MicroStrategy Incorporated provides artificial intelligence-powered enterprise analytics software and services in the United States, Europe, the Middle East, Africa, and internationally. It offers MicroStrategy ONE, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making; and MicroStrategy Cloud for Government service, which offers always-on threat monitoring that meets the rigorous technical and regulatory needs of governments and financial institutions. The company also provides MicroStrategy Support that helps customers achieve their system availability and usage goals through highly responsive troubleshooting and assistance; MicroStrategy Consulting, which provides architecture and implementation services to help customers realize their desired results; and MicroStrategy Education that offers free and paid learning options. In addition, it engages in the development of bitcoin. The company offers its services through direct sales force and channel partners. It serves the U.S. government, state and local governments, and government agencies, as well as a range of industries, including retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications, and the public sector. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.

Strategy Inc

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Vanguard Information Technology ETF (Symbol: VGT) where we have detected an approximate $914.6 million dollar inflow -- that's a 0.9% increase week over week in outstanding units (from 142,975,195 to 144,272,674). Among the largest underlying components of VGT, in trading today Lam Research Corp (Symbol: LRCX) is up about 0.2%, Cadence Design Systems Inc (Symbol: CDNS) is off about 0.6%, and Strategy Inc (Symbol: MSTR) is lower by about 0.3%. For a complete list of holdings, visit the VGT Holdings page » The chart below shows the one year price performance of VGT, versus its 200 day moving average:
Looking at the chart above, VGT's low point in its 52 week range is $451 per share, with $710.878 as the 52 week high point — that compares with a last trade of $703.46. 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 ».
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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:
COG Options Chain
RILY Historical Earnings
FCTE Videos
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 - VGT, LRCX, CDNS, MSTR

The following are the top rated Information Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
HP INC (HPQ) is a large-cap value stock in the Computer Hardware industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: HP Inc. is a global provider of personal computing and other digital access devices, imaging and printing products, and related technologies, solutions, and services. The Company delivers a range of devices, services and subscriptions for personal computing, printing, three-dimensional (3D) printing, hybrid work, gaming, and more. It operates through three segments: Personal Systems, Printing and Corporate Investments. The Personal Systems segment offers commercial and consumer desktops and notebooks, detachables and convertibles, workstations, thin clients, commercial mobility devices, retail point-of-sale (POS) systems, displays, hybrid systems, software, solutions, and services. Printing segment offers consumer and commercial printer hardware, supplies, services, and solutions. Printing segment is also focused on graphics and 3D printing and personalization in the commercial and industrial markets. Corporate Investments include certain business incubation and investment projects.
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 HP INC
CONSENSUS CLOUD SOLUTIONS INC (CCSI) is a small-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Consensus Cloud Solutions, Inc. provides digital cloud fax technology. The Company offers secure information delivery services with a scalable software-as-a-service platform. It serves approximately 800 thousand customers of all sizes, from enterprises to individuals, across over 46 countries and multiple industry verticals, including healthcare, government, financial services, law and education. Its corporate solutions include eFax Corporate, ECFax, Unite, jSign, Conductor, and Clarity. Its SoHo Fax Solutions include eFax. Conductor is a robust interface engine and complete interoperability platform. jSign provides electronic signature and digital signature solutions to businesses, offering document markup and end-user signing services via mobile-aware Web applications and enterprise application programming interface (API). eFax is a global online faxing service with customers worldwide, it offers various brands for subscription including but not limited to MyFax, Sfax, and SRfax.
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 CONSENSUS CLOUD SOLUTIONS INC
STRATEGY INC (MSTR) is a large-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% 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: Strategy Inc., formerly MicroStrategy Incorporated, is a bitcoin treasury and business intelligence company. The Company provides cloud-native, artificial intelligence (AI)-powered enterprise analytics software to thousands of global customers. The Companys Strategy ONE platform provides access to AI-powered workflows, unlimited data sources, cloud-native technologies, and performance to speed up time from data to action. Strategy One delivers visualization, reporting, and embedded analytics capabilities across retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications, and the public sector. Its Strategy Mosaic is a universal intelligence layer that provides enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The Strategy Mosaic offers data clarity and connection by eliminating trade-offs between flexibility, control, and speed.
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 STRATEGY INC
OPEN TEXT CORP (USA) (OTEX) is a mid-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 80% 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: Open Text Corporation is a Canada-based information management company, which provides software and services. Its comprehensive Information Management platform and services provide secure and scalable solutions for global companies, small and medium-sized businesses (SMBs), governments and consumers around the world. It has a complete and integrated portfolio of information management solutions delivered at scale in the OpenText Cloud, enabling organizations master modern work, automate application delivery and modernization, and optimize their digital supply chains by bringing together content cloud, cybersecurity cloud, business network cloud, information technology (IT) operations management cloud, application modernization cloud and analytics cloud. It also accelerates information modernization with intelligent tools and services for moving off paper, automating classification and building clean data lakes for Artificial Intelligence (AI), analytics and automation.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of OPEN TEXT CORP (USA)
COGNIZANT TECHNOLOGY SOLUTIONS CORP (CTSH) is a large-cap value stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 80% 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: Cognizant Technology Solutions Corporation engineers modern businesses. Its services include artificial intelligence (AI) and other technology services and solutions, consulting, application development, systems integration, quality engineering and assurance, application maintenance, infrastructure and security as well as business process services and automation. Its segments include Health Sciences (HS), Financial Services (FS), Products and Resources (P&R), and Communications, Media and Technology (CMT). HS segment consists of healthcare providers and payers, and life sciences companies. FS segment includes banking, capital markets, payments and insurance companies. P&R segment includes manufacturers, automakers, retailers, consumer goods companies, and travel and hospitality companies, as well as businesses providing logistics, energy and utility services. CMT segment includes global communications, media and entertainment, education, information services and technology companies.
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 COGNIZANT TECHNOLOGY SOLUTIONS CORP
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Information Technology Stocks Based On Joel Greenblatt - 9/8/2025

