of June 30 dropped sequentially to 26.7 million, primarily due to expected declines following the expiration of a premium grace period shortly after the first-quarter end.
CVS recorded a $471 million premium deficiency reserve (PDR) related to its Group Medicare Advantage (MA) product line through the remainder of the 2025 coverage year. This raised the quarter’s medical benefit ratio to 89.9%, reflecting a 30-basis-point increase from last year. The company’s Medicare business gained from favorability within the supplemental benefit offerings and Part D in individual MA business, even as trends remain elevated.
Performance across all other lines of business tracked mostly with CVS’ expectations, with no changes to the prior PDR established for individual exchange business. Days' claims payable were 40.9 days, down approximately 2 days sequentially, led by a higher mix of pharmacy costs, partially offset by the impact of the group MA PDR. CVS remains confident in the adequacy of its reserves.
Update From CVS Health Rivals
Elevance Health ELV posted second-quarter 2025 operating revenues of $41.6 billion in its Health Benefits segment, up 12% year over year. This was mainly driven by higher premium yields, recently closed acquisitions and growth in its Medicare Advantage membership, partly offset by lower Medicaid membership. ELV’s medical membership totaled approximately 45.6 million as of June 30, a decline of 212,000 sequentially, due to lower Medicaid membership and attrition resulting from lower effectuation rates in the Individual ACA business.
Humana’s HUM performance in the second quarter was led by CenterWell pharmacy, along with better-than-expected individual MA membership. Humana has taken steps to simplify and streamline the prior authorization process, building on the recent commitments made by multiple health plans. In addition, Humana continues its strategic expansion in Medicaid with the launch of its Virginia contract, bringing its active footprint to 10 states, with three more states awarded in pending.
CVS Stock Performance, Valuation and Estimates
Over the past year, CVS Health shares have risen 27.5% against the industry’s 16.7% fall.
Image Source: Zacks Investment Research
In terms of valuation, CVS Health is trading at a forward five-year earnings multiple of 10.65, which is lower than the industry average of 15.33. The stock has a Value Score of A.
Image Source: Zacks Investment Research
The consensus estimates for the company’s 2025 and 2026 earnings are showing a bullish trend.
Image Source: Zacks Investment Research
CVS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
Download Atomic Opportunity: Nuclear Energy's Comeback free today.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CVS Health Sees Momentum in HCB Segment Amid Utilization Pressure

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
It also includes access to the Zacks Style Scores.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value Score
Finding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth Score
Growth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum Score
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM Score
If you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank
The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +25.41% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only as a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Amcor (AMCR)
Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home and personal care, and other products. Through its broad range of packaging products, which include flexible and rigid packaging, specialty cartons and closures, the company helps manufacturers protect their products and differentiate their brands.
AMCR is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 15.08; value investors should take notice.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2025. The Zacks Consensus Estimate has increased $0.01 to $0.75 per share. AMCR boasts an average earnings surprise of 6.7%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, AMCR should be on investors' short list.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com 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.

