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

The S&P 500 Index ($SPX) (SPY) today is down up +0.05%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +1.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.52%.
Stock indexes are mixed today, with the Nasdaq 100 falling to a 1-week low and the Dow Jones Industrials climbing to a new all-time high. The broader market is under pressure today after Oracle's earnings, viewed as a bellwether of the AI investment boom, came in worse than expected, fueling concerns about the vast spending tied to artificial intelligence. Shares of Oracle are down more than -12% to lead AI stocks lower after it reported Q2 cloud sales that missed estimates and raised its 2026 capital spending outlook by $15 billion to $50 billion. Oracle’s results reignited worries about tech valuations and whether the capital outlays on AI infrastructure will pay off.
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Stocks have underlying support from a jump in weekly jobless claims to a 3-month high, which knocked bond yields lower. The 10-year T-note yield is down -4 bp to 4.11%. Also, a +3% rally in Visa shares today is boosting the Dow Jones Industrial Average.
US weekly initial unemployment claims rose by +44,000 to a 3-month high of 236,000, showing a weaker labor market than expectations of 220,000.
The US Sep trade deficit unexpectedly shrank to -$52.8 billion versus expectations of a widening to -$63.1 billion and the smallest deficit in 5.25 years.
The markets are discounting a 24% chance that the FOMC will cut the fed funds target range by 25 bp at the January 27-28 FOMC meeting.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets are mixed today. The Euro Stoxx 50 rallied to a 4-weekhigh and is up +1.07%. China’s Shanghai Composite closed down -0.70%. Japan’s Nikkei Stock 225 closed down -0.90%.
Interest Rates
March 10-year T-notes (ZNH6) today are up by +13 ticks. The 10-year T-note yield is down -3.1 bp to 4.116%. T-notes are climbing today as weakness in stocks has prompted some safe-haven buying of government debt. T-notes also have carryover support from Wednesday when the FOMC cut its 2025 and 2026 US core PCE price estimates, and Fed Chair Powell said that he doesn't think a rate hike is anybody's base case for the Fed's next policy move. T-notes held their gains after weekly jobless claims unexpectedly rose to a 3-month high, a dovish factor for Fed policy. Supply pressures may limit further upside in T-notes ahead of the Treasury’s $22 billion auction of 30-year T-bonds later today.
European government bond yields are moving lower today. The 10-year German bund yield is down by -0.6 bp to 2.845%. The 10-year UK gilt yield is down by -3.4 bp to 4.472%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Oracle (ORCL) is down more than -12% to lead the S&P 500 losers, and AI-infrastructure stocks are lower today after reporting Q2 adjusted revenue of $16.06 billion, below the consensus of $16.21 billion, and raising its 2026 capital spending outlook by $15 billion to $50 billion. CoreWeave (CRWV) is down more than -7%, and Nebius Group NV (NBIS) is down more than -4% on the news.
Chip makers are sliding today, weighing on the broader market. ARM Holdings Plc (ARM) and Marvell Technology (MRVL) are down more than -4%. Also, Advanced Micro Devices (AMD), Nvidia (NVDA), and Broadcom (AVGO) are down more than -3%. In addition, Intel (INTC), Applied Materials (AMAT), GlobalFoundries (GFS), KLA Corp (KLAC), Micron Technology (MU), and Lam Research (LRCX) are down more than -2%.
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down more than -2%. Strategy (MSTR) is down more than -6% to lead losers in the Nasdaq 100. Also, Riot Platforms (RIOT) and MARA Holdings (MARA) are down more than -5%, Coinbase Global (COIN) is down more than -4%, and Galaxy Digital Holdings (GLXY) is down more than -3%.
Fertilizer stocks are moving higher today after Ukraine said its drones attacked two fertilizer plants in western Russia. Mosaic (MOS) is up more than +6% to lead gainers in the S&P 500. Also, Intrepid Potash (IPI) is up more than +4%, and CF Industries Holdings (CF) and FMC Corp (FMC) are up more than +3%.
Oxford Industries (OXM) is down more than -22% after cutting its 2026 adjusted EPS forecast to $2.20-$2.40 from a previous estimate of $2.80-$3.20, well below the consensus of $2.91.
Lovesac Co (LOVE) is down more than -13% after cutting its 2026 net sales forecast to $685 million-$705 million from a previous forecast of $710 million-$740 million, weaker than the consensus of $713.7 million.
Stellantis NV (STLA) is down more than -3% after BNP Paribas Exane downgraded the stock to underperform from neutral.
Intuitive Surgical (ISRG) is down more than -1% after Citigroup downgraded the stock to neutral from buy.
Gemini Space Station Inc (GEMI) is up more than +17% after the company’s application for a derivatives exchange was approved by the Commodity Futures Exchange Commission.
Ciena Corp (CIEN) is up more than +6% after reporting Q4 revenue of $1.35 billion, better than the consensus of $1.29 billion.
Visa (V) is up more than +3% to lead gainers in the Dow Jones Industrials after Bank of America Global Research upgraded the stock to buy from neutral with a price target of $382.
Unity Software (U) is up more than +2% after Piper Sandler upgraded the stock to overweight from neutral with a price target of $59.
JB Hunt Transport Services (JBHT) is up more than +2% after Deutsche Bank upgraded the stock to buy from hold with a price target of $227.
West Pharmaceutical Services (WST) is up more than +1% after Nephron Research LLC upgraded the stock to buy from hold with a price target of $367.
Earnings Reports(12/11/2025)
Broadcom Inc (AVGO), Ciena Corp (CIEN), Costco Wholesale Corp (COST), Lululemon Athletica Inc (LULU), RH (RH).
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.