Key Points
Bitcoin is the world's largest cryptocurrency, accounting for more than half the value of the entire crypto market.
MicroStrategy co-founder Michael Saylor is extremely bullish on Bitcoin, predicting the price could hit $21 million per coin by 2045.
Saylor's target will run into some serious hurdles that might be too difficult for Bitcoin to overcome.
Bitcoin (CRYPTO: BTC) is the world's largest cryptocurrency. In fact, its market capitalization of $2.2 trillion accounts for more than half of the total value of all coins and tokens in circulation, which stands at $3.8 trillion as I write this.
It will cost you around $110,000 to buy a single Bitcoin right now, but in an interview earlier this year, MicroStrategy (NASDAQ: MSTR) co-founder Michael Saylor said the price for one coin could soar to $13 million by 2045. Then, at a conference in June, Saylor revised his price target to $21 million.
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If his latest prediction proves to be accurate, investors who buy Bitcoin today could earn a staggering 18,800% return over the next 20 years or so. But is that realistic?
Bitcoin could transform the financial system
So far, Bitcoin has failed to win over a meaningful number of consumers and businesses as a payment mechanism. Instead, most of its upside is coming from investors who consider it to be a legitimate store of value (kind of like a digital version of gold) because of its decentralized nature, its capped supply, and its secure, publicly verifiable system of record called the blockchain.
Michael Saylor thinks every asset in the world will eventually be tokenized on the blockchain, because it will create more transparency and efficiency. There is no centralized national register of real estate holdings in the U.S., for example, which is one reason buying a home involves costly legal fees and a lengthy due diligence process. In theory, placing every real estate transaction on the blockchain would eliminate some of those costs by improving transparency.
According to Saylor, Bitcoin would be the perfect reserve asset for the tokenization process because it's decentralized, meaning it can't be controlled by any person, company, or government. In his view, it could be the currency everyone uses when buying, selling, and transferring tokenized assets, so owning Bitcoin would be necessary to participate in this new global financial system.
Convincing every government in every country to create a legal framework for this vision will be challenging, but he thinks the U.S. could lead the way thanks to President Donald Trump's pro-crypto administration. Saylor thinks the world's $500 trillion in total assets could be moved onto the blockchain by 2045, driving the price of a single Bitcoin to $21 million.
That prediction faces several hurdles
If the price of a single Bitcoin rose to $21 million, the cryptocurrency's fully diluted market capitalization would be a whopping $441 trillion (based on its capped supply of 21 million coins). That would make it the world's most valuable asset by far.
Bitcoin would be worth about 105 times more than the world's largest company, Nvidia, which is valued at about $4.2 trillion. In fact, the cryptocurrency would be worth eight times more than the combined value of all 500 companies in the S&P 500 (SNPINDEX: ^GSPC), which stands at $52.5 trillion.
A valuation of $441 trillion would also be four times greater than the annual output of the entire global economy, which was $111 trillion last year.
As a result, I think Saylor's target is completely unrealistic. Besides, using Bitcoin as a bridging currency for tokenized assets might not increase its value at all -- since it isn't accepted as payment in grocery stores (or practically anywhere, really), people would probably convert their Bitcoin back into fiat currency after buying, selling, or transferring assets. That means there would always be a healthy supply of sellers.
Plus, it's unlikely most governments would legislate the widespread adoption of Bitcoin. Small countries typically have weaker floating-rate currencies than large countries, which helps them compete on the global stage by making their exports cheaper to foreign buyers. Adopting Bitcoin as the world's major currency would thrust developing economies like Vietnam onto the same playing field as powerhouses like the U.S., which would crush their citizens' living standards.
Bitcoin can still move higher, but maybe not as high as Saylor thinks
Saylor's company, MicroStrategy (now known as Strategy), owns 636,505 Bitcoin worth $71 billion, so he has a major incentive to continue making bullish predictions. But Bitcoin might still be a buy, even if you don't believe his predictions will ever come true.
As I mentioned earlier, a growing number of investors consider Bitcoin to be a legitimate store of value, and gold might be the most comparable asset. The total value of all above-ground gold reserves is about $24.4 trillion, and if Bitcoin's market cap were to match that, it would translate to a price-per-coin of $1,160,000 that would yield investors a 945% return from today's prices.
That might be a more realistic target, but it's important to remember that Bitcoin is a speculative asset. It doesn't produce any revenue or earnings, so its value is determined by what the next person is willing to pay, which is difficult to predict.
Should you invest $1,000 in Bitcoin right now?
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Anthony Di Pizio has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

