Jefferies Financial Group Inc. operates as an investment banking and capital markets firm in the Americas, Europe, the Middle East, and the Asia-Pacific. The company operates in two segments, Investment Banking and Capital Markets, and Asset Management. It provides investment banking, advisory services with respect to mergers or acquisitions, debt financing, restructurings or recapitalizations, and private capital advisory transactions; underwriting and placement services related to corporate debt, municipal bonds, mortgage-backed and asset-backed securities, equity and equity-linked securities, and loan syndication services; and corporate lending services. The company also offers financing, securities lending, and other prime brokerage services; equities research, sales, and trading services; wealth management services; and online foreign exchange trading services. In addition, it provides investment grade distressed debt securities, U.S. and European government and agency securities, municipal bonds, leveraged loans, emerging markets debt, and interest rate and credit index derivative products; and manages and offers services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. The company was formerly known as Leucadia National Corporation and changed its name to Jefferies Financial Group Inc. in May 2018. Jefferies Financial Group Inc. was founded in 1962 and is headquartered in New York, New York.

Jefferies Financial Group Inc.

Key Points
Few expected the retailer to do as well as it did in its second quarter.
Despite declines in key fundamentals, it posted a beat-and-raise quarter.
It wasn't that long ago that Macy's (NYSE: M) was something of a poster child for the retail apocalypse. The company was a supposedly stuck-in-the-past operator burdened with an outdated brick-and-mortar store model.
That once unpopular poster child was looking quite appealing recently, according to data compiled by S&P Global Market Intelligence: The retailer's stock powered 31% higher over the week. Encouraging quarterly results were the foundation for that big leap in price.
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Upside surprises
That sort of catapult happens when a company obliterates performance expectations, and that's precisely what happened with Macy's on Wednesday.
For its second quarter, the retailer's net sales amounted to $4.8 billion, which was down slightly from the $4.9 billion in the same period of 2024. Same-store sales, however, inched up by nearly 1% year over year. As for non-GAAP (adjusted) net income, it slid by 24% to $113 million ($0.41 per share).
Analysts were expecting far steeper declines, however. Their consensus for net sales was a bit under $4.7 billion, and that for adjusted profitability was $0.19 per share.
This meant a beat-and-raise quarter for Macy's, as it announced upward adjustments to its guidance for the entirety of 2025. The new top-line anticipation is a range of nearly $21.2 billion to almost $21.5 billion; previously management was modeling $21 billion to $21.4 billion. As for expected profitability, that's been pushed higher to between $1.70 and $2.05. Before, that range was $1.60 to $2.
Price-target bumping
Although no Macy's-following analysts have yet upgraded their recommendations on the stock, several weighed in with post-earnings price-target raises. One of the lifters was Jefferies' Ashley Helgans, who maintained her buy recommendation on the company while cranking her fair-value assessment to $18.50 per share from the preceding $14.50.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Jefferies Financial Group. 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.

Why Macy's Stock Zoomed 31% Higher This Week

Key Points
Reports from Wall Street analysts revealed soft traffic at Lululemon stores and weak demand.
New tariffs, including a 20% rate on Vietnam, also added to customer concerns.
The stock looks cheap at a P/E ratio of just 13.
Shares of Lululemon Athletica (NASDAQ: LULU) were pulling back last month as concerns about the tariffs and the company's internal challenges weighed on the stock in a month when there was little company-specific news.
According to data from S&P Global Market Intelligence, the stock finished the month down 16%. As you can see from the chart below, an early July gain was wiped out by the second week of the month, and the stock fell sharply at the end of July as new tariff rates came into focus.
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Lululemon faces pressure
Lululemon stock has slumped this year as the athleisure pioneer has reported slowing growth and as tariff concerns have roiled the apparel industry.
The month began with gains in the stock after Lululemon sued another company for selling "dupes," or unauthorized imitations of its clothing that could infringe on its patents.
The following day, Jefferies came out with a negative note on the stock after the firm observed softer traffic at several stores in the Northeast and said that challenges were mounting across the business, including increased markdowns, new competition, and inventory outgrowing sales. The firm reiterated an underperform rating on the stock.
Later in the month, JPMorgan Chase echoed those concerns, downgrading the stock from overweight to neutral, and said customers weren't responding well to core seasonal colors, which represent 40% of its inventory. The analyst also noted a challenging macrobackdrop and said they expected the company to miss its fiscal 2026 targets.
Over the last week of July, the stock price fell as the Trump administration announced new tariff rates, including 20% on Vietnam, where 40% of its products are produced, and 19% on imports from Cambodia, where 17% of its products are produced.
What's next for Lululemon
July's slide comes after a disappointing earnings report in June that included a comparable-sales increase of 1% and a decision to lay off 150 employees.
Lululemon is clearly facing challenges, especially when factoring in the risks around tariffs, but those seem more than priced in at a price-to-earnings (P/E) ratio of just 13.4, which is closer to what a struggling retailer like Target trades for.
The yoga-inspired apparel company is still delivering solid growth in China, and the company has overcome brand challenges in the past.
A P/E of 13 looks like a great price to pay for what's historically been a strong growth stock. If Lululemon can get past the current headwinds, the stock should be a winner.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Jeremy Bowman has positions in Target. The Motley Fool has positions in and recommends JPMorgan Chase, Jefferies Financial Group, Lululemon Athletica Inc., and Target. The Motley Fool has a disclosure policy.
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Why Lululemon Stock Lost 16% in July