Are You a Value Investor? This 1 Stock Could Be the Perfect Pick

The S&P 500 Index ($SPX) (SPY) on Friday closed down by -0.64%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down by -0.20%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -1.22%. September E-mini S&P futures (ESU25) fell -0.68%, and September E-mini Nasdaq futures (NQU25) fell -1.31%.
Stock indexes retreated on Friday, weighed down by weakness in technology stocks. Marvell Technology tumbled more than -18% to lead semiconductor stocks lower after reporting that Q2 data center revenue missed estimates. Also, Dell Technologies fell more than -8% to lead computer hardware stocks lower after reporting tighter profit margins on AI servers.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks added to their losses after the August MNI Chicago PMI fell more than expected and after the University of Michigan's US August consumer sentiment index was unexpectedly revised lower. Also, inflation pressures remain sticky after the US July core PCE price index, the Fed's preferred inflation gauge, rose by the most in five months.
On the positive side for stocks, US consumer demand remains resilient after July personal spending rose by the most in four months. Also, the University of Michigan's inflation expectations were unexpectedly revised lower. In addition, dovish comments from Fed Governor Waller and San Francisco Fed President Daly were bullish for stocks as they signaled their support for Fed rate cuts.
US July personal spending rose +0.5% m/m, the most in four months, and right on expectations. July personal income rose +0.4% m/m, right on expectations.
The US July core PCE price index, the Fed's preferred inflation gauge, rose to a 5-month high of +2.9% y/y from +2.8% y/y in June, right on expectations but well above the Fed's 2% inflation target.
The US Aug MNI Chicago PMI fell -5.6 to 41.5, weaker than expectations of 46.0.
The University of Michigan's Aug US consumer sentiment index was revised lower by -0.4 to 58.2, weaker than expectations of no change at 58.6.
The University of Michigan Aug 1-year inflation expectations were unexpectedly revised slightly lower by -0.1 to 4.8%, weaker than expectations of an upward revision to 5.0%. The Aug 5-10 year inflation expectations were revised lower by -0.4 to 3.5% from the previously reported 3.9%.
Late Thursday, Fed Governor Christopher Waller stated that he supports a 25-bp rate cut at the September FOMC meeting and anticipates additional rate cuts over the next three to six months. He said, "With underlying inflation close to 2%, market-based measures of longer-term inflation expectations firmly anchored, and the chances of an undesirable weakening in the labor market increased, proper risk management means the FOMC should be cutting the policy rate now."
San Francisco Fed President Mary Daly signaled she's open to lower interest rates soon, saying, "It will soon be time to recalibrate policy to better match our economy." She added that tariff-related price increases "will be a one-off" and it "will take time before we know that for certain, but we can't wait for perfect certainty without risking harm to the labor market."
Regarding tariffs, President Trump on Monday threatened to impose new tariffs and export restrictions on advanced technology and semiconductors in retaliation against other nations' digital services taxes that hit American companies. Last week, Mr. Trump widened steel and aluminum tariffs to include more than 400 consumer items that contain the metals, such as motorcycles, auto parts, furniture components, and tableware. The change went into effect last Monday and did not exclude goods already in transit.
In other recent tariff news, Mr. Trump on August 13 extended the tariff truce with China for another 90 days until November. On August 6, Mr. Trump announced that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India's purchases of Russian oil. 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.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 88% at the next FOMC meeting on September 16-17. The markets are discounting the chances at 55% for a second -25 bp rate cut at the following meeting on October 28-29.
Earnings reports indicate that S&P 500 earnings for Q2 are on track to rise +9.1% y/y, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With Q2 earnings season winding down, over 95% of S&P 500 firms having reported Q2 earnings, about 82% of companies exceeded profit estimates.
Overseas stock markets on Friday settled mixed. The Euro Stoxx 50 fell to a 2-week low and closed down -0.83%. China's Shanghai Composite closed up +0.37%. Japan's Nikkei Stock 225 closed down -0.26.
Interest Rates
September 10-year T-notes (ZNU5) Friday closed down -2.5 ticks, and the 10-year T-note yield rose +2.4 bp to 4.227%.
