Cloudflare, Inc.

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in On Holding AG (Symbol: ONON), where a total volume of 39,264 contracts has been traded thus far today, a contract volume which is representative of approximately 3.9 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 53.6% of ONON's average daily trading volume over the past month, of 7.3 million shares. Particularly high volume was seen for the $45.50 strike call option expiring September 12, 2025, with 8,450 contracts trading so far today, representing approximately 845,000 underlying shares of ONON. Below is a chart showing ONON's trailing twelve month trading history, with the $45.50 strike highlighted in orange:
CloudFlare Inc (Symbol: NET) options are showing a volume of 11,262 contracts thus far today. That number of contracts represents approximately 1.1 million underlying shares, working out to a sizeable 53.5% of NET's average daily trading volume over the past month, of 2.1 million shares. Particularly high volume was seen for the $220 strike call option expiring September 12, 2025, with 593 contracts trading so far today, representing approximately 59,300 underlying shares of NET. Below is a chart showing NET's trailing twelve month trading history, with the $220 strike highlighted in orange:
And Hippo Holdings Inc (Symbol: HIPO) options are showing a volume of 834 contracts thus far today. That number of contracts represents approximately 83,400 underlying shares, working out to a sizeable 52.3% of HIPO's average daily trading volume over the past month, of 159,325 shares. Particularly high volume was seen for the $35 strike call option expiring November 21, 2025, with 351 contracts trading so far today, representing approximately 35,100 underlying shares of HIPO. Below is a chart showing HIPO's trailing twelve month trading history, with the $35 strike highlighted in orange:
For the various different available expirations for ONON options, NET options, or HIPO options, visit StockOptionsChannel.com.
Also see:
FLNT Earnings History
Top Ten Hedge Funds Holding BTCR
Institutional Holders of ECCC
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Monday Option Activity: ONON, NET, HIPO

Below is Validea's guru fundamental report for CLOUDFLARE INC (NET). Of the 22 guru strategies we follow, NET 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.
CLOUDFLARE INC (NET) is a large-cap growth stock in the Business Services industry. The rating using this strategy 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.
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 CLOUDFLARE INC
More Information on Wesley Gray
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 Free Cash Flow Yield 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.