Dow Jumps to New Highs as Fed Cut, Oracle Miss Fuel Shift from Tech to Value Stocks

The S&P 500 Index ($SPX) (SPY) today is down by -0.34%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.59%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.89%. December E-mini S&P futures (ESZ25) are down -0.34%, and December E-mini Nasdaq futures (NQZ25) are down -0.92%.
Stock indexes are mixed today, with the Nasdaq 100 falling to a 1-week low and the Dow Jones Industrials climbing to a 4-week high. The broader market is under pressure today after Oracle's earnings, viewed as a bellwether of the AI investment boom, came in worse than expected, fueling concerns about the vast spending tied to artificial intelligence. Shares of Oracle are down more than -14% to lead AI stocks lower after it reported Q2 cloud sales that missed estimates and raised its 2026 capital spending outlook by $15 billion to $50 billion. Oracle’s results reignited worries about tech valuations and whether the capital outlays on AI infrastructure will pay off.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks have underlying support from a jump in weekly jobless claims to a 3-month high, which knocked bond yields lower. The 10-year T-note yield is down -4 bp to 4.11%.
US weekly initial unemployment claims rose by +44,000 to a 3-month high of 236,000, showing a weaker labor market than expectations of 220,000.
The US Sep trade deficit unexpectedly shrank to -$52.8 billion versus expectations of a widening to -$63.1 billion and the smallest deficit in 5.25 years.
The markets are discounting a 22% chance that the FOMC will cut the fed funds target range by 25 bp at the January 27-28 FOMC meeting.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.52%. China’s Shanghai Composite closed down -0.70%. Japan’s Nikkei Stock 225 closed down -0.90%.
Interest Rates
March 10-year T-notes (ZNH6) today are up by +14 ticks. The 10-year T-note yield is down -4.1 bp to 4.106%. T-notes are climbing today as weakness in stocks has prompted some safe-haven buying of government debt. T-notes also have carryover support from Wednesday when the FOMC cut its 2025 and 2026 US core PCE price estimates, and Fed Chair Powell said that he doesn't think a rate hike is anybody's base case for the Fed's next policy move. T-notes held their gains after weekly jobless claims unexpectedly rose to a 3-month high, a dovish factor for Fed policy. Supply pressures may limit further upside in T-notes ahead of the Treasury’s $22 billion auction of 30-year T-bonds later today.
European government bond yields are moving lower today. The 10-year German bund yield is down by -0.2 bp to 2.849%. The 10-year UK gilt yield is down by -2.6 bp to 4.480%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Oracle (ORCL) is down more than -13% to lead the S&P 500 losers, and AI-infrastructure stocks are lower today after reporting Q2 adjusted revenue of $16.06 billion, below the consensus of $16.21 billion, and raising its 2026 capital spending outlook by $15 billion to $50 billion. CoreWeave (CRWV) is down more than -7%, and Nebius Group NV (NBIS) is down more than -6% on the news.
Chip makers are sliding today, weighing on the broader market. ARM Holdings Plc (ARM) is down more than -3% to lead losers in the Nasdaq 100, and Advanced Micro Devices (AMD) is down more than -3%. Also, Nvidia (NVDA) is down more than -2% to lead losers in the Dow Jones Industrials, and Broadcom (AVGO), Applied Materials (AMAT), and Lam Research (LRCX) are down more than -2%. In addition, GlobalFoundries (GFS), Marvell Technology (MRVL), Micron Technology (MU), and KLA Corp (KLAC) are down more than -1%.
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down more than -2%. Galaxy Digital Holdings (GLXY), Riot Platforms (RIOT), Strategy (MSTR), MARA Holdings (MARA), and Coinbase Global (COIN) are down more than -2%.
Oxford Industries (OXM) is down more than -15% after cutting its 2026 adjusted EPS forecast to $2.20-$2.40 from a previous estimate of $2.80-$3.20, well below the consensus of $2.91.
Lovesac Co (LOVE) is down more than -8% after cutting its 2026 net sales forecast to $685 million-$705 million from a previous forecast of $710 million-$740 million, weaker than the consensus of $713.7 million.
Stellantis NV (STLA) is down more than -3% after BNP Paribas Exane downgraded the stock to underperform from neutral.
Coherent (COHR) is down more than -2% after Bain Capital unloaded $987.3 million of its Coherent holdings via an unregistered block trade.
Gemini Space Station Inc (GEMI) is up more than +6% after the company’s application for a derivatives exchange was approved by the Commodity Futures Exchange Commission.
Ciena Corp (CIEN) is up more than +4% after reporting Q4 revenue of $1.35 billion, better than the consensus of $1.29 billion.
Unity Software (U) is up more than +4% after Piper Sandler upgraded the stock to overweight from neutral with a price target of $59.
Adobe (ADBE) is up more than +2% to lead gainers in the Nasdaq 100 after forecasting Q1 adjusted EPS of $5.85 to $5.90, stronger than the consensus of $5.66.
West Pharmaceutical Services (WST) is up more than +1% after Nephron Research LLC upgraded the stock to buy from hold with a price target of $367.
JB Hunt Transport Services (JBHT) is up more than +1% after Deutsche Bank upgraded the stock to buy from hold with a price target of $227.
Earnings Reports(12/11/2025)
Broadcom Inc (AVGO), Ciena Corp (CIEN), Costco Wholesale Corp (COST), Lululemon Athletica Inc (LULU), RH (RH).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Mixed as a Plunge in Oracle Weighs on Tech Stocks