1 Unstoppable Cryptocurrency to Buy Before It Soars 18,800%, According to MicroStrategy's Michael Saylor

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

Stocks Fade on Economic Concerns after Weak US Unemployment Report

The S&P 500 Index ($SPX) (SPY) today is down -0.40%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.14%.
Stocks are lower after today’s weak US payroll report, which solidified market expectations for at least two Fed rate cuts by year-end. However, the unemployment report also suggested slower US economic growth, which would be negative for US corporate earnings.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s Aug payroll report of +22,000 was weaker than the consensus of +75,000. Over the past three months, payrolls have shown an average monthly rise of only +29,000. July payrolls were revised slightly higher to +79,000 from +73,000, but June was revised lower to a decline of -13,000. Aug private payrolls rose by only +38,000 while manufacturing payrolls fell by -12,000. The Aug unemployment rate rose by +0.1 point to a 3.75-year high of 4.3%, up from +4.2% in July, which was in line with market expectations.
Aug average hourly earnings rose by +0.3% m/m, which was in line with market expectations. In a positive inflation development, the Aug average hourly earnings report eased to +3.7% y/y from +3.9% in July and was slightly weaker than expectations of +3.8%.
The US Bureau of Labor Statistics released the unemployment report on time, but announced before the report that it was experiencing technical difficulties that might cause some data to be delayed.
Stocks received support today as the 10-year T-note yield fell -8 bp on the US unemployment report. The markets are now pricing in a 17% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. The markets are now discounting a 96% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -75 bp rate cut in the federal funds rate by year-end to 3.63% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last Friday that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, “The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax.” The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +0.23%. China’s Shanghai Composite closed up +1.24%, snapping a 3-session losing streak. Japan’s Nikkei Stock 225 closed up +1.03%.
Interest Rates
December 10-year T-notes (ZNZ5) are up +21 ticks. The 10-year T-note yield is down -8.5 bp at 4.076% and posted a 5-month low. T-note prices rallied on the weak US unemployment report and the increased chances for Fed easing. T-note prices are also seeing support from today’s -2.8 bp decline to 2.362% in the 10-year inflation expectations rate, driven by the weak unemployment report and today’s -2% decline in crude oil prices.
T-note prices today are being driven by the weaker labor market and are ignoring, for the time being, concerns about Fed independence sparked by President Trump’s attempt to fire Fed Governor Cook and by Stephen Miran’s intention to be a Fed Governor while still technically holding his White House job on the Council of Economic Advisors.
European government bond yields are lower. The 10-year German bund yield is down -5.3 bp to 2.666%. 10-year UK gilt yield is down -6.4 bp at 4.656%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
The Magnificent Seven stocks today are mixed, with four stocks trading higher but three trading lower. Tesla (TSLA) is leading the pack with a +3.7% gain after announcing a pay deal for Elon Musk potentially worth as much as $1 trillion to entice him to work at Tesla and meet aggressive targets. Apple (AAPL) is trading slightly higher after news that its annual fiscal sales in India hit a record of nearly $9 billion. Microsoft (MSFT) and Nvidia (NVDA) are down more than -1%.
Crypto stocks are higher today due to Bitcoin’s (^BTCUSD) rally of +2.3% on the weak payroll report and increased expectations for Fed easing. Riot Platforms (RIOT) is up more than +3%, MARA Holdings (MARA) is up more than +2%, and Strategy (MSTR) is up more than +1%. Coinbase (COIN) is up +0.3%.
Homebuilders climbed after the 10-year T-note yield fell to a 5-month low, a bullish factor for mortgage rates and housing demand. PulteGroup (PHM), Toll Brothers (TOL), Lennar (LEN), and DR Horton (DHI) are all up more than +2%.
Broadcom (AVGO) is up more than +11% on an agreement with OpenAI to design and produce a new AI chip, seeking to displace Nvidia’s stronghold. Chip stocks are strong in general today, with gains of more than +2% in ASML (ASML), Micron (MU), and GlobalFoundries (GFS).
Lululemon Athletica (LULU) is down more than -16% after reducing its guidance due to a weak consumer environment and tariffs.
Earnings Reports(9/5/2025)
ABM Industries Inc (ABM), C&F Financial Corp (CFFI), Ermenegildo Zegna NV (ZGN), KalVista Pharmaceuticals Inc (KALV), Louisiana-Pacific Corp (LPX), National Beverage Corp (FIZZ), Pathward Financial Inc (CASH), Pro-Dex Inc (PDEX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Lower after Weak US Unemployment Report