Validea Detailed Fundamental Analysis - NET

The S&P 500 Index ($SPX) (SPY) on Thursday closed up by +0.32%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +0.16%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.58%. September E-mini S&P futures (ESU25) rose +0.32%, and September E-mini Nasdaq futures (NQU25) rose +0.56%.
Stock indexes rallied on Thursday, with the S&P 500 posting a new all-time high and the Nasdaq 100 posting a 1.5-week high. Signs that the US economy is holding up pushed stock prices higher on Thursday after Q2 GDP was revised higher than expected, showing the economy expanded more than initially estimated. Also, US weekly initial unemployment claims fell as expected, easing concerns about the labor market. Strength in software stocks and chip makers led the overall market higher on Thursday.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Limiting gains in stocks on Thursday was some disappointing earnings news. Hormel Foods fell more than -13% after reporting weaker-than-expected Q3 adjusted EPS and forecasting Q4 adjusted EPS below consensus. Additionally, there's some weakness in AI stocks following Nvidia's sales forecast, which fell short of lofty expectations. Nvidia fell -0.79% after reporting weaker-than-expected Q2 data center revenue and giving a revenue forecast that was seen as underwhelming.
US Q2 GDP was revised upward to +3.3% (q/q annualized) from the previously reported +3.0%, stronger than expectations of +3.1%.
US weekly initial unemployment claims fell -5,000 to 229,000, close to expectations of 230,000.
US Jul pending home sales fell -0.4% m/m, weaker than expectations of -0.2% m/m.
Regarding tariffs, President Trump late 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.
The markets this week are focusing on any fresh tariff news or developments on ending the Ukraine-Russian war. On Friday, July personal spending is expected to climb +0.3% m/m, and July personal income is expected to rise +0.4% m/m. Also, the July core PCE price index, the Fed's preferred inflation gauge, is expected to climb +0.2% m/m and +2.9% y/y. In addition, the Aug MNI Chicago PMI is expected to fall -0.6 to 46.5. Finally, the University of Michigan's final-Aug US consumer sentiment index is expected to be unrevised at 58.6.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 86% at the next FOMC meeting on September 16-17. The markets are discounting the chances at 53% 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 Thursday settled higher. The Euro Stoxx 50 closed up +0.07%. China's Shanghai Composite closed up +1.14%. Japan's Nikkei Stock 225 closed up +0.73%.
Interest Rates
September 10-year T-notes (ZNU5) on Thursday closed up +4 ticks, and the 10-year T-note yield fell -2.3 bp to 4.209%.
Sep T-notes climbed to a 4-month nearest-futures high on Thursday, and the 10-year T-note yield fell to a 2-week low of 4.201%. T-notes moved higher on Thursday, benefiting from positive carryover from Wednesday, when New York Fed President Williams stated that at some point, it will be appropriate for the Fed to move rates down, as it is still in a "modestly restrictive" stance on policy.
Gains in T-notes are limited after the US Q2 GDP was revised higher than expected and after weekly jobless claims declined as expected, which are hawkish factors for Fed policy. Also, weak demand for the Treasury's $44 billion auction of 7-year T-notes was bearish for T-note prices as the auction had a bid-to-cover ratio of 2.49, weaker than the 10-auction average of 2.66.
European government bond yields on Thursday moved lower. The 10-year German bund yield fell to a 2-week low of 2.679% and finished down -0.5 bp to 2.695%. 10-year UK gilt yield fell -3.6 bp to 4.699%.
The Eurozone's August economic confidence indicator unexpectedly fell -0.5 to 95.2, weaker than expectations of an increase to 96.0.
Eurozone July new car registrations rose 7.4% year-over-year to 914,680, the biggest increase in 15 months.
The summary of the July 23-24 ECB meeting showed that policymakers deemed the risks to inflation to be "broadly balanced" and that the Eurozone economy has so far remained resilient to headwinds ranging from tariffs to wars.
Swaps are discounting the chances at 3% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chipmakers rallied on Thursday to provide support to the broader market. Marvell Technology (MRVL) closed up more than +4%, and Micron Technology (MU) and Broadcom (AVGO) closed up more than +3%. Also, Advanced Micro Devices (AMD), Applied Materials (AMAT), and NXP Semiconductors NV (NXPI) closed up more than +1%.
Snowflake (SNOW) closed up more than +18% to lead software stocks higher after reporting Q2 product revenue of $1.09 billion, better than the consensus of $1.04 billion, and raising its 2026 product revenue forecast to $4.40 billion from a previous estimate of $4.33 billion, stronger than the consensus of $4.34 billion. Also, Datadog (DDOG) closed up more than +6% to lead gainers in the S&P 500 and Nasdaq 100, and MongoDB (MDB) closed up more than +7%. In addition, Cloudflare (NET) closed up more than +3% and Atlassian (TEAM) closed up more than +2%. Finally, Salesforce (CRM) closed up more than +1% to lead the gainers in the Dow Jones Industrials.
Pure Storage (PSTG) closed up more than +31% after reporting Q2 revenue of $861 million, above the consensus of $845.9 million, and raising its 2026 revenue forecast to $3.60 billion-$3.63 billion from a previous forecast of $3.52 billion, stronger than the consensus of $3.52 billion.
Phibro Animal Health Corp (PAHC) closed up more than +18% after forecasting 2026 net sales of $1.43 billion to $1.48 billion, above the consensus of $1.42 billion.
Agilent Technologies (A) closed up more than +5% after reporting Q3 net revenue of $1.74 billion, above the consensus of $1.67 billion, and raising its full-year revenue estimate to $6.91 billion-$6.93 billion from a previous estimate of $6.73 billion-$6.81billion.
HP Inc. (HPQ) closed up more than +4% after reporting Q3 net revenue of $13.93 billion, better than the consensus of $13.74 billion.
Burlington Stores (BURL) closed up more than +4% after reporting Q2 adjusted EPS of $1.59, well above the consensus of $1.27, and raising its full-year adjusted EPS forecast to $9.19-$9.59 from a previous forecast of $8.70-$9.30, the midpoint above the consensus of $9.26.
Five Below (FIVE) closed up more than +3% after reporting Q2 comparable sales rose +12.4%, stronger than the consensus of +9.14%, and raising its full-year net sales forecast to $4.44 billion-$4.52 billion from a previous forecast of $4.33 billion-$4.42 billion.
Hormel Foods (HRL) closed down more than -13% to lead losers in the S&P 500 after reporting Q3 adjusted EPS of 35 cents, below the consensus of 40 cents, and forecasting Q4 adjusted EPS of 38 cents-40 cents, weaker than the consensus of 49 cents.
Nvidia (NVDA) closed down -0.79% after reporting Q2 data center revenue of $41.10 billion, below the consensus of $41.29 billion.
Cooper Cos (COO) closed down more than -12% after cutting its full-year revenue forecast to $4.08 billion-$4.10 billion from a previous forecast of $4.11 billion-$4.15 billion, weaker than the consensus of $4.12 billion.
Veeva Systems (VEEV) closed down more than -7% after reporting Q2 adjusted gross margin of 77.5%, below the consensus of 78.2%.
Nutanix (NTNX) closed down more than -5% after forecasting Q1 revenue of $670 million-$680 million, the midpoint below the consensus of $677 million.
Brown-Forman (BF.B) closed down more than -4% after reporting Q1 EPS of 36 cents, below the consensus of 37 cents.
Best Buy (BBY) closed down more than -3% despite reporting better-than-expected Q2 EPS after warning that tariffs continue to weigh on its business ahead of the crucial holiday season.
Earnings Reports(8/29/2025)
Lionsgate Studios Corp (LION).
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.