Key Points
Enthusiasm around Bitcoin has waned in 2025.
Price targets keep getting made, but volatility in both directions is the only certainty, given how much leverage is in the system.
Nobody knows for certain whether Bitcoin will crash next year.
What a difference a year makes.
At the beginning of 2025, investor enthusiasm around Bitcoin (CRYPTO: BTC) was at a fever pitch. The U.S. government was supposedly going to create a Bitcoin strategic reserve, exchange-traded funds (ETFs) were going to keep buying Bitcoin like there was no tomorrow, and publicly traded companies like Strategy (NASDAQ: MSTR) (formerly known as MicroStrategy) were going to keep piling up Bitcoin on their respective balance sheets.
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As we sit here today, sentiment is not as rosy. The price of Bitcoin has fallen year over year to a little more than $90,000 as of this writing on Dec. 8. Government initiatives around cryptocurrencies have fallen by the wayside, and investors are getting more and more bearish on the currency, known colloquially as digital gold.
Does that mean a Bitcoin crash is coming in 2026?
Deflating sentiment
Bitcoin is all based on sentiment. If more people believe in the story around Bitcoin and how it can protect your wealth in an era of high inflation and money printing, then more people will buy Bitcoin, driving the price higher.
For most of 2025, investors were so bullish on Bitcoin that they were using extreme forms of leverage to bet on it and other cryptocurrencies. Exchanges for cryptocurrency trading such as Coinbase now offer as much as 50 times leverage on your deposits, which can reap huge rewards, but also mean wiping out your account with just a small decline in prices.
This is exactly what happened earlier this fall, when Bitcoin crashed on a surprise tariff threat against China by President Donald Trump. These leveraged traders then got margin calls, which led cryptocurrency exchanges to sell client cryptocurrency holdings, which further drove down prices. This led Bitcoin to fall from $120,000 to $80,000 in just a short while.
It has since recovered a bit, but is still down during the past 12 months, with a lot of leveraged bets left in the system.
Price targets are not prophecies
Almost daily, you will see price targets promoted by Bitcoin bulls (or bears) in financial media. Some even think the price will go up 10-fold from here, reaching $1 million a coin. Based on Bitcoin's total possible supply of 21 million coins, that would imply a total market capitalization of $21 trillion, and would make early adopters (as well as Strategy shareholders) immensely rich.
Too bad that price targets are not prophecies. Generally, what you will find is that the price target for Bitcoin aligns with the financial interests of the individual. If they own Bitcoin, they will have a bullish price target. If they are betting against it, they will say it is going to zero. Incentives drive forecasts.
Just because someone makes these proclamations does not automatically mean they will come true. Price targets for Bitcoin are made all the time. They rarely come true with any precision.
Will Bitcoin crash in 2026?
Maybe. Or, maybe not. Bitcoin has crashed at least three times during the past 10 years. Using this data as a reference, there is a 30% chance in any year that the price of Bitcoin will fall out from under itself. That makes it an incredibly risky investment, and it may crash again in 2026 after spending many years in a bull market.
Even so, it might begin to soar again. With no underlying financials tying the cryptocurrency to an intrinsic value, Bitcoin can trade wildly. Add in all the debt-driven traders, and volatility should be expected as the norm, not an exception. In fact, given its historical performance, the only thing you truly can bet on with Bitcoin is that it will swing violently.
Individual investors shouldn't ask whether Bitcoin will crash in 2026. What they should ask is whether you are a long-term believer in the cryptocurrency as a store of value in their portfolios. If so, then maybe now is a good time to add it to your portfolio.
Should you invest $1,000 in Bitcoin right now?
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Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool recommends Coinbase Global. 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.

Will Bitcoin Crash in 2026?

The S&P 500 Index ($SPX) (SPY) today is down up +0.34%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.67%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.01%.
In a divided vote, the Federal Reserve approved a third 25-basis-point interest rate reduction this year, setting the benchmark to a range of 3.5% to 3.75%. The decision faced opposition from both hawks, who preferred no change, and a dove who argued for a larger, half-percentage-point cut. Despite inflation remaining above the 2% target, officials anticipate only one further cut in 2026, consistent with previous projections, citing a softening job market.
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Before the rate cut was announced, stocks found some support today amid signs of easing wage pressures, which are dovish for Fed policy, after the US Q3 employment cost index rose by +0.8% q/q, slightly weaker than the +0.9% q/q expected.
US MBA mortgage applications rose +4.8% in the week ended December 5, with the purchase mortgage sub-index down -2.4% and the refinancing mortgage sub-index up +14.3%. The average 30-year fixed rate mortgage rose +1 bp to 6.33% from 6.32% in the prior week.
On Thursday, weekly initial unemployment claims are expected to increase by +29,000 to 220,000.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.21%. China’s Shanghai Composite closed down -0.23%. Japan’s Nikkei Stock 225 fell from a 3.5-week high and closed down -0.10%.
Interest Rates
March 10-year T-notes (ZNH6) today are up +2 ticks. The 10-year T-note yield is down -2.2 bp to 4.166%. Mar T-note futures rebounded from a 3-month low today and moved higher, and the 10-year T-note yield fell from a 3-month high of 4.207%. T-notes found support after the US Q3 employment index rose less than expected, a dovish factor for Fed policy. Short covering also emerged in T-notes today after crude oil prices stumbled to a 2-week low, which lowered inflation expectations. In addition, position squaring ahead of this afternoon’s FOMC results helped push T-note prices higher.
T-notes today were initially under pressure amid concerns that a divided FOMC will signal a hawkish rate cut of -25 bp, but then signal policy will remain on hold for an extended period. T-notes also saw some negative carryover from hawkish ECB comments today, which pushed the German 10-year bund yield to an 8.75-month high.
European government bond yields are moving higher today. The 10-year German bund yield climbed to an 8.75-month high of 2.895% and is up by +1.2 bp to 2.862%. The 10-year UK gilt yield rose to a 2.5-week high of 4.554% and is up by +1.3 bp to 4.518%.
ECB President Lagarde said the ECB will likely raise its economic growth forecasts at next week's policy meeting, reflecting a more optimistic outlook.
ECB Governing Council member Simkus said, "We have an inflation rate that is more or less close to the 2% target in the medium term, which suggests no need for a change in interest rates, not only at the next ECB meeting in December but also in further meetings."
Swaps are discounting a 0% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Mobile grocery delivery service companies are sliding today after Amazon.com said it has expanded same-day delivery for perishable groceries to over 2,300 cities and towns, with more coming next year. Maplebear (CART) is down more than -6% and Uber Technologies (UBER) is down more than -4% to lead losers in the S&P 500. Also, DoorDash (DASH) is down more than -4% to lead losers in the Nasdaq 100.
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down nearly -1%. MARA Holdings (MARA) is down more than -3%, and Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are down more than -2%. Also, Strategy (MSTR) and Coinbase Global (COIN) are down more than -1%.
AeroVironment (AVAV) is down more than -10% after cutting its 2026 adjusted EPS forecast to $3.40-$3.55 from a previous forecast of $3.60-$3.70, below the consensus of $3.63.
GameStop (GME) is down more than -6% after reporting Q3 net sales fell -4.6% y/y to $821.0 million.
T Rowe Price Group (TROW) is down more than -3% after reporting assets under management in Nov fell -0.2% m/m to $1.79 trillion.
Noble Corp Plc (NE) is down more than -3% after JPMorgan Chase downgraded the stock to neutral from overweight.
Biogen (BIIB) is down more than -1% after HBSC downgraded the stock to reduce from hold with a price target of $143.
Photronics (PLAB) is up more than +42% after reporting Q4 adjusted EPS of 60 cents, well above the consensus of 45 cents, and forecasting Q1 adjusted EPS of 51 cents to 59 cents, better than the consensus of 46 cents.
GE Vernova (GEV) is up more than +9% to lead gainers in the S&P 500 after boosting its stock buyback program to $10 billion and doubling its quarterly dividend to 50 cents.
EchoStar (SATS) is up more than +5% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $110.
Middleby Corp. (MIDD) is up more than +5% after Jeffries upgraded the stock to buy from hold with a price target of $175.
Chewy (CHWY) is up more than +2% after reporting Q3 net sales of $3.12 billion, better than the consensus of $3.10 billion.
PepsiCo (PEP) is up more than +2% after JPMorgan Chase upgraded the stock to overweight from neutral with a price target of $164.
Waters Corp. (WAT) is up more than +1% after Wolfe Research upgraded the stock to outperform from peer perform with a price target of $480.
Earnings Reports(12/10/2025)
Adobe Inc (ADBE), Chewy Inc (CHWY), Nordson Corp (NDSN), Oracle Corp (ORCL), Synopsys Inc (SNPS), Vail Resorts Inc (MTN).
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.