The S&P 500 Index ($SPX) (SPY) today is up +0.83%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.77%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.93%. September E-mini S&P futures (ESU25) are up +0.38%, and September E-mini Nasdaq futures (NQU25) are up +0.87%.
Stocks are trading higher on today’s weak US payroll report, which solidified market expectations for at least two Fed rate cuts by year-end. However, the unemployment report also suggested slower US economic growth, which would be negative for US corporate earnings.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Today’s Aug payroll report of +22,000 was weaker than the consensus of +75,000. Over the past three months, payrolls have shown an average monthly rise of only +29,000. July payrolls were revised slightly higher to +79,000 from +73,000, but June was revised lower to a decline of -13,000. Aug private payrolls rose by only +38,000 while manufacturing payrolls fell by -12,000. The Aug unemployment rate rose by +0.1 point to a 3.75-year high of 4.3%, up from +4.2% in July, which was in line with market expectations.
Aug average hourly earnings rose by +0.3% m/m, which was in line with market expectations. In a positive inflation development, the Aug average hourly earnings report eased to +3.7% y/y from +3.9% in July and was slightly weaker than expectations of +3.8%.
The US Bureau of Labor Statistics released the unemployment report on time, but announced before the report that it was experiencing technical difficulties that might cause some data to be delayed.
Stocks received support today as the 10-year T-note yield fell -8 bp on the US unemployment report. The markets are now pricing in a 17% chance of a 50 bp rate cut at the upcoming FOMC meeting on Sep 16-17, versus the previous expectations of a zero chance of that 50 bp rate cut. The markets are now discounting a 96% chance of a second -25 bp rate cut at the Oct 28-29 meeting, up from a 54% chance as of late Thursday. The markets are now pricing in an overall -75 bp rate cut in the federal funds rate by year-end to 3.63% from the current 4.38% rate.
Regarding tariffs, a federal appeals court ruled late last Friday that President Trump exceeded his authority by imposing global tariffs without Congressional approval, but the court let the tariffs remain in place while appeals continue. The US Court of Appeals for the Federal Circuit Court said, “The statute bestows significant authority on the President to undertake a number of actions in response to a declared national emergency, but none of these actions explicitly include the power to impose tariffs, duties, or the like, or the power to tax.” The case now appears to be headed to the Supreme Court for a final decision. According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +0.23%. China’s Shanghai Composite closed up +1.24%, snapping a 3-session losing streak. Japan’s Nikkei Stock 225 closed up +1.03%.
Interest Rates
December 10-year T-notes (ZNZ5) are up +21 ticks. The 10-year T-note yield is down -8.5 bp at 4.076% and posted a 5-month low. T-note prices rallied on the weak US unemployment report and the increased chances for Fed easing. T-note prices are also seeing support from today’s -2.8 bp decline to 2.362% in the 10-year inflation expectations rate, driven by the weak unemployment report and today’s -2% decline in crude oil prices.
T-note prices today are being driven by the weaker labor market and are ignoring, for the time being, concerns about Fed independence sparked by President Trump’s attempt to fire Fed Governor Cook and by Stephen Miran’s intention to be a Fed Governor while still technically holding his White House job on the Council of Economic Advisors.
European government bond yields are lower. The 10-year German bund yield is down -5.3 bp to 2.666%. 10-year UK gilt yield is down -6.4 bp at 4.656%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
The Magnificent Seven stocks today are mixed, with four stocks trading higher but three trading lower. Tesla (TSLA) is leading the pack with a +3.7% gain after announcing a pay deal for Elon Musk potentially worth as much as $1 trillion to entice him to work at Tesla and meet aggressive targets. Apple (AAPL) is trading slightly higher after news that its annual fiscal sales in India hit a record of nearly $9 billion. Microsoft (MSFT) and Nvidia (NVDA) are down more than -1%.
Crypto stocks are higher today due to Bitcoin’s (^BTCUSD) rally of +2.3% on the weak payroll report and increased expectations for Fed easing. Riot Platforms (RIOT) is up more than +3%, MARA Holdings (MARA) is up more than +2%, and Strategy (MSTR) is up more than +1%. Coinbase (COIN) is up +0.3%.
Homebuilders climbed after the 10-year T-note yield fell to a 5-month low, a bullish factor for mortgage rates and housing demand. PulteGroup (PHM), Toll Brothers (TOL), Lennar (LEN), and DR Horton (DHI) are all up more than +2%.
Broadcom (AVGO) is up more than +11% on an agreement with OpenAI to design and produce a new AI chip, seeking to displace Nvidia’s stronghold. Chip stocks are strong in general today, with gains of more than +2% in ASML (ASML), Micron (MU), and GlobalFoundries (GFS).
Lululemon Athletica (LULU) is down more than -16% after reducing its guidance due to a weak consumer environment and tariffs.
Earnings Reports(9/5/2025)
ABM Industries Inc (ABM), C&F Financial Corp (CFFI), Ermenegildo Zegna NV (ZGN), KalVista Pharmaceuticals Inc (KALV), Louisiana-Pacific Corp (LPX), National Beverage Corp (FIZZ), Pathward Financial Inc (CASH), Pro-Dex Inc (PDEX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Higher as Weak US Unemployment Report Bolsters Case for Multiple Fed Rate Cuts