S&P 500 Posts a New Record High on a Resilient US Economy

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in CloudFlare Inc (Symbol: NET), where a total of 11,738 contracts have traded so far, representing approximately 1.2 million underlying shares. That amounts to about 42.3% of NET's average daily trading volume over the past month of 2.8 million shares. Especially high volume was seen for the $190 strike put option expiring September 19, 2025, with 1,217 contracts trading so far today, representing approximately 121,700 underlying shares of NET. Below is a chart showing NET's trailing twelve month trading history, with the $190 strike highlighted in orange:
Nu Holdings Ltd (Symbol: NU) saw options trading volume of 226,653 contracts, representing approximately 22.7 million underlying shares or approximately 41.9% of NU's average daily trading volume over the past month, of 54.1 million shares. Especially high volume was seen for the $10 strike put option expiring January 16, 2026, with 36,142 contracts trading so far today, representing approximately 3.6 million underlying shares of NU. Below is a chart showing NU's trailing twelve month trading history, with the $10 strike highlighted in orange:
And Rambus Inc. (Symbol: RMBS) options are showing a volume of 4,802 contracts thus far today. That number of contracts represents approximately 480,200 underlying shares, working out to a sizeable 41.8% of RMBS's average daily trading volume over the past month, of 1.1 million shares. Especially high volume was seen for the $80 strike call option expiring October 17, 2025, with 2,131 contracts trading so far today, representing approximately 213,100 underlying shares of RMBS. Below is a chart showing RMBS's trailing twelve month trading history, with the $80 strike highlighted in orange:
For the various different available expirations for NET options, NU options, or RMBS options, visit StockOptionsChannel.com.
Also see:
Manufacturing Dividend Stocks
GGOX Insider Buying
Institutional Holders of MCQ
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Thursday Option Activity: NET, NU, RMBS