Key Points
Super Micro Computer's competitive advantages, combined with strong demand for its cooling systems, gives it strong AI tailwinds.
Duolingo is adding more paid subscribers and could benefit from a growing edtech market.
If you've got $500 and a long-term mindset, you don't need to chase the riskiest penny stock or the next meme rocket. A smart growth stock -- one with real revenue, real users, and a clear path to profitability -- can do a lot of heavy lifting on its own. Especially in this market, where interest rates may have peaked, AI is reshaping entire industries, and consumers are flocking to platforms that feel both human and fun.
So where should that $500 go? Here are two stocks that combine strong business fundamentals with a credible story for the next decade.
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Super Micro Computer
Not everyone wants to guess which AI model will win. Super Micro Computer (NASDAQ: SMCI) makes that decision easier by selling the servers that power all of them.
Over the years, Supermicro carved out a lead in the AI server race by moving faster than rivals like Dell Technologies and Hewlett Packard Enterprise, thanks in large part to its close ties with Nvidia and Advanced Micro Devices. Those close relationships gave it access to chips earlier than competitors -- Supermicro's California headquarters are, as Reuters pointed out, only 10 miles from Nvidia and AMD -- helping it prototype and ship customized servers in a matter of weeks. That competitive advantage, together with the strong demand for its liquid cooling systems, made it a go-to supplier for AI infrastructure.
For the trailing 12 months, Supermicro posted $21.57 billion in revenue, nearly triple its total from two years ago. And although fiscal third-quarter 2025 net sales dropped to $4.6 billion (down from $5.68 billion in the second quarter), the company expects net sales of $5.6 billion to $6.4 billion in Q4, a strong rebound likely tied to delayed customer orders.
Growth like this won't come easy, nor cheap for that matter. Indeed, Q3 operating expenses surged to $293.4 million, up 34% from $219.1 million in the year-ago period, while gross margins dropped to 9.6% from 15.5% in Q3 2024. And with competitors like Dell expanding into its space, those margins could get harder to improve.
Still, Supermicro has leverage. Its modular rack systems offer a plug-and-play approach at a time when enterprises need to move fast but build smart. As more second-tier AI players like hospitals and financial institutions look to stand up their own models, they'll need hardware that doesn't require months of integration. Supermicro's flexibility here could open up a secondary growth channel that's less dependent on hyperscalers and more tied to the next wave of AI adoption.
Duolingo
Duolingo (NASDAQ: DUOL) is still the world's most popular education app.
It's also still growing. In the first quarter of 2025, the company reported a 38% year-over-year revenue jump to $230.7 million, its highest quarterly haul yet. Monthly active users (MAU) climbed to over 130 million, a 33% year-over-year increase, and the number of paid subscribers rose 40% year over year to a record 10.3 million. A growing slice of that base, about 7%, now pays for the premium Max subscription, which offers AI-driven tutoring and more personalized feedback. Since Max carries a higher price point, its adoption signals a willingness among users to pay more for deeper value, something that could lift Duolingo's long-term margins.
But even for a company with these credentials, the stock struggled lately. Shares dropped about 33% from their May highs, as Duolingo's daily active users (DAU) rate slipped from 56% in February to 37% by June, according to a Jefferies analyst. The stock is also trading at over 175 times earnings, which is several multiples higher than the S&P 500 index's price-to-earnings ratio of 30. A valuation like that leaves little room for error, especially when engagement metrics are trending the wrong way.
Still, that premium might be easier to swallow when you zoom out and consider just how fast the education technology market is expanding. By 2030, edtech is expected to hit $348 billion, up from $164 billion in 2024, or a compound annual growth rate (CAGR) of 13.3 %. Meanwhile, the language learning market -- Duolingo's primary stomping ground -- is forecast to hit $125 billion by 2034 (up from $11.2 billion in 2024), or a CAGR of 26.7 %.
Given that Duolingo is already the industry's leading paid language-learning app, it's not hard to imagine a scenario in which it grows into its valuation, especially if it keeps converting users into paid subscribers.
Bet on fundamentals, not hype
Both Duolingo and Supermicro are playing long games in markets that are only getting bigger. Duolingo is turning language learning into revenue, while Supermicro is selling the picks and shovels of the AI boom. If you're thinking long-term, investing $500 in one (or both) could buy you a meaningful slice of the future.
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Steven Porrello has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices and Jefferies Financial Group. The Motley Fool recommends Duolingo. 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.