Fed Cuts Rates for Third Time This Year, Signals One More in 2026

The S&P 500 Index ($SPX) (SPY) today is down by -0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.50%. December E-mini S&P futures (ESZ25) are down -0.08%, and December E-mini Nasdaq futures (NQZ25) are down -0.58%.
Stock indexes are mostly lower today ahead of the FOMC meeting results this afternoon. Stocks are under pressure today due to rising global bond yields. The 10-year T-note yield rose to a 3-month high of 4.21% and the 10-year German bund yield climbed to an 8.75-month high of 2.90%. However, T-note yields have since turned lower on position squaring ahead of the FOMC meeting results, with the 10-year T-note yield down -2 bp to 4.17%.
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The markets are concerned that the FOMC will make a hawkish rate cut at the conclusion of today’s 2-day FOMC meeting, where they cut interest rates by -25 bp but signal a “long hold” in rates thereafter. Recent US economic news has shown the economy cooling while inflation remains above target, which may prompt the Fed to delay further rate cuts.
Stocks found some support today amid signs of easing wage pressures, which are dovish for Fed policy, after the US Q3 employment cost index rose by +0.8% q/q, slightly weaker than the +0.9% q/q expected.
US MBA mortgage applications rose +4.8% in the week ended December 5, with the purchase mortgage sub-index down -2.4% and the refinancing mortgage sub-index up +14.3%. The average 30-year fixed rate mortgage rose +1 bp to 6.33% from 6.32% in the prior week.
The markets this week will focus on government reports and the FOMC meeting. Later today, the FOMC meeting is expected to cut the federal funds target range by -25 bp to 3.50%-3.75%. The markets will also look at the Fed's summary of economic projections and its dot-plot interest rate forecast. In addition, post-meeting comments from Fed Chair Powell about the future direction of interest rates could move the markets. On Thursday, weekly initial unemployment claims are expected to increase by +29,000 to 220,000.
The markets are discounting a 93% chance of another -25 bp rate cut at the conclusion of the 2-day FOMC meeting later today.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.21%. China’s Shanghai Composite closed down -0.23%. Japan’s Nikkei Stock 225 fell from a 3.5-week high and closed down -0.10%.
Interest Rates
March 10-year T-notes (ZNH6) today are up +2 ticks. The 10-year T-note yield is down -2.2 bp to 4.166%. Mar T-note futures rebounded from a 3-month low today and moved higher, and the 10-year T-note yield fell from a 3-month high of 4.207%. T-notes found support after the US Q3 employment index rose less than expected, a dovish factor for Fed policy. Short covering also emerged in T-notes today after crude oil prices stumbled to a 2-week low, which lowered inflation expectations. In addition, position squaring ahead of this afternoon’s FOMC results helped push T-note prices higher.
T-notes today were initially under pressure amid concerns that a divided FOMC will signal a hawkish rate cut of -25 bp, but then signal policy will remain on hold for an extended period. T-notes also saw some negative carryover from hawkish ECB comments today, which pushed the German 10-year bund yield to an 8.75-month high.
European government bond yields are moving higher today. The 10-year German bund yield climbed to an 8.75-month high of 2.895% and is up by +1.2 bp to 2.862%. The 10-year UK gilt yield rose to a 2.5-week high of 4.554% and is up by +1.3 bp to 4.518%.
ECB President Lagarde said the ECB will likely raise its economic growth forecasts at next week's policy meeting, reflecting a more optimistic outlook.
ECB Governing Council member Simkus said, "We have an inflation rate that is more or less close to the 2% target in the medium term, which suggests no need for a change in interest rates, not only at the next ECB meeting in December but also in further meetings."
Swaps are discounting a 0% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Mobile grocery delivery service companies are sliding today after Amazon.com said it has expanded same-day delivery for perishable groceries to over 2,300 cities and towns, with more coming next year. Maplebear (CART) is down more than -6% and Uber Technologies (UBER) is down more than -4% to lead losers in the S&P 500. Also, DoorDash (DASH) is down more than -4% to lead losers in the Nasdaq 100.
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down nearly -1%. MARA Holdings (MARA) is down more than -3%, and Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are down more than -2%. Also, Strategy (MSTR) and Coinbase Global (COIN) are down more than -1%.
AeroVironment (AVAV) is down more than -10% after cutting its 2026 adjusted EPS forecast to $3.40-$3.55 from a previous forecast of $3.60-$3.70, below the consensus of $3.63.
GameStop (GME) is down more than -6% after reporting Q3 net sales fell -4.6% y/y to $821.0 million.
T Rowe Price Group (TROW) is down more than -3% after reporting assets under management in Nov fell -0.2% m/m to $1.79 trillion.
Noble Corp Plc (NE) is down more than -3% after JPMorgan Chase downgraded the stock to neutral from overweight.
Biogen (BIIB) is down more than -1% after HBSC downgraded the stock to reduce from hold with a price target of $143.
Photronics (PLAB) is up more than +42% after reporting Q4 adjusted EPS of 60 cents, well above the consensus of 45 cents, and forecasting Q1 adjusted EPS of 51 cents to 59 cents, better than the consensus of 46 cents.
GE Vernova (GEV) is up more than +9% to lead gainers in the S&P 500 after boosting its stock buyback program to $10 billion and doubling its quarterly dividend to 50 cents.
EchoStar (SATS) is up more than +5% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $110.
Middleby Corp. (MIDD) is up more than +5% after Jeffries upgraded the stock to buy from hold with a price target of $175.
Chewy (CHWY) is up more than +2% after reporting Q3 net sales of $3.12 billion, better than the consensus of $3.10 billion.
PepsiCo (PEP) is up more than +2% after JPMorgan Chase upgraded the stock to overweight from neutral with a price target of $164.
Waters Corp. (WAT) is up more than +1% after Wolfe Research upgraded the stock to outperform from peer perform with a price target of $480.
Earnings Reports(12/10/2025)
Adobe Inc (ADBE), Chewy Inc (CHWY), Nordson Corp (NDSN), Oracle Corp (ORCL), Synopsys Inc (SNPS), Vail Resorts Inc (MTN).
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.