The S&P 500 Index ($SPX) (SPY) today is up by +0.03%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.22%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.40%. September E-mini S&P futures (ESU25) are up +0.02%, and September E-mini Nasdaq futures (NQU25) are up +0.35%.
Stock indexes are trading mostly higher today, with the S&P 500 posting a new all-time high and the Nasdaq 100 posting a 1-week high. Signs that the US economy is holding up are a supportive factor for stocks today after Q2 GDP was revised higher than expected, showing the economy expanded more than initially estimated. Also, US weekly initial unemployment claims fell as expected, easing concerns about the labor market.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Limiting gains in stocks today is some disappointing earnings news. Hormel Foods is down more than -13% after reporting weaker-than-expected Q3 adjusted EPS and forecasting Q4 adjusted EPS below consensus. Additionally, there’s some weakness in technology stocks following Nvidia’s sales forecast, which fell short of lofty expectations. Nvidia is down more than -1% after reporting weaker-than-expected Q2 data center revenue and giving a revenue forecast that was seen as underwhelming.
US Q2 GDP was revised upward to +3.3% (q/q annualized) from the previously reported +3.0%, stronger than expectations of +3.1%.
US weekly initial unemployment claims fell -5,000 to 229,000, close to expectations of 230,000.
US Jul pending home sales fell -0.4% m/m, weaker than expectations of -0.2% m/m.
Regarding tariffs, President Trump late 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.
The markets this week are focusing on any fresh tariff news or developments on ending the Ukraine-Russian war. On Friday, July personal spending is expected to climb +0.3% m/m, and July personal income is expected to rise +0.4% m/m. Also, the July core PCE price index, the Fed’s preferred inflation gauge, is expected to climb +0.2% m/m and +2.9% y/y. In addition, the Aug MNI Chicago PMI is expected to fall -0.6 to 46.5. Finally, the University of Michigan’s final-Aug US consumer sentiment index is expected to be unrevised at 58.6.
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 51% 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 today are higher. The Euro Stoxx 50 is up +0.18%. China’s Shanghai Composite closed up +1.14%. Japan’s Nikkei Stock 225 closed up +0.73%.
Interest Rates
September 10-year T-notes (ZNU5) today are up +2 ticks, and the 10-year T-note yield is down -1.0 bp to 4.225%.
Sep T-notes climbed to a 4-month nearest-futures high today, and the 10-year T-note yield fell to a 2-week low of 4.211%. T-notes are slightly higher today, benefiting from positive carryover from Wednesday, when New York Fed President Williams stated that at some point, it will be appropriate for us to move rates down, as we are still in a “modestly restrictive” stance on policy.
Gains in T-notes are limited after the US Q2 GDP was revised higher than expected and after weekly jobless claims declined as expected, which are hawkish factors for Fed policy. Also, supply pressures are weighing on T-notes as the Treasury will auction $44 billion of 7-year T-notes later today.
European government bond yields today are mixed. The 10-year German bund rebounded from a 2-week low of 2.679% and is up +0.3 bp to 2.703%. 10-year UK gilt yield is down -3.0 bp to 4.705%.
The Eurozone’s August economic confidence indicator unexpectedly fell -0.5 to 95.2, weaker than expectations of an increase to 96.0.
Eurozone July new car registrations rose 7.4% year-over-year to 914,680, the biggest increase in 15 months.
Swaps are discounting the chances at 3% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chip makers are climbing today to provide support to the broader market. Micron Technology (MU) is up more than +3%, and Broadcom (AVGO) is up more than +2%. Also, Marvell Technology (MRVL), ARM Holdings Plc (ARM), and NXP Semiconductors NV (NXPI) are up more than +1%.
Snowflake (SNOW) is up more than +18% to lead software stocks higher after reporting Q2 product revenue of $1.09 billion, better than the consensus of $1.04 billion, and raising its 2026 product revenue forecast to $4.40 billion from a previous estimate of $4.33 billion, stronger than the consensus of $4.34 billion. Also, Datadog (DDOG) is up more than +5% to lead gainers in the S&P 500 and Nasdaq 100, and MongoDB (MDB) is up more than +5%. In addition, Cloudflare (NET) is up more than +3% and Atlassian (TEAM) is up more than +2%. Finally, Salesforce (CRM) is up more than +1% to lead gainers in the Dow Jones Industrials.
Pure Storage (PSTG) is up more than +29% after reporting Q2 revenue of $861 million, above the consensus of $845.9 million, and raising its 2026 revenue forecast to $3.60 billion-$3.63 billion from a previous forecast of $3.52 billion, stronger than the consensus of $3.52 billion.
Phibro Animal Health Corp (PAHC) is up more than +12% after forecasting 2026 net sales of $1.43 billion to $1.48 billion, above the consensus of $1.42 billion.
Burlington Stores (BURL) is up more than +6% after reporting Q2 adjusted EPS of $1.59, well above the consensus of $1.27, and raising its full-year adjusted EPS forecast to $9.19-$9.59 from a previous forecast of $8.70-$9.30, the midpoint above the consensus of $9.26.
HP Inc. (HPQ) is up more than +3% after reporting Q3 net revenue of $13.93 billion, better than the consensus of $13.74 billion.
Agilent Technologies (A) is up more than +3% after reporting Q3 net revenue of $1.74 billion, above the consensus of $1.67 billion, and raising its full-year revenue estimate to $6.91 billion-$6.93 billion from a previous estimate of $6.73 billion-$6.81billion.
Five Below (FIVE) is up more than +2% after reporting Q2 comparable sales rose +12.4%, stronger than the consensus of +9.14%, and raising its full-year net sales forecast to $4.44 billion-$4.52 billion from a previous forecast of $4.33 billion-$4.42 billion.
Hormel Foods (HRL) is down more than -13% to lead losers in the S&P 500 after reporting Q3 adjusted EPS of 35 cents, below the consensus of 40 cents, and forecasting Q4 adjusted EPS of 38 cents-40 cents, weaker than the consensus of 49 cents.
Nvidia (NVDA) is down more than -1% after reporting Q2 data center revenue of $41.10 billion, below the consensus of $41.29 billion.
Cooper Cos (COO) is down more than -12% after cutting its full-year revenue forecast to $4.08 billion-$4.10 billion from a previous forecast of $4.11 billion-$4.15 billion, weaker than the consensus of $4.12 billion.
Nutanix (NTNX) is down more than -7% after forecasting Q1 revenue of $670 million-$680 million, the midpoint below the consensus of $677 million.
Best Buy (BBY) is down more than -5% despite reporting better-than-expected Q2 EPS after warning that tariffs continue to weigh on its business ahead of the crucial holiday season.
Brown-Forman (BF.B) is down more than -5% after reporting Q1 EPS of 36 cents, below the consensus of 37 cents.
Veeva Systems (VEEV) is down more than -4% after reporting Q2 adjusted gross margin of 77.5%, below the consensus of 78.2%.
Earnings Reports(8/28/2025)
Affirm Holdings Inc (AFRM), Autodesk Inc (ADSK), Bath & Body Works Inc (BBWI), Best Buy Co Inc (BBY), Brown-Forman Corp (BF/B), Burlington Stores Inc (BURL), Dell Technologies Inc (DELL), Dick’s Sporting Goods Inc (DKS), Dollar General Corp (DG), Elastic NV (ESTC), Gap Inc/The (GAP), Hormel Foods Corp (HRL), Marvell Technology Inc (MRVL), Ollie’s Bargain Outlet Holding (OLLI), SentinelOne Inc (S), Ulta Beauty Inc (ULTA).
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.