The Smartest Growth Stocks to Buy With $500 Right Now

Morgan Stanley’s MS second-quarter 2025 earnings of $2.13 per share handily outpaced the Zacks Consensus Estimate of $1.93. Also, the bottom line rose 17% from the prior-year quarter.
Unlike its Wall Street peers, Morgan Stanley’s investment banking (IB) business performance was subdued. Advisory fees declined 14% year over year as completed M&A transactions dropped. Further, lower non-investment grade issuances hurt the company’s fixed income underwriting fees, which decreased 21%. On the other hand, equity underwriting income jumped 42%. So, total IB fees (in the Institutional Securities division) fell 5% to $1.54 billion. We had projected it to be $1.55 billion.
Meanwhile, as expected, the company posted a solid trading performance. Equity trading revenues increased 23% year over year to $3.72 billion and fixed-income trading income was up 9% to $2.18 billion. Our projections for equity and fixed-income trading revenues were $3.03 billion and $2.12 billion, respectively.
Further, the performance of wealth management and investment management businesses was impressive. The company’s NII increased, given higher lending activities. The increase in total non-interest expenses and provisions posed the undermining factors.
Net income applicable to common shareholders was $3.39 billion, up 15% from the year-ago quarter. Our estimate for the metric was $3.22 billion.
Morgan Stanley’s Revenues Jump, Expenses Rise
Quarterly net revenues were $16.79 billion, up 12% from the prior-year quarter. The top line handily beat the Zacks Consensus Estimate of $15.92 billion.
NII was $2.34 billion, up 14%. We had projected NII of $2.27 billion.
Total non-interest revenues of $14.45 billion rose 12%. Our estimate for the metric was $13.63 billion.
Total non-interest expenses were $11.97 billion, up 10%. Our estimate for the metric was $11.59 billion.
Provision for credit losses was $196 million, up substantially from $76 million in the prior-year quarter. We had projected the metric to be $59.2 million.
Morgan Stanley’s Segment Performance
Institutional Securities: Pre-tax income was $2.11 billion, rising 3% from the prior-year quarter. Our estimate for the same was $2.21 billion.
Net revenues were $7.64 billion, up 9% year over year. The upside resulted from increased equity underwriting income and trading revenues, partially offset by lower advisory revenues and fixed income underwriting revenues. We had projected revenues of $7.48 billion.
Wealth Management: Pre-tax income totaled $2.2 billion, jumping 21% year over year. Our estimate for the metric was $1.83 billion.
Net revenues were $7.76 billion, rising 14%, driven by higher asset management revenues, transactional revenues and NII. We had projected revenues of $7.11 billion.
Total client assets were $6.49 trillion as of June 30, 2025, up 14% year over year. We had projected the metric to be $6.06 trillion.
Investment Management: Pre-tax income was $323 million, climbing 45% from the year-ago quarter. Our estimate for the same was $217.2 million.
Net revenues were $1.55 billion, up 12%. The improvement was attributable to a rise in asset management and related fees, and performance-based income and other revenues. We had projected revenues of $1.47 billion.
As of June 30, 2025, total assets under management or supervision were $1.71 trillion, up 13% year over year. Our estimate for the metric was $1.67 trillion.
Morgan Stanley’s Capital Position Solid
As of June 30, 2025, book value per share was $61.59, up from $56.80 in the corresponding period of 2024. The tangible book value per share was $47.25, up from $42.30 as of June 30, 2024.
Morgan Stanley’s Tier 1 capital ratio (advanced approach) was 17.6% compared with 17.3% in the year-ago quarter. The common equity Tier 1 capital ratio was 15% compared with 15.2% a year ago.
Update on Morgan Stanley’s Capital Plan
In the reported quarter, Morgan Stanley repurchased 8 million shares for $1 billion.
Additionally, as the company cleared the 2025 stress test, it reauthorized a multi-year share repurchase program of up to $20 billion.
Additionally, Morgan Stanley announced a quarterly dividend of $1.00 per share, representing a hike of 8% from the prior payout. The dividend will be paid out on Aug. 15 to shareholders on record as of July 31.
Our Viewpoint on Morgan Stanley
The rebound of the IB business and a solid deal-making pipeline are expected to support Morgan Stanley’s financials going forward. Efforts to become less dependent on capital markets-driven revenues, inorganic expansion/strategic alliance and relatively high rates will support top-line growth. However, elevated expenses due to expansion efforts and volatile trading revenues are concerns.
Morgan Stanley Price, Consensus and EPS Surprise
Currently, Morgan Stanley carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Morgan Stanley’s Peers
Jefferies Financial Group’s JEF second-quarter fiscal 2025 (ended May 31) adjusted earnings of 43 cents per share matched the Zacks Consensus Estimate. The bottom line compared unfavorably with the prior-year quarter’s earnings of 67 cents per share. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
Results were aided by strong performance in equity trading. However, weak performances in underwriting and asset management businesses, and higher expenses were the undermining factors for JEF.
JPMorgan’s JPM second-quarter 2025 adjusted earnings were $4.96 per share. The bottom line handily surpassed the Zacks Consensus Estimate of $4.51.
Better-than-expected performance of capital markets businesses, higher NII, solid growth in credit card and wholesale loans and lower provisions supported JPM’s results. Higher adjusted expenses were the spoilsport.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Morgan Stanley Beats Q2 Earnings on Robust Trading, IB Remains Subdued

The following are today's upgrades for Validea's Growth Investor model based on the published strategy of Martin Zweig. This strategy looks for growth stocks with persistent accelerating earnings and sales growth, reasonable valuations and low debt.
JEFFERIES FINANCIAL GROUP INC (JEF) is a large-cap growth stock in the Investment Services industry. The rating according to our strategy based on Martin Zweig changed from 54% to 85% 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: Jefferies Financial Group Inc. is a global, full-service investment banking and capital markets company. The Company provides financial advisory, equity underwriting and debt underwriting services. Its business segments include Investment Banking and Capital Markets and Asset Management. The Investment Banking and Capital Markets segment includes its securities, commodities, futures, and foreign exchange capital markets activities and its investment banking business, which provides underwriting and financial advisory services to clients across various industry sectors in the Americas, Europe and the Middle East, and Asia-Pacific. The Asset Management segment provides alternative investment management services to investors in the United States and overseas and generates investment income from capital invested in and managed by the Company or its affiliated asset managers. It provides mergers and acquisition, debt advisory and restructuring and private capital advisory services.
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 JEFFERIES FINANCIAL GROUP INC
About Martin Zweig: During the 15 years that it was monitored, Zweig's stock recommendation newsletter returned an average of 15.9 percent per year, during which time it was ranked number one based on risk-adjusted returns by Hulbert Financial Digest. Zweig has managed both mutual and hedge funds during his career, and he's put the fortune he's compiled to some interesting uses. He has owned what Forbes reported was the most expensive apartment in New York, a $70 million penthouse that sits atop Manhattan's Pierre Hotel, and he is a collector of all sorts of pop culture and historical memorabilia -- among his purchases are the gun used by Clint Eastwood in "Dirty Harry", a stock certificate signed by Commodore Vanderbilt, and even two old-fashioned gas pumps similar to those he'd seen at a nearby gas station while growing up in Cleveland, according to published reports.
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 Martin Zweig Strategy Daily Upgrade Report - 7/1/2025