Sep T-notes posted modest losses on Friday after the US July core PCE price index, the Fed's preferred inflation gauge, rose to a 5-month high of +2.9% y/y. T-notes also have carryover pressure from weakness in 10-year German bunds after the German Aug CPI rose more than expected.
Losses in T-notes were limited after Fed Governor Christopher Waller said he supports a 25 bp rate cut at the September FOMC meeting and anticipates additional rate cuts over the next three to six months. Also, the University of Michigan's Aug inflation expectations were revised lower, a dovish factor for Fed policy.
European government bond yields on Friday moved higher. The 10-year German bund yield rose +2.9 bp to 2.724%. 10-year UK gilt yield rose +2.2 bp to 4.722%.
The ECB's July 1-year CPI expectations remained unchanged from June at +2.6%, which is stronger than the expected +2.5%. The ECB Jul 3-year CPI expectations unexpectedly climbed to +2.5%, stronger than expectations of no change at +2.4%.
German Aug unemployment unexpectedly fell by -9,000, showing a stronger labor market than expectations of +10,000.
German Jul retail sales fell -1.5% m/m, weaker than expectations of no change and the biggest decline in almost two years.
German Aug CPI (EU harmonized) rose +2.1% y/y, stronger than expectations of +2.0% y/y.
Swaps are discounting the chances at 2% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chipmakers sold off on Friday, led by an -18% plunge in Marvell Technology (MRVL) to lead losers in the Nasdaq 100 after it reported Q2 data center revenue of $1.49 billion, below the consensus of $1.52 billion. Also, Lam Research (LRCX) closed down more than -4%, and Broadcom (AVGO), Nvidia (NVDA), and Advanced Micro Devices (AMD) closed down more than -3%. In addition, ARM Holdings Plc (ARM), ASML Holding NV (ASML), Applied Materials (AMAT), KLA Corp (KLAC), Intel (INTC), ON Semiconductor Corp (ON), and Micron Technology (MU) all closed down by more than 2%.
Dell Technologies (DELL) closed down more than -8% to lead losers in the S&P 500, and makers of computer hardware are lower after reporting Q2 operating income of $2.28 billion, below the consensus of $2.30 billion. Also, Super Micro Computer (SMCI) closed down more than -5% and Hewlett Packard Enterprise (HPE) closed down more than -2%.
Ulta Beauty (ULTA) closed down more than -7% despite reporting better-than-expected Q2 net sales after it warned of a potential pullback by consumers.
Caterpillar (CAT) closed down more than -3% to lead losers in the Dow Jones Industrials after warning that it faces a larger-than-anticipated tariff headwind of as much as $1.8 billion this year.
Dollar General (DG) closed down more than -2% despite reporting better-than-expected Q2 EPS after it said it expects "more pressure" in selling, general, and administrative (SG&A) expenses in Q3 and warned of tougher gross margin comparison in Q4.
Cryptocurrency-exposed stocks fell Friday after the price of Bitcoin (^BTCUSD) dropped more than -3% to a 7-week low. As a result, Galaxy Digital (GLXY) closed down more than -4%, and Coinbase Global (COIN) and Strategy (MSTR) closed down more than -1%.
Autodesk (ADSK) closed up more than +9% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q2 net revenue of $1.76 billion, better than the consensus of $1.72 billion, and forecasting Q3 revenue of $180 billion-$1.81 billion, stronger than the consensus of $1.77 billion.
Ambarella (AMBA) closed up more than +16% after reporting Q2 adjusted EPS of 15 cents, well above the consensus of 6 cents, and raising its 2026 revenue growth estimate to 31%-35% from a May forecast of +19%-25%.
Affirm Holdings (AFRM) closed up more than +10% after reporting Q4 revenue of $876.4 million, well above the consensus of $838.6 million.
SentinelOne (S) closed up more than +6% after raising its 2026 revenue forecast to $998 million-$1 billion from a previous forecast of $996 million-$1 billion.
Celsius Holdings (CELH) closed up more than +5% after PepsiCo increased its stake in the company to approximately 11% on an as-converted basis and will nominate an additional director to serve on Celsius Holdings' board of directors.
Managed healthcare stocks gained on Friday. Molina Healthcare (MOH) closed up more than +3%, and Elevance Health (ELV) and Centene (CNC) closed up more than +2%. Also, UnitedHealth Group (UNH) closed up more than +2% to lead gainers in the Dow Jones Industrials. In addition, Humana (HUM) and CVS Health (CVS) closed up more than +1%.
Earnings Reports(9/2/2025)
Academy Sports & Outdoors Inc (ASO), HealthEquity Inc (HQY), Signet Jewelers Ltd (SIG), Zscaler Inc (ZS).
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 Lower as Tech Shares Selloff