Stock Investors are Cautious Ahead of FOMC Results and Powell Comments

Key Points
Bitcoin's unique features, like its decentralized structure and capped supply, have led many investors to consider it a legitimate store of value.
Strategy co-founder Michael Saylor believes Bitcoin could soar by 23,300% to reach $21 million per coin by 2045, but his target faces a laundry list of hurdles.
Bitcoin might still have plenty of upside potential, but maybe not as much as Saylor thinks.
Bitcoin (CRYPTO: BTC) was created in 2008 by an anonymous developer who used the pseudonym Satoshi Nakamoto. It has since become a recognized store of value among many investors, thanks to its decentralized structure and its capped supply, which creates the perception of scarcity.
A single Bitcoin trades for around $89,700 as I write this, but Strategy (NASDAQ: MSTR) (formerly known as MicroStrategy) cofounder Michael Saylor is betting $21 million per coin might be in the cards by the year 2045. That implies an eye-popping potential upside of 23,300% over the next 20 years.
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However, his price target hinges on Bitcoin transforming the entire financial system, which might be easier said than done.
The perfect future reserve asset?
Bitcoin uses a unique system of record called the blockchain, which is effectively a growing database of transactions that is actively verified by the community on an ongoing basis. Saylor believes every asset in the world will eventually be tokenized on the blockchain, because it will create more transparency and significantly improve economic efficiency.
Take real estate, for example. There is no centralized register of property holdings in the U.S., which is why buying a home involves a stringent due diligence process with costly legal fees. By placing every real estate transaction on the blockchain, buyers would have immediate access to transaction records, which would eliminate at least some of the necessary due diligence, thus speeding up settlement and reducing expenses.
Saylor thinks Bitcoin could be the ideal reserve asset for the tokenization process because it's entirely decentralized, meaning it can't be controlled by any company or government. This means Bitcoin would become the currency people use to buy, sell, or transfer tokenized assets, so anybody who wants to participate in the financial system would have to own it.
Since the value of all global assets is in the ballpark of $500 trillion, Saylor's vision would create incredible demand for Bitcoin, which is why he predicts it could soar to $21 million per coin by 2045.
Saylor's prediction comes with a number of challenges
Saylor's vision would require global cooperation on a scale we've never seen, because practically every government on Earth would have to legislate the widespread adoption of Bitcoin.
This is unlikely because small countries, for example, have weaker floating-rate currencies than large countries, which helps them compete on the global stage by making their exports cheaper for foreign buyers. Adopting Bitcoin as the world's primary currency would force them to compete on a level playing field with economic powerhouses like the U.S., which would decimate the living standards of their citizens.
Plus, there is no guarantee the tokenization process will actually create value for Bitcoin, even if it becomes the reserve currency. Since it isn't widely accepted as payment for goods and services, people who use it to buy, sell, or transfer assets would have to convert their funds back to fiat currency to live their daily lives. Therefore, Bitcoin would be more like a bridge currency, so its price would face constant pressure from a healthy supply of sellers.
Finally, valuation might be another barrier to Saylor's target. At $21 million per coin, Bitcoin would have a fully diluted market capitalization of $441 trillion, making it 100 times more valuable than the world's largest company, Nvidia, which is currently worth $4.4 trillion. That figure is also four times higher than the annual output of the entire global economy, which was $111 trillion in 2024. Personally, I don't think that sounds realistic.
Bitcoin could rise, but maybe less than Saylor thinks
As mentioned, many investors consider Bitcoin to be a legitimate store of value. It is often likened to a digital version of gold, and if this view becomes more widespread, it could fuel further upside even if Saylor's ambitious forecast never plays out.
The total value of all above-ground gold is $29.1 trillion as I write this, and for Bitcoin's market cap to match that, it would have to soar to around $1,385,700 per coin. That implies a potential upside of 1,440% from its current price.
That might be a more realistic target for investors, but Bitcoin is a highly speculative asset, so further upside is never guaranteed. In addition, Saylor's company, Strategy, owns 650,000 Bitcoin worth a whopping $58 billion, so he has a vested interest in making highly bullish predictions. That doesn't make him wrong, but it certainly means his views are extremely biased.
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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.