The S&P 500 Index ($SPX) (SPY) on Thursday closed up +0.80%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.94%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.94%. September E-mini S&P futures (ESU25) rose +0.75%, and September E-mini Nasdaq futures (NQU25) rose +0.92%.
Stock indexes rallied on Thursday, with the S&P 500 posting a 4-month high, the Dow Jones Industrials posting a 3-3/4 month high, and the Nasdaq 100 posting a new all-time high. Strength in chip makers boosted the broader market. Stocks also saw support from Thursday's news of stronger-than-expected initial claims, core capital goods orders, and pending home sales reports.
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Equity prices mainly received support as the 10-year T-note yield fell to a two-month low on a Wall Street Journal report that President Trump may announce the replacement of Fed Chair Powell as early as September, an unusually early appointment. That reinforced expectations of a more dovish-leaning Fed, following Mr. Trump's criticism of Powell for holding interest rates steady. Because Powell's term expires in May 2026, announcing a new Fed Chair far earlier than the traditional 3-4 month transition period could allow the chair-in-waiting to dovishly influence expectations about the likely path for interest rates.
On the negative side for stocks was Thursday's news of an unexpected downward revision to Q1 GDP. Also, the May trade deficit was wider than expected, a negative factor for Q2 GDP.
US weekly initial unemployment claims fell -7,000 to 236,000, showing a stronger labor market than expectations of 243,000. However, weekly continuing claims rose +37,000 to a 3-1/2 year high of 1.974 million, above expectations of 1.950 million, signaling more people are staying out of work for longer.
US Q1 GDP was revised lower to -0.5% (q/q annualized), weaker than expectations of no change at -0.2% as Q1 personal consumption was revised downward to 0.5% from 1.2%. The Q1 core PCE price index was revised higher to +3.5% (q/q annualized), stronger than expectations of no change at +3.4%.
US May capital goods new orders nondefense ex-aircraft rose +1.7% m/m, stronger than expectations of +0.1% m/m and the largest increase in 4 months.
The US May trade deficit of -$96.6 billion was wider than expectations of -$86.1 billion, a negative factor for Q2 GDP.
US May pending home sales rose +1.8% m/m, stronger than expectations of +0.1% m/m.
Richmond Fed President Barkin said he expects tariffs to put upward pressure on prices, and with so much still uncertain, he favors waiting for more clarity before adjusting interest rates.
San Francisco Fed President Daly said she is seeing increased evidence that tariffs may not lead to a large or sustained inflation surge, which supports her view that the Fed could begin cutting interest rates again in the fall.
The markets this week will watch to see if the ceasefire holds between Israel and Iran. Also, any new tariff news or trade deals will be scrutinized. Friday brings May personal spending (expected +0.1% m/m) and May personal income (expected +0.3% m/m). Also on Friday, the May core PCE price index, the Fed's preferred price gauge, is expected to rise by +0.1% m/m and +2.6% y/y. Finally, Friday's June University of Michigan US consumer sentiment index is expected to be revised lower by -0.2 points to 60.3.
Federal funds futures prices are discounting the chances at 21% for a -25 bp rate cut at the July 29-30 FOMC meeting.
Overseas stock markets closed mixed on Thursday. The Euro Stoxx 50 closed down -0.15%. China's Shanghai Composite fell from a 6-1/4 month high and closed down -0.22%. Japan's Nikkei Stock 225 rallied to a 4-3/4 month high and closed up +1.65%.
Interest Rates
September 10-year T-notes (ZNU25) on Thursday rose by +12.5 ticks and posted a 2-month high. The 10-year T-note yield fell -5.1 bp to 4.240% and posted a new 2-month low.
T-note prices moved higher on a Wall Street Journal report that President Trump is considering naming the successor to Fed Chair Powell as early as September, well before his term expires next May, making him a lame duck and spurring speculation that interest rates could eventually fall faster than markets are currently pricing. T-notes also found support after Q1 GDP was revised lower.
Limiting gains in T-notes was stronger-than-expected initial claims, core capital goods orders, and pending home sales reports. Also, the upward revision to the Q1 core PCE price index was bearish for T-notes. In addition, hawkish comments from Richmond Fed President Barkin weighed on T-notes when he said he favors waiting for more clarity before adjusting interest rates. Supply pressures were negative for T-notes as the Treasury auctioned $44 billion of 7-year T-notes.
European government bond yields ended mixed. The 10-year German bund yield rose +0.4 bp to 2.569%. The 10-year UK gilt yield fell -0.9 bp to 4.472%.
The German Jun GfK consumer confidence index unexpectedly fell -0.3 to -20.3, weaker than expectations of an increase to -19.2.
Swaps are discounting the chances at 9% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
Strength in chip makers boosted technology stocks and the overall market. Marvel Technology (MRVL) rallied more than +5% to lead gainers in the Nasdaq 100. Broadcom (AVGO) closed up more than +2%. Qualcomm (QCOM), Intel (INTC), Analog Devices (ADI), and KLA Corp (KLAC) all closed up more than +1%.
Micron Technology (MU) initially rallied after reporting stronger-than-expected Q3 EPS and giving an upbeat forecast for the current quarter, driven by demand for artificial intelligence equipment. However, Micron fell back and closed the day down about -1%.
Managed healthcare stocks moved higher. Cigna Group (CI) closed up more than +4%. CVS Health (CVS) closed up more than +2%. Universal Health Services (UHS) and HCA Healthcare (HCA) closed up nearly +1%.
Copper mining stocks showed strength, with COMEX copper prices posting a new 2-3/4 month high and closing up +2.55%. Southern Copper (SCCO) closed up more than +7%, Freeport McMoRan (FCX) closed up more than +6%, and Rio Tinto Plc (RIO) closed up more than +3%.
McCormick & Co (MKC) rallied more than +5% after reporting Q2 EPS of 69 cents, better than the consensus of 66 cents, and forecasting full-year adjusted EPS of $3.03-$3.08, above the consensus of $3.02.
Sandisk Corp (SNDK) closed up +0.40% after Citigroup initiated coverage of the stock with a buy recommendation and a price target of $57.
Truist Financial Corp (TFC) closed up more than +2% after Citigroup upgraded the stock to buy from neutral with a price target of $55.
Equinix Inc (EQIX) fell more than -9% to lead losers in the S&P 500 after BMO Capital Markets downgraded the stock to market perform from outperform.
Unity Software (U) fell more than -3% after Bank of America Global Research initiated coverage of the stock with a recommendation of underperform and a price target of $15.
Trade Desk (TTD) fell more than -2% to lead losers in the Nasdaq 100 after Wells Fargo Securities downgraded the stock to equal weight from overweight.
Kratos Defense & Security Solutions (KTOS) fell more than -2% after announcing it intends to sell $500 million of shares of its common stock in an underwritten offering.
Jeffries Financial Group (JEF) rose +0.30% despite reporting Q2 EPS of 40 cents, weaker than the consensus of 44 cents.
Earnings Reports (6/27/2025)
Apogee Enterprises Inc (APOG) and Immersion Corp (IMMR).
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.