The following are the top rated Information Technology stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
STRATEGY INC (MSTR) is a large-cap growth stock in the Software & Programming industry. The rating according to our strategy based on Joel Greenblatt is 90% 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: Strategy Inc., formerly MicroStrategy Incorporated, is a bitcoin treasury and business intelligence company. The Company provides cloud-native, artificial intelligence (AI)-powered enterprise analytics software to thousands of global customers. The Companys Strategy ONE platform provides access to AI-powered workflows, unlimited data sources, cloud-native technologies, and performance to speed up time from data to action. Strategy One delivers visualization, reporting, and embedded analytics capabilities across retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications, and the public sector. Its Strategy Mosaic is a universal intelligence layer that provides enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The Strategy Mosaic offers data clarity and connection by eliminating trade-offs between flexibility, control, and speed.
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 STRATEGY INC
WESTERN DIGITAL CORP (WDC) is a large-cap value stock in the Computer Storage Devices industry. The rating according to our strategy based on Joel Greenblatt is 90% 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: Western Digital Corporation is a developer, manufacturer and provider of data storage devices and solutions. It delivers hard disk drives (HDD) solutions for everyone from students, gamers, and home offices to enterprises and public clouds. The Company manufactures, markets, and sells data storage devices and solutions in the United States and in foreign countries through its sales personnel, dealers, distributors, retailers, and subsidiaries. Its portfolio of technology and products addresses multiple end markets: Cloud, Client, and Consumer. Cloud is comprised primarily of products for public or private cloud environments and end customers. Through the Client end market, it provides its original equipment manufacturer (OEM) and channel customers a range of hard drive solutions across personal computer, mobile, gaming, automotive, virtual reality headsets, at-home entertainment, and industrial spaces. The Consumer end market offers a range of retail and other end-user products.
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 WESTERN DIGITAL CORP
TELEFONAKTIEBOLAGET LM ERICSSON - ADR (ERIC) is a large-cap value stock in the Communications Equipment industry. The rating according to our strategy based on Joel Greenblatt is 90% 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: Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company's segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks. The IT & Cloud business includes two business units: IT & Cloud Products and IT & Cloud Services. The focus in IT & Cloud is to help telecom operators and selected enterprises through the digital transformations ahead. It develops and delivers software-based solutions for television and media and combines a product portfolio that spans the television value chain, with systems integration and managed services. The portfolio includes compression, content publishing through set-top box or pure over-the-top, content delivery and analytics.
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 TELEFONAKTIEBOLAGET LM ERICSSON - ADR
BOOZ ALLEN HAMILTON HOLDING CORPORATION (BAH) is a large-cap value stock in the Business Services industry. The rating according to our strategy based on Joel Greenblatt is 80% 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: Booz Allen Hamilton Holding Corporation is the parent company of management and technology consulting and engineering services firm, Booz Allen Hamilton Inc. It provides management and technology consulting, analytics, engineering, digital solutions, mission operations, and cyber services to U.S. and international governments. Its solutions include artificial intelligence, cloud, digital customer experience, elite training, enterprise DevSecOps, JADC2, mission readiness, security and workforce of the future. It supports critical missions for a range of federal government clients, including nearly all the U.S. government's cabinet-level departments, as well as for commercial clients, both domestically and internationally. It supports its federal government clients by helping them tackle challenges such as protecting soldiers in combat and supporting their families. It also provides technologies to evolve defense missions and delivers solutions to warfighters in the digital battlespace.
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 BOOZ ALLEN HAMILTON HOLDING CORPORATION
CDW CORP (CDW) is a large-cap growth stock in the Computer Services industry. The rating according to our strategy based on Joel Greenblatt is 80% 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: CDW Corporation is a multi-brand provider of information technology (IT) solutions to business, government, education and healthcare customers in the United States, the United Kingdom and Canada. The Companys array of offerings ranges from discrete hardware and software products to integrated IT solutions and services that include on-premises and cloud capabilities across hybrid infrastructure, digital experience and security. The Company operates through three segments: Corporate, Small Business and Public. The Corporate segment primarily serves United States private sector business customers. The Small Business segment primarily serves United States private sector business customers. The Public segment comprises government agencies and education and healthcare institutions in the United States. The Companys solutions are delivered in physical, virtual and cloud-based environments. The Company provides integrated IT solutions in more than 150 countries.
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 CDW CORP
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Information Technology Stocks Based On Joel Greenblatt - 9/1/2025