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Citigroup Inc (Symbol: C), where a total volume of 61,529 contracts has been traded thus far today, a contract volume which is representative of approximately 6.2 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 44.8% of C's average daily trading volume over the past month, of 13.7 million shares. Especially high volume was seen for the $96 strike put option expiring August 29, 2025, with 10,199 contracts trading so far today, representing approximately 1.0 million underlying shares of C. Below is a chart showing C's trailing twelve month trading history, with the $96 strike highlighted in orange:
CVS Health Corporation (Symbol: CVS) saw options trading volume of 27,810 contracts, representing approximately 2.8 million underlying shares or approximately 43.7% of CVS's average daily trading volume over the past month, of 6.4 million shares. Especially high volume was seen for the $72 strike put option expiring September 05, 2025, with 4,278 contracts trading so far today, representing approximately 427,800 underlying shares of CVS. Below is a chart showing CVS's trailing twelve month trading history, with the $72 strike highlighted in orange:
And General Electric Co (Symbol: GE) saw options trading volume of 17,481 contracts, representing approximately 1.7 million underlying shares or approximately 43.1% of GE's average daily trading volume over the past month, of 4.1 million shares. Particularly high volume was seen for the $300 strike call option expiring November 21, 2025, with 2,655 contracts trading so far today, representing approximately 265,500 underlying shares of GE. Below is a chart showing GE's trailing twelve month trading history, with the $300 strike highlighted in orange:
For the various different available expirations for C options, CVS options, or GE options, visit StockOptionsChannel.com.
Also see:
Computers Dividend Stocks
BMTC shares outstanding history
Top Ten Hedge Funds Holding MSDI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Friday Option Activity: C, CVS, GE