Nasdaq 100 Index Rallies to Record High on Speculation of Earlier Interest Rate Cuts

The S&P 500 Index ($SPX) (SPY) today is up +0.62%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.71%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.58%. September E-mini S&P futures (ESU25) are up +0.55%, and September E-mini Nasdaq futures (NQU25) are up +0.57%.
Stock indexes are climbing, with the S&P 500 posting a 4-month high, the Dow Jones Industrials climbing to a 3-3/4 month high, and the Nasdaq 100 posting a new all-time high. Strength in chip makers is boosting the broader market today after Micron Technology reported stronger-than-expected Q3 EPS and gave an upbeat forecast for the current quarter, driven by demand for artificial intelligence equipment. Stocks also saw support from today's news of a larger-than-expected drop in weekly initial jobless claims, a larger-than-expected increase in May core capital goods orders, and stronger-than-expected May pending home sales.
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On the negative side for stocks was today's news of an unexpected downward revision to Q1 GDP. Also, the May trade deficit was wider than expected, a negative factor for Q2 GDP.
Lower bond yields are supporting equity prices as the 10-year T-note yield fell to a 7-week low on speculation that Fed rate cuts could come sooner than expected. The 10-year T-note yield fell to a 7-week low today of 4.25% following a report from the Wall Street Journal that said President Trump may announce Fed Chair Powell's replacement a soon as September, an unusually early appointment. That reinforced expectations of a more dovish leaning Fed, after Trump criticized Powell for holding interest rates steady. Because Powell's term expires in May 2026, announcing a new Fed chair far earlier than the traditional 3-4 month transition period could allow the chair-in-waiting to influence expectations about the likely path for interest rates.
US weekly initial unemployment claims fell -7,000 to 236,000, showing a stronger labor market than expectations of 243,000. However, weekly continuing claims rose +37,000 to a 3-1/2 year high of 1.974 million, above expectations of 1.950 million, signaling more people are staying out of work for longer.
US Q1 GDP was revised lower to -0.5% (q/q annualized), weaker than expectations of no change at -0.2% as Q1 personal consumption was revised downward to 0.5% from 1.2%. The Q1 core PCE price index was revised higher to +3.5% (q/q annualized), stronger than expectations of no change at +3.4%.
US May capital goods new orders nondefense ex-aircraft rose +1.7% m/m, stronger than expectations of +0.1% m/m and the largest increase in 4 months.
The US May trade deficit of -$96.6 billion was wider than expectations of -$86.1 billion, a negative factor for Q2 GDP.
US May pending home sales rose +1.8% m/m, stronger than expectations of +0.1% m/m.
Richmond Fed President Barkin said he expects tariffs to put upward pressure on prices, and with so much still uncertain, he favors waiting for more clarity before adjusting interest rates.
San Francisco Fed President Daly said she is seeing increased evidence that tariffs may not lead to a large or sustained inflation surge, which supports her view that the Fed could begin cutting interest rates again in the fall.
The markets this week will watch to see if the ceasefire holds between Israel and Iran. Also, any new tariff news or trade deals will be scrutinized. Friday brings May personal spending (expected +0.1% m/m) and May personal income (expected +0.3% m/m). Also on Friday, the May core PCE price index, the Fed's preferred price gauge, is expected to rise by +0.1% m/m and +2.6% y/y. Finally, Friday's June University of Michigan US consumer sentiment index is expected to be revised lower by -0.2 points to 60.3.