1 Unstoppable Cryptocurrency to Buy Before It Soars 23,300%, According to Strategy's Michael Saylor

The S&P 500 Index ($SPX) (SPY) on Tuesday closed down by -0.09%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down by -0.38%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.16%. December E-mini S&P futures (ESZ25) fell -0.12%, and December E-mini Nasdaq futures (NQZ25) rose +0.10%.
Stock indexes gave up early gains and settled mixed on Tuesday as bond yields climbed after the Oct JOLTS report showed job openings unexpectedly rose to a 5-month high. The market remains cautious about the pace of Fed easing beyond Wednesday’s decision, when the Fed is expected to cut interest rates by 25 bp. The 10-year T-note yield rose +2 bp to 4.18%.
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US Oct JOLTS job openings unexpectedly rose by +12,000 to a 5-month high of 7.670 million, showing a stronger labor market than expectations of a decline to 7.117 million.
US Sep leading indicators fell -0.3% m/m, right on expectations.
The markets this week will focus on government reports and the FOMC meeting. On Wednesday, the Q3 employment cost index is expected to climb by +0.9%. The results of the Tue/Wed FOMC meeting are expected to show a -25 bp cut in the federal funds target range to 3.50%-3.75%. The markets will also look at the Fed's summary of economic projections and its dot-plot interest rate forecast. In addition, post-meeting comments from Fed Chair Powell on Wednesday about the future direction of interest rates could move the markets. On Thursday, weekly initial unemployment claims are expected to increase by +29,000 to 220,000.
The markets are discounting a 90% chance of another -25 bp rate cut at the conclusion of the 2-day FOMC meeting on Wednesday.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 fell from a 3.5-week high and closed down -0.13%. China’s Shanghai Composite closed down -0.37%. Japan’s Nikkei Stock 225 closed up +0.14%.
Interest Rates
March 10-year T-notes (ZNH6) on Tuesday closed down -5 ticks. The 10-year T-note yield rose +1.8 bp to 4.182%. Mar T-note futures gave up an early advance and turned lower on Tuesday after the Oct JOLTS report showed job openings unexpectedly rose to a 5-month high, a hawkish factor for Fed policy. Also, supply pressures weighed on T-notes as the Treasury auctioned $39 billion of 10-year T-notes. However, losses in T-notes were limited due to solid demand for the $39 billion 10-year T-note auction, which had a bid-to-cover ratio of 2.55, above the 10-auction average of 2.54.
European government bond yields finished lower on Tuesday. The 10-year German bund yield fell from an 8.5-month high of 2.879% and finished down by -1.2 bp to 2.850%. The 10-year UK gilt yield fell by -2.3 bp to 4.505%.
German trade news was weaker than expected after German Oct exports rose +0.1% m/m, slightly weaker than expectations of +0.2% m/m. Also, Oct imports fell -1.2% m/m, weaker than expectations of -0.5% m/m.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Toll Brothers (TOL) closed down more than -2% to lead homebuilders lower after forecasting 2026 deliveries of 10,300 to 10,700, below the consensus of 10,843. Also, Lennar (LEN) closed down more than -2%, and D R Horton (DHI) and PulteGroup (PHM) closed down more than -1%.
Cryptocurrency-exposed stocks moved higher on Tuesday as Bitcoin (^BTCUSD) rose more than +1%. Galaxy Digital Holdings (GLXY) closed up more than +12% after Citizens Jmp Securities LLC initiated coverage of the stock with an outperform recommendation and a $60 price target. Also, Riot Platforms (RIOT) closed up more than +3%. In addition, Strategy (MSTR) closed up more than +2%, and MARA Holdings (MARA) and Coinbase Global (COIN) closed up more than +1%.
Silver mining stocks rose sharply on Tuesday after the price of COMEX silver soared to a new all-time high. Hecla Mining (HL) closed up more than +7% and Newmont (NEM) closed up more than +5% to lead gainers in the S&P 500. Also, Coeur Mining (CDE) closed up more than +5%.
SLM Corp (SLM) closed down more than -14% after Compass Point Research & Trading LLC double-downgraded the stock to sell from buy with a price target of $23.
Graphic Packaging Holding (GPK) closed down more than -8% after forecasting full-year net sales of $8.4 billion to $8.6 billion, the midpoint below the consensus of $8.56 billion.
AutoZone (AZO) closed down more than -7% to lead losers in the S&P 500 after reporting Q1 comparable sales rose +5.50%, weaker than the consensus of +5.93%. O’Reilly Automotive (ORLY) closed down more than -3% on the news to lead losers in the Nasdaq 100.
Caleres (CAL) closed down more than -5% after reporting Q3 adjusted EPS of 38 cents, well below the consensus of 85 cents.
JPMorgan Chase (JPM) closed down more than -4% to lead losers in the Dow Jones Industrials after CEO Lake said the bank anticipates spending $105 billion next year, higher than the consensus of $101.1 billion, driven by “volume- and growth-related expenses.”
Ollie’s Bargain Outlet Holdings (OLLI) closed down more than -3% after reporting Q3 comparable sales rose +3.30%, weaker than the consensus of +3.74%.
Ares Management (ARES) closed up more than +7% after S&P Dow Jones Indices said the company will replace Kellanova in the S&P 500 before trading begins on Thursday, December 11.
KeyCorp (KEY) closed up more than +3% after CEO Gorman said the bank agreed with activist investor HoldCo Asset Management that the stock is undervalued and has excess capital.
CVS Health (CVS) closed up more than +2% after raising guidance on its full-year adjusted EPS forecast to $6.60-$6.70 from a previous forecast of $6.55-$6.65, the midpoint stronger than the consensus of $6.63.
Core & Main Inc (CNM) closed up more than +2% after reporting Q3 net sales of $2.06 billion, better than the consensus of $2.05 billion.
Exxon Mobil (XOM) closed up more than +2% after it said it expects $35 billion in cash flow growth by 2030, an increase of about 17% from what it was projecting a year ago.
Viking Holdings Ltd (VIK) closed up more than +1% after Goldman Sachs upgraded the stock to buy from neutral with a price target of $78.
Otis Worldwide (OTIS) closed up more than +1% after BNP Paribas Exane upgraded the stock to outperform from neutral with a price target of $105.
Earnings Reports(12/10/2025)
Adobe Inc (ADBE), Chewy Inc (CHWY), Nordson Corp (NDSN), Oracle Corp (ORCL), Synopsys Inc (SNPS), Vail Resorts Inc (MTN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Mixed Ahead of Wednesday’s FOMC Decision