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.
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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 Ulta Beauty Inc (Symbol: ULTA), where a total volume of 40,306 contracts has been traded thus far today, a contract volume which is representative of approximately 4.0 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 597.2% of ULTA's average daily trading volume over the past month, of 674,930 shares. Particularly high volume was seen for the $500 strike put option expiring August 29, 2025, with 2,268 contracts trading so far today, representing approximately 226,800 underlying shares of ULTA. Below is a chart showing ULTA's trailing twelve month trading history, with the $500 strike highlighted in orange:
Strategy Inc (Symbol: MSTR) options are showing a volume of 604,547 contracts thus far today. That number of contracts represents approximately 60.5 million underlying shares, working out to a sizeable 510.5% of MSTR's average daily trading volume over the past month, of 11.8 million shares. Especially high volume was seen for the $830 strike call option expiring September 05, 2025, with 36,964 contracts trading so far today, representing approximately 3.7 million underlying shares of MSTR. Below is a chart showing MSTR's trailing twelve month trading history, with the $830 strike highlighted in orange:
And C3.ai Inc (Symbol: AI) options are showing a volume of 274,137 contracts thus far today. That number of contracts represents approximately 27.4 million underlying shares, working out to a sizeable 250.9% of AI's average daily trading volume over the past month, of 10.9 million shares. Particularly high volume was seen for the $18 strike call option expiring September 05, 2025, with 55,222 contracts trading so far today, representing approximately 5.5 million underlying shares of AI. Below is a chart showing AI's trailing twelve month trading history, with the $18 strike highlighted in orange:
For the various different available expirations for ULTA options, MSTR options, or AI options, visit StockOptionsChannel.com.
Also see:
PBBK Videos
TUEM Historical Stock Prices
SNAP Videos
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Friday Option Activity: ULTA, MSTR, AI