The markets are discounting the chances at 25% for a -25 bp rate cut at the July 29-30 FOMC meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.04%. China's Shanghai Composite fell from a 6-1/4 month high and closed down -0.22%. Japan's Nikkei Stock 225 rallied to a 4-3/4 month high and closed up +1.65%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +7 ticks. The 10-year T-note yield is down -0.8 bp to 4.283%. Sep T-notes today climbed to an 8-week high, and the 10-year T-note yield fell to a 7-week low of 4.253%. T-notes are moving higher today on a Wall Street Journal report that said President Trump is considering naming the successor to Fed Chair Powell as early as September, well before his term expires next May, making him a lame duck and spurring speculation that interest rates could eventually fall faster than markets are currently pricing. T-notes also found support after Q1 GDP was revised lower.
Limiting gains in T-notes was today's stronger-than-expected economic news, which included initial unemployment claims, core capital goods orders, and pending home sales. Also, the upward revision to the Q1 core PCE price index was bearish for T-notes. In addition, hawkish comments from Richmond Fed President Barkin weighed on T-notes when he said he favors waiting for more clarity before adjusting interest rates. Supply pressures are negative for T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields today are mixed. The 10-year German bund yield is up +0.4 bp to 2.569%. The 10-year UK gilt yield is down -0.7 bp to 4.474%.
The German Jun GfK consumer confidence index unexpectedly fell -0.3 to -20.3, weaker than expectations of an increase to -19.2.
Swaps are discounting the chances at 9% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
Strength in chip makers is boosting technology stocks and the overall market. Marvel Technology (MRVL) is up more than +5% to lead gainers in the Nasdaq 100. Also, Analog Devices (ADI), NXP Semiconductors NV (NXPI), Broadcom (AVGO), KLA Corp (KLAC), Qualcomm (QCOM), and ARM Holdings Plc (ARM) are up more than +1%.
Managed healthcare stocks are moving higher today. Cigna Group (CI) is up more than +4% and Universal Health Services (UHS) is up more than +3%. Also, HCA Healthcare (HCA), CVS Health (CVS), Centene (CNC), and Molina Healthcare (MOH) are up more than +2%. In addition, Humana (HUM) is up more than +1%.
Copper mining stocks are climbing today with the price of COMEX copper up more than +3% at a 2-3/4 month high. Freeport McMoRan (FCX) is up more than +7%, Southern Copper (SCCO) is up more than +6%, and Rio Tinto Plc (RIO) is up more than +3%.
McCormick & Co (MKC) is up more than +4% after reporting Q2 EPS of 69 cents, better than the consensus of 66 cents, and forecasting full-year adjusted EPS of $3.03-$3.08, above the consensus of $3.02.
Sandisk Corp (SNDK) is up more than +2% after Citigroup initiated coverage of the stock with a buy recommendation and a price target of $57.
Truist Financial Corp (TFC) is up nearly +2% after Citigroup upgraded the stock to buy from neutral with a price target of $55.
Equinix Inc (EQIX) is down more than -8% to lead losers in the S&P 500 after BMO Capital Markets downgraded the stock to market perform from outperform.
Unity Software (U) is down more than -4% after Bank of America Global Research initiated coverage of the stock with a recommendation of underperform and a price target of $15.
Trade Desk (TTD) is down more than -2% to lead losers in the Nasdaq 100 after Wells Fargo Securities downgraded the stock to equal weight from overweight.
Kratos Defense & Security Solutions (KTOS) is down more than -3% after announcing it intends to sell $500 million of shares of its common stock in an underwritten offering.
Jeffries Financial Group (JEF) is down more than -2% after reporting Q2 EPS of 40 cents, weaker than the consensus of 44 cents.
Earnings Reports (6/26/2025)
Acuity Inc (AYI), Concentrix Corp (CNXC), McCormick & Co Inc/MD (MKC), NIKE Inc (NKE), Walgreens Boots Alliance Inc (WBA).
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 Lower Bond Yields and Speculation of Earlier Rate Cuts