The S&P 500 Index ($SPX) (SPY) today is up by +0.11%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.2%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.14%. December E-mini S&P futures (ESZ25) are up +0.11%, and December E-mini Nasdaq futures (NQZ25) are up +0.10%.
Stock indexes are moving higher today after the Oct JOLTS report showed job openings unexpectedly rose to a 5-month high. The market remains cautious about the pace of Fed easing beyond Wednesday’s decision, when the Fed is expected to cut interest rates by 25 bp. Gains in stocks are also limited as bond yields ticked higher following the hawkish JOLTS report. The 10-year T-note yield is up +1 bp to 4.18%.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
US Oct JOLTS job openings unexpectedly rose by +12,000 to a 5-month high of 7.670 million, showing a stronger labor market than expectations of a decline to 7.117 million.
US Sep leading indicators fell -0.3% m/m, right on expectations.
The markets this week will focus on government reports and the FOMC meeting. On Wednesday, the Q3 employment cost index is expected to climb by +0.9%. The results of the Tue/Wed FOMC meeting are expected to show a -25 bp cut in the federal funds target range to 3.50%-3.75%. The markets will also look at the Fed's summary of economic projections and its dot-plot interest rate forecast. In addition, post-meeting comments from Fed Chair Powell on Wednesday about the future direction of interest rates could move the markets. On Thursday, weekly initial unemployment claims are expected to increase by +29,000 to 220,000.
The markets are discounting a 90% chance of another -25 bp rate cut at the conclusion of the 2-day FOMC meeting on Wednesday.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets are mixed today. The Euro Stoxx 50 fell from a 3.5-week high and is down -0.11%. China’s Shanghai Composite closed down -0.37%. Japan’s Nikkei Stock 225 closed up +0.14%.
Interest Rates
March 10-year T-notes (ZNH6) today are down -4 ticks. The 10-year T-note yield is up +1.4 bp to 4.178%. Mar T-note futures gave up an early advance and turned lower today after the Oct JOLTS report showed job openings unexpectedly rose to a 5-month high, a hawkish factor for Fed policy. Also, supply pressures are weighing on T-notes as the Treasury will auction $39 billion of 10-year T-notes later today. T-notes initially moved higher due to some mild short covering ahead of the 2-day FOMC meeting that began today.
European government bond yields are moving lower today. The 10-year German bund yield fell from an 8.5-month high of 2.879% and is down by -0.6 bp to 2.856%. The 10-year UK gilt yield is down by -1.5 bp to 4.513%.
German trade news was weaker than expected after German Oct exports rose +0.1% m/m, slightly weaker than expectations of +0.2% m/m. Also, Oct imports fell -1.2% m/m, weaker than expectations of -0.5% m/m.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Cryptocurrency-exposed stocks are climbing today, with Bitcoin (^BTCUSD) up more than +1%. Galaxy Digital Holdings (GLXY) is up more than +9% after Citizens Jmp Securities LLC initiated coverage of the stock with a recommendation of outperform and a price target of $60. In addition, MARA Holdings (MARA), Riot Platforms (RIOT), Strategy (MSTR), and Coinbase Global (COIN) are up more than +2%.
Toll Brothers (TOL) is down more than -2% to lead homebuilders lower after forecasting 2026 deliveries of 10,300 to 10,700, below the consensus of 10,843. Also, Lennar (LEN) and D R Horton (DHI) are down more than -1%, and PulteGroup (PHM) is down -0.20%.
Ares Management (ARES) is up more than +7% after S&P Dow Jones Indices said the company will replace Kellanova in the S&P 500 before trading begins on Thursday, December 11.
KeyCorp (KEY) is up more than +4% to lead gainers in the S&P 500 after CEO Gorman said the bank agreed with activist investor HoldCo Asset Management that the stock is undervalued and has excess capital.
CVS Health (CVS) is up more than +4% after raising guidance on its full-year adjusted EPS forecast to $6.60-$6.70 from a previous forecast of $6.55-$6.65, the midpoint stronger than the consensus of $6.63.
Core & Main Inc (CNM) is up more than +3% after reporting Q3 net sales of $2.06 billion, better than the consensus of $2.05 billion.
Viking Holdings Ltd (VIK) is up more than +2% after Goldman Sachs upgraded the stock to buy from neutral with a price target of $78.
Exxon Mobil (XOM) is up more than +2% after it said it expects $35 billion in cash flow growth by 2030, an increase of about 17% from what it was projecting a year ago.
Otis Worldwide (OTIS) is up more than +1% after BNP Paribas Exane upgraded the stock to outperform from neutral with a price target of $105.
SLM Corp (SLM) is down more than -17% after Compass Point Research & Trading LLC double-downgraded the stock to sell from buy with a price target of $23.
Caleres (CAL) is down more than -9% after reporting Q3 adjusted EPS of 38 cents, well below the consensus of 85 cents.
Graphic Packaging Holding (GPK) is down more than -7% after forecasting full-year net sales of $8.4 billion to $8.6 billion, the midpoint below the consensus of $8.56 billion.
AutoZone (AZO) is down more than -5% to lead losers in the S&P 500 after reporting Q1 comparable sales rose +5.50%, weaker than the consensus of +5.93%.
Ollie’s Bargain Outlet Holdings (OLLI) is down more than -4% after reporting Q3 comparable sales rose +3.30%, weaker than the consensus of +3.74%.
Earnings Reports(12/9/2025)
AutoZone Inc (AZO), Campbell's Company/The (CPB), Casey's General Stores Inc (CASY), Core & Main Inc (CNM), Ferguson Enterprises Inc (FERG), GameStop Corp (GME), Ollie's Bargain Outlet Holding (OLLI), SailPoint Inc (SAIL).
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 Edge Higher on Positive US Labor Market News