Thursday, August 28, 2025
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Eli Lilly and Co. (LLY), Oracle Corp. (ORCL), and The Procter & Gamble Co. (PG), as well as a micro-cap stock, Comstock Holding Companies, Inc. (CHCI). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Big Morning for Q2 Numbers: GDP +3.3%, Earnings Beats for Retailers
Today's Featured Research Reports
Shares of Eli Lilly have declined -4.7% over the year-to-date period against the Zacks Large Cap Pharmaceuticals industry’s decline of -0.6%. Declining sales of Trulicity, rising pricing pressure on some drugs, and potential competition in the GLP-1 diabetes/obesity market are some of Eli Lilly’s top-line headwinds. Lilly is making rapid pipeline progress in obesity and diabetes. However, data from phase III studies on its weight-loss pill, orforglipron, was mixed.
However, demand for popular GLP-1 drugs, Mounjaro and Zepbound, remains strong, making them Lilly’s key top-line drivers. Launches of these drugs in new international markets and improved supply from ramped-up production led to strong sales in the first half of 2025.
(You can read the full research report on Eli Lilly here >>>)
Oracle’s shares have outperformed the Zacks Computer – Software industry over the year-to-date period (+43.2% vs. +16.3%). Oracle is benefiting from continued momentum from its Oracle Cloud Infrastructure business, including from winning cloud-computing contracts from AI-focused startups. ORCL’s continued investment in cloud infrastructure, comprising NetSuite Enterprise Resource Planning (ERP) and Fusion ERP, positions it well for sustained growth in the dynamic software industry.
Oracle’s partnership with Amazon for Oracle Database@AWS and the general availability of Oracle Database@Google bode well. Oracle’s Gen 2 Cloud is driving artificial intelligence clientele. The company's share buybacks and dividend policy are noteworthy.
(You can read the full research report on Oracle here >>>)
Shares of Procter & Gamble have declined -6.4% over the year-to-date period against the Zacks Consumer Products - Staples industry’s decline of -4.0%. Procter & Gamble’s elevated commodity costs, tariff pressures, higher interest expenses, and a fragile recovery in China continue to weigh on margins, earnings visibility, and overall growth momentum.
However, Procter & Gamble’s strong portfolio, innovation pipeline, and disciplined productivity efforts reinforce its ability to deliver sustainable growth. Procter & Gamble’s consistent execution positions it well to balance growth, resilience, and shareholder value creation.
(You can read the full research report on Procter & Gamble here >>>)
Comstock’s shares have outperformed the Zacks Building Products - Home Builders industry over the year-to-date period (+126.7% vs. +4.7%). Comstock benefits from stable, recurring revenue from asset management agreements extending through 2035, featuring cost-plus structures and performance incentives. Its debt-free, asset-light model enhances financial flexibility, while consistent revenue growth — 18.8% YoY in Q1 2025 — and expanding profitability demonstrate strong operational leverage.
However, risks include revenue concentration with a related party, low third-party diversification, and deferred incentive fee recognition. Regulatory headwinds and heavy geographic concentration in the D.C. metro area pose additional exposure.
(You can read the full research report on Comstock here >>>)
Other noteworthy reports we are featuring today include Union Pacific Corp. (UNP), CVS Health Corp. (CVS) and Baker Hughes Co. (BKR).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Featured Reports
Planned Investments, Permian Basin Focus Aid Occidental (OXY)
Per the Zacks analyst, Occidental's investments to strengthen infrastructure and expansion of Permian Basin operation through acquisition will drive its performance over the long run.
Union Pacific (UNP) Rides on Dividends & Buybacks, Amid Low Volumes
The Zacks analyst is impressed with the company's efforts to reward its shareholders. Sluggish volumes and high debt, however, represent major headwinds.
NETGEAR (NTGR) Gains Strength in NFB & Recurring Revenues
Per the Zacks analyst, NETGEAR's performance gains from NFB unit, driven by momentum in ProAV products and recurring revenues. However, competition and weakness in Mobile segment remain concerns.
A Solid Product Portfolio Aids Inogen (INGN) Amid Stiff Competition
The Zacks analyst is upbeat about Inogen's expanding product portfolio despite its operation in a competitive long-term oxygen therapy space.
Solid Enterprise Strategy Aids Owens Corning (OC), Costs Hurt
Per the Zacks analyst, Owens Corning is gaining from streamlining operations and focusing on high-margin products. However, a soft housing market and high-cost inflation are concerning.
Increasing LNG Demand to Aid Baker Hughes' (BKR) Growth
Baker Hughes' leadership in the LNG space, where demand is expected to strengthen, should drive long-term profitability. However, softening North American revenues concerns the Zacks analyst.
CVS Health (CVS) Gains From Digital, Pharma and Services
The Zacks analyst is impressed with CVS Health's digital momentum, cost savings plan, Medicare margin recovery and strong growth in pharmacy, biosimilars and healthcare services.
New Upgrades
Canadian Natural (CNQ) to Gain from Recent Asset Acquisition
The Zacks analyst believes that Canadian Natural's recent acquisitions of Palliser and Montney assets will enhance its production and reserve base resulting in increased profitability.
Virtu Financial (VIRT) Gains from Market Making Segment
Per the Zacks analyst, the Market Making segment is well-poised for growth courtesy of growing retail engagement. Higher commissions have been driving results at its Execution Services segment.
Product Diversification Efforts Aid Robinhood (HOOD) Top Line
Per the Zacks analyst, Robinhood's efforts to diversify products to win new clients and gain market share will aid growth. Expansionary initiatives will likely deepen its global presence.
New Downgrades
Rising Medical Costs & High Debt Ail Elevance Health (ELV)
Per the Zacks analyst, the growing utilization trend is likely to continue increasing medical costs for Elevance, slashing its margins. Also, high leverage can affect its financial flexibility.
Gap (GAP) Faces Demand Pressures, Clouding Its Sales Growth
Per the Zacks analyst, Gap's modest sales growth in Q1 stemmed from operational efficiencies rather than strong consumer demand. Heavier promotions and weak consumer trends weigh on its sales outlook.
Weak Demand, Inventory Actions Ail Celanese (CE)
Per the Zacks analyst, weaker end-market demand is likely to weigh on the company's volumes. Its inventory reduction actions to match demand are also expected to hurt earnings.
Quantum Computing Stocks Set To Soar
Artificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.
Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power, you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.
Access the Report Free Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Stock Reports for Eli Lilly, Oracle & Procter & Gamble

Investors interested in stocks from the Medical Services sector have probably already heard of CVS Health (CVS) and HealthEquity (HQY). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.
CVS Health has a Zacks Rank of #2 (Buy), while HealthEquity has a Zacks Rank of #3 (Hold) right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that CVS is likely seeing its earnings outlook improve to a greater extent. However, value investors will care about much more than just this.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
CVS currently has a forward P/E ratio of 11.31, while HQY has a forward P/E of 23.93. We also note that CVS has a PEG ratio of 0.79. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. HQY currently has a PEG ratio of 1.15.
Another notable valuation metric for CVS is its P/B ratio of 1.17. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, HQY has a P/B of 3.64.
These are just a few of the metrics contributing to CVS's Value grade of A and HQY's Value grade of C.
CVS sticks out from HQY in both our Zacks Rank and Style Scores models, so value investors will likely feel that CVS is the better option right now.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years.
See "2nd Wave" AI stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CVS Health Corporation

Trend

Trend Class

Trend Power

Pattern

EMA

EMA-20

EMA-50

EMA-100

EMA-20

EMA-50

EMA-100

Oscillators

Stochastic

RSI

MACD

Candle pattern type