The S&P 500 Index ($SPX) (SPY) today is up +0.35%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.18%. September E-mini S&P futures (ESU25) are up +0.25%, and September E-mini Nasdaq futures (NQU25) are up +0.13%.
Stock indexes are climbing, with the S&P 500 posting a 4-month high, the Dow Jones Industrials climbing to a 3-3/4 month high, and the Nasdaq 100 posting a new all-time high. Strength in chip makers is boosting the broader market today after Micron Technology reported stronger-than-expected Q3 EPS and gave an upbeat forecast for the current quarter, driven by demand for artificial intelligence equipment. Stocks saw support from today's news of a larger-than-expected drop in weekly jobless claims and a larger-than-expected increase in May core capital goods orders.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side for stocks was today's news of an unexpected downward revision to Q1 GDP. Also, the May trade deficit was wider than expected, a negative factor for Q2 GDP.
Lower bond yields are supporting equity prices as the 10-year T-note yield fell to a 7-week low on speculation that Fed rate cuts could come sooner than expected. The 10-year T-note yield fell to a 7-week low today of 4.26% following a report from the Wall Street Journal that said President Trump may announce Fed Chair Powell's replacement a soon as September, an unusually early appointment, reinforcing expectations of a more dovish leaning Fed, after Trump criticized Powell for holding interest rates steady. Because Powell's term expires in May 2026, announcing a new Fed chair far earlier than the traditional 3-4 month transition period could allow the chair-in-waiting to influence expectations about the likely path for interest rates.
US weekly initial unemployment claims fell -7,000 to 236,000, showing a stronger labor market than expectations of 243,000. However, weekly continuing claims rose +37,000 to a 3-1/2 year high of 1.974 million, above expectations of 1.950 million, signaling more people are staying out of work for longer.
US Q1 GDP was revised lower to -0.5% (q/q annualized), weaker than expectations of no change at -0.2% as Q1 personal consumption was revised downward to 0.5% from 1.2%. The Q1 core PCE price index was revised higher to +3.5% q/q, stronger than expectations of no change at +3.4% q/q.
US May capital goods new orders nondefense ex-aircraft rose +1.7% m/m, stronger than expectations of +0.1% m/m and the largest increase in 4 months.
The US May trade deficit of -$96.6 billion was wider than expectations of -$86.1 billion, a negative factor for Q2 GDP.
Richmond Fed President Barkin said he expects tariffs to put upward pressure on prices, and with so much still uncertain, he favors waiting for more clarity before adjusting interest rates.
The markets this week will watch to see if the ceasefire holds between Israel and Iran. Also, any new tariff news or trade deals will be scrutinized. Friday brings May personal spending (expected +0.1% m/m) and May personal income (expected +0.3% m/m). Also on Friday, the May core PCE price index, the Fed's preferred price gauge, is expected to rise by +0.1% m/m and +2.6% y/y. Finally, Friday's June University of Michigan US consumer sentiment index is expected to be revised lower by -0.2 points to 60.3.
The markets are discounting the chances at 25% for a -25 bp rate cut at the July 29-30 FOMC meeting.
Overseas stock markets today are mixed. The Euro Stoxx 50 is down -0.09%. China's Shanghai Composite fell from a 6-1/4 month high and closed down -0.22%. Japan's Nikkei Stock 225 rallied to a 4-3/4 month high and closed up +1.65%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +6 ticks. The 10-year T-note yield is down -2.2 bp to 4.269%. Sep T-notes today climbed to an 8-week high, and the 10-year T-note yield fell to a 7-week low of 4.263%. T-notes are moving higher today on a Wall Street Journal report that said President Trump is considering naming Fed Chair Powell's successor as early as September, well before his term expires next May, making him a lame duck and spurring speculation that interest rates could eventually fall faster than markets are currently pricing. T-notes also found support after Q1 GDP was revised lower.
Limiting gains in T-notes was today's stronger-than-expected economic news , which included unemployment claims and core capital goods orders. Also, the upward revision to the Q1 core PCE price index was bearish for T-notes. In addition, hawkish comments from Richmond Fed President Barkin weighed on T-notes when he said he favors waiting for more clarity before adjusting interest rates. Supply pressures are negative for T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields today are moving lower. The 10-year German bund yield is down -1.8 bp to 2.547%. The 10-year UK gilt yield is down -1.8 bp to 4.463%.
The German Jun GfK consumer confidence index unexpectedly fell -0.3 to -20.3, weaker than expectations of an increase to -19.2.
Swaps are discounting the chances at 8% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
Micron Technology (MU) is up more than +2% to give chip stocks and the overall market a lift. Micron reported Q3 adjusted revenue of $9.30 billion, stronger than the consensus of $8.85 billion, and forecasted Q4 adjusted revenue of $10.4 billion-$11.0 billion, well above the consensus of $9.89 billion. Also, Marvel Technology (MRVL) is up more than +4% to lead gainers in the Nasdaq 100. In addition, ARM Holdings Plc (ARM) is up more than +1% and Intel (INTC) is up +0.83%.
Managed healthcare stocks are moving higher today. Universal Health Services (UHS) is up more than +4%. Also, Cigna (CI) and HCA Healthcare (HCA) are up more than +3%. In addition, CVS Health (CVS), Centene (CNC), Molina Healthcare (MOH), and Humana (HUM) are up more than +1%.
McCormick & Co (MKC) is up more than +5% after reporting Q2 EPS of 69 cents, better than the consensus of 66 cents, and forecasting full-year adjusted EPS of $3.03-$3.08, above the consensus of $3.02.
Copper mining stocks are climbing today with the price of COMEX copper up more than +2% at a 2-3/4 month high. Southern Copper (SCCO) and Freeport McMoRan (FCX) are up more than +4%, and Rio Tinto Plc (RIO) is up more than +2%.
Sandisk Corp (SNDK) is up more than +1% after Citigroup initiated coverage of the stock with a buy recommendation and a price target of $57.
General Mills (GIS) is up more than +1% after RBC Capital Markets upgraded the stock to outperform from sector perform with a price target of $63.
Truist Financial Corp (TFC) is up nearly +1% after Citigroup upgraded the stock to buy from neutral with a price target of $55.
Equinix Inc (EQIX) is down more than -10% to lead losers in the S&P 500 after BMO Capital Markets downgraded the stock to market perform from outperform.
Trade Desk (TTD) is down more than -4% to lead losers in the Nasdaq 100 after Wells Fargo Securities downgraded the stock to equal weight from overweight.
Kratos Defense & Security Solutions (KTOS) is down more than -3% after announcing it intends to sell $500 million of shares of its common stock in an underwritten offering.
Unity Software (U) is down more than -3% after Bank of America Global Research initiated coverage of the stock with a recommendation of underperform and a price target of $15.
Jeffries Financial Group (JEF) is down more than -2% after reporting Q2 EPS of 40 cents, weaker than the consensus of 44 cents.
Earnings Reports (6/26/2025)
Acuity Inc (AYI), Concentrix Corp (CNXC), McCormick & Co Inc/MD (MKC), NIKE Inc (NKE), Walgreens Boots Alliance Inc (WBA).
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 See Support on Strength in Chip Stocks and Lower Bond Yields