Strategy Inc. MSTR is widely known today for its aggressive Bitcoin strategy, but the company's long-term fundamentals are centered on its software and enterprise analytics businesses. Within this segment, subscription services are emerging as the most critical driver of stability and future growth.
However, growth across the software business remains uneven. Declines in product support and other services partially offset subscription gains, indicating that parts of the legacy software portfolio are still under pressure. As a result, while subscriptions are clearly gaining traction, they have not yet transformed the software segment into a major growth engine.
Despite these challenges, the software business continues to deliver strong profitability, with healthy margins supporting profitability. This makes subscription services an important stabilizing force within Strategy’s broader business model, particularly given the volatility associated with Bitcoin-driven earnings.
In the third quarter of 2025, subscription services revenues surged 65.4% year over year to $46.0 million, accounting for roughly 36% of total revenues. This rapid expansion reflects the growing adoption of Strategy’s cloud-based analytics offerings. This shift toward subscriptions is strategically important, as recurring revenues provide greater visibility and stability than one-time license sales.
Looking ahead, the Zacks Consensus Estimate projects modest revenue growth of about 2.1% in 2025 and 4.9% in 2026, suggesting that steady and sustainable expansion in subscription services could gradually enhance the software segment’s contribution to consistent, long-term growth.
How Competitors Stack Up Against MSTR’s Subscription Model
Microsoft MSFT and Salesforce CRM offer different types of software, but both rely on strong subscription-based platforms that provide steady recurring revenue through cloud, analytics and enterprise services.
Microsoft’s Power BI remains one of the most serious competitive threats to MicroStrategy, offering an intuitive interface, drag-and-drop analytics and seamless integration across Microsoft 365, Azure, Excel and Dynamics. The company’s free desktop tier and low-cost Pro licenses make it especially attractive for SMBs modernizing analytics. Backed by Microsoft’s vast cloud, productivity and enterprise software ecosystem, Power BI benefits from the company’s diversified performance and deeply integrated SaaS and consumption-based models.
Salesforce competes with MicroStrategy by unifying analytics, CRM and customer-centric workflows through its Tableau-powered ecosystem. It delivers rich, intuitive dashboards that simplify data exploration for business users. Salesforce also excels in managing customer journeys, sales pipelines and service operations, leveraging its CRM foundation to strengthen relationships, boost sales and enhance retention.
MSTR’s Price Performance, Valuation & Estimates
Shares of Strategy have plunged 49.7% in the past year, sharply underperforming the Zacks Finance sector’s 11.7% gain. MSTR also lagged key competitors; Microsoft rose 10.1%, while Salesforce declined 26.1%.
MSTR’s One-Year Price Performance
Image Source: Zacks Investment Research
MSTR has a Value Score of F. It is currently trading at a Price/Book ratio of 1.01X compared to the sector’s 4.24X.
MSTR’s Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for MSTR’s 2025 earnings is pegged at $78.04 per share, unchanged over the past 30 days. The estimate also indicates a strong year-over-year recovery from a loss of $6.72 per share.
Image Source: Zacks Investment Research
MSTR stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
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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.

Can Subscription Services Power MSTR's Long-Term Software Growth?

Below is Validea's guru fundamental report for MICROSTRATEGY INC (MSTR). Of the 22 guru strategies we follow, MSTR rates highest using our Quantitative Momentum Investor model based on the published strategy of Wesley Gray. This momentum model looks for stocks with strong and consistent intermediate-term relative performance.
MICROSTRATEGY INC (MSTR) is a mid-cap growth stock in the Software & Programming industry. The rating using this strategy is 72% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
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.
SEASONALITY
NEUTRAL
Detailed Analysis of MICROSTRATEGY INC
MSTR Guru Analysis
More Information on Wesley Gray
Wesley Gray Portfolio
About Wesley Gray: Wesley Gray is the founder of Alpha Architect and the author (along with co-author Jack Vogel) of "Quantitative Momentum A Practitioner's Guide to Building a Momentum-Based Stock Selection System". He is also the author (along with co-author Tobias Carlisle) of "Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors". He is an industry recognized expert in the application of quantitative investing strategies. Wes is also a former Marine and has his Phd from the Univerisity of Chicago, where he studied under Nobel Prize winner Eugene Fama.
Additional Research Links
High Momentum Stocks
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.

Strategy Inc

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