Circle Internet Group CRCL is benefiting from strong adoption USDC stablecoin. At the end of the second quarter of 2025, USDC in circulation grew 90% year over year to $61.3 billion and has grown an additional 6.4% to $65.2 billion as of Aug. 10, 2025. USDC onchain transaction volume grew 5.4 times year over year to nearly $6 trillion, while Meaningful wallets (defined as wallets holding more than $10 of USDC) surged 68% year over year, indicating growing USDC adoption globally.
Stablecoins benefit from the passage of the GENIUS Act on July 18, paving the way for more enterprise adoption. The launch of Circle Payments Network in May, a platform for financial institutions to use stablecoins for payments, with more than 100 institutions in the pipeline, is a game-changer. Circle Gateway, introduced in July, enables seamless cross-chain USDC usage and is currently supported by eight new blockchain partners. An expanding partner base that includes the likes of Binance, Corpay, FIS, Fiserv and OKX is noteworthy.
Circle now offers a yield token, USYC, which can be used in both digital assets and traditional capital markets as collateral with anytime liquidity between USYC and USDC. The company’s expanded partnership with Binance now makes USYC available as collateral, thereby accelerating adoption.
These factors are expected to drive Circle’s top-line growth. In second-quarter 2025, Circle reported total revenues and reserve income of $658.1 million, up 53% year over year. The Zacks Consensus Estimate for third-quarter 2025 revenues is pegged at $668.7 million and $2.58 billion for 2025.
CRCL's Revenue Estimates
Image Source: Zacks Investment Research
Circle Faces Tough Competition
Circle faces stiff competition from the likes of Strategy MSTR and IREN Limited IREN in the cryptocurrency space.
Strategy is the world’s largest bitcoin treasury company, holding 628,791 bitcoins as of July 29, 2025. The liberal policies of U.S. President Donald Trump have been a key catalyst in driving the adoption of bitcoin. Strategy now expects to achieve a bitcoin yield of 30% and $20 billion in gains, assuming thebitcoin pricehits $150,000 at the end of the year.
IREN Limited is one of the world’s largest and lowest-cost Bitcoin miners, achieving 326% year-over-year hashrate growth in the third quarter of fiscal 2025. IREN Limited achieved its 50 EH/s installed hashrate target in June. 50 EH/s generates roughly $830 million annualized hardware profit. IREN Limited is expanding its GPU fleet with the purchase of an additional 4.2k Blackwell B200 GPUs from NVIDIA, which doubled its total fleet to approximately 8.5k NVIDIA GPUs.
Share Price Performance, Valuation & Estimates
Circle shares have appreciated 53% since the initial public offering on June 5, outperforming the broader Zacks Finance sector’s return of 7.3%.
CRCL Stock’s Performance
Image Source: Zacks Investment Research
The CRCL stock is trading at a premium, as suggested by the Value Score of F.
The Zacks Consensus Estimate for 2025 earnings is pegged at $1.10 per share, unchanged over the past 30 days.
Circle Internet Group, Inc. Price and Consensus
Circle currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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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.

Indicator	TTM Median
P/E	0.00 28.98
Price/Sales	164.96 2.58
P/B	3.09 2.76
P/FCF	0.00 24.31

Indicator	TTM Median
ROE	0.00 15.33
ROA	0.00 6.66
ROI	0.00 9.73
Net Worth	96.04 0.98
Quick Ratio	0.00 1.53
Current Ratio	0.66 1.84

Indicator	TTM Median
Net Profit Margin	0.00 9.71
Operating Margin	0.00 11.07
Gross Margin	71.24 50.00
Return on tangible equity	32.68 27.59

Indicator	TTM Median
EPS	3.20 0.24
EPS Forecast	0.00 0.19
Revenue	111.00M 73.00M
Gross Profit	87.00M —
EBITDA	-423.00M —

Strategy Inc

TTM metrics for the latest quarter under IFRS and their historical dynamics

Valuation

Debts

Efficiency

Other ratios

Revenue