Jefferies (JEF) reported $1.63 billion in revenue for the quarter ended May 2025, representing a year-over-year decline of 1.3%. EPS of $0.43 for the same period compares to $0.67 a year ago.
The reported revenue represents a surprise of +5.13% over the Zacks Consensus Estimate of $1.55 billion. With the consensus EPS estimate being $0.43, the company has not delivered EPS surprise.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Jefferies performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Revenues by Source- Total Asset Management Net revenues: $154.62 million versus the two-analyst average estimate of $128.63 million. The reported number represents a year-over-year change of -1.2%.
Net Revenues by Source- Total Investment Banking and Capital Markets Net revenues: $1.47 billion compared to the $1.42 billion average estimate based on two analysts. The reported number represents a change of -1.6% year over year.
Net Revenues by Source- Total Asset Management Net revenues- Investment return: $50.40 million compared to the $16.25 million average estimate based on two analysts. The reported number represents a change of +53% year over year.
Net Revenues by Source- Total Asset Management Net revenues- Allocated net interest: -$19.14 million versus -$17.22 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +19.6% change.
Net Revenues by Source- Total Capital Markets: $704.16 million versus $720.30 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +1.9% change.
Net Revenues by Source- Total Capital Markets- Equities: $526.24 million versus $446.78 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +29.3% change.
Net Revenues by Source- Total Capital Markets- Fixed income: $177.91 million versus the two-analyst average estimate of $273.52 million. The reported number represents a year-over-year change of -37.4%.
Net Revenues by Source- Total Investment Banking- Total underwriting- Advisory: $457.86 million versus $389.88 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +61.3% change.
Net Revenues by Source- Total Investment Banking- Other investment banking: -$19.28 million versus the two-analyst average estimate of $12.50 million. The reported number represents a year-over-year change of -129.9%.
Net Revenues by Source- Total Investment Banking: $766.31 million compared to the $704.64 million average estimate based on two analysts. The reported number represents a change of -4.6% year over year.
Net Revenues by Source- Total Investment Banking- Total underwriting- Debt underwriting: $205.36 million versus $160.34 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -0.1% change.
Net Revenues by Source- Total Investment Banking- Total underwriting- Equity underwriting: $122.37 million versus the two-analyst average estimate of $141.93 million. The reported number represents a year-over-year change of -50.9%.
View all Key Company Metrics for Jefferies here>>>
Shares of Jefferies have returned +11.2% over the past month versus the Zacks S&P 500 composite's +5.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Compared to Estimates, Jefferies (JEF) Q2 Earnings: A Look at Key Metrics

Here's our initial take on Jefferies Financial Group's (NYSE: JEF) fiscal second-quarter financial report.
Key Metrics
Metric
Q2 FY 2024
Q2 FY 2025
Change
vs. Expectations
Total revenue
$1.66 billion
$1.63 billion
-1%
Beat
Investment banking revenue
$787.4 million
$766.3 million
-3%
n/a
Capital markets revenue
$707.1 million
$704.2 million
0%
n/a
Wall Street Turbulence Weighs on Jefferies
Jefferies didn't have very high expectations coming into Q2, but the company still wasn't able to satisfy investors fully. Earnings came in around $0.03 per share less than the analysts' consensus had expected, and a slightly smaller drop in revenue than most were expecting wasn't enough to restore confidence in the financial institution's overall health.
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Jefferies pointed to several countervailing factors affecting its results. Within its investment banking segment, Jefferies saw a massive uptick in advisory revenue, spurred by gains in market share and greater levels of activity in mergers and acquisitions. Weighing against those gains, though, was an equally large drop in equity underwriting activity. The net result was a decline in the segment's overall sales year over year.
Meanwhile, on the capital markets side of the business, equities fared well, particularly in Europe and Asia. Jefferies' derivatives business was also healthy. Fixed income revenue was down significantly, though, as volatility led to a tough trading environment for bonds.
Immediate Market Reaction
Jefferies shares moved slightly lower on the news, as investors dealt with the earnings miss. The stock was trading down almost 2% in the first 45 minutes of after-hours trading following the release of the latest financial report Wednesday afternoon.
The move lower threatened to bring to an end a rebound that saw the stock rise roughly 42% from its April lows. Yet even with the recent gains, Jefferies struggled early in 2025, and it remains down about 29% from where it started the year.
What to Watch
Part of the reason for the bottom-line hit was a notable rise in non-interest expenses. Jefferies pointed to higher brokerage and clearing fees, which were consistent to some extent with higher trading volumes for various securities products. In addition, though, Jefferies spent more on business development as well as technology and communications expenses.
Regardless, Jefferies investors need to look forward, and CEO Richard Handler tried to remain optimistic about the company's prospects. Given unexpected resilience in the global economy, strong backlog figures, and favorable relationships with its clients, Jefferies is setting a higher bar for the rest of the year. Now it's just up to Handler and his company to get the job done.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Periodand min./max. price, $	Price change, %		Volatility, %		Volume, $
Periodand min./max. price, $	JEF	Industry	JEF	Industry	Volume, $
Yesterday 63.5 - 64.5	0.63	1.24	13.05	0.34	46.23M
Week 62.6 - 65.5	0.89	2.73	3.31	3.69	268.47M
Month 57.5 - 65.7	11.07	6.25	5.16	9.30	1.32B
3 Months 51.8 - 65.7	21.78	8.37	14.57	16.32	4.10B
6 Months 39.3 - 65.7	12.91	23.75	24.68	26.65	7.91B
Year 39.3 - 82.7	13.55	20.91	43.07	34.79	15.94B
3 years 27.5 - 82.7	100.36	77.79	59.65	64.34	30.01B
5 years 16.0 - 82.7	294.02	79.55	75.69	94.67	49.36B
All time 4.8 - 67.8	441.35	145.79	—	—	39.98B

Jefferies Financial Group Inc.

Price and volatility history

Risk ratios