Economic Optimism Boosts Stocks

The S&P 500 Index ($SPX) (SPY) today is up by +0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.16%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.03%. September E-mini S&P futures (ESU25) are up +0.02%, and September E-mini Nasdaq futures (NQU25) are up +0.02%.
Stock index futures recovered from overnight losses and turned mixed, with the S&P 500 posting a new all-time high and the Nasdaq 100 posting a 1-week high on signs that the US economy is holding up. US Q2 GDP was revised higher than expected, showing the economy expanded more than initially estimated. Also, US weekly initial unemployment claims fell as expected, easing concerns about the labor market.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Limiting gains in stocks is some weakness in technology stocks after Nvidia's sales forecast fell short of lofty expectations. Nvidia is down more than -1% after reporting weaker-than-expected Q2 data center revenue and giving a revenue forecast that was seen as underwhelming.
US Q2 GDP was revised upward to +3.3% (q/q annualized) from the previously reported +3.0%, stronger than expectations of +3.1%.
US weekly initial unemployment claims fell -5,000 to 229,000, close to expectations of 230,000.
Regarding tariffs, President Trump late 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.
The markets this week are focusing on any fresh tariff news or developments on ending the Ukraine-Russian war. On Friday, July personal spending is expected to climb +0.3% m/m, and July personal income is expected to rise +0.4% m/m. Also, the July core PCE price index, the Fed's preferred inflation gauge, is expected to climb +0.2% m/m and +2.9% y/y. In addition, the Aug MNI Chicago PMI is expected to fall -0.6 to 46.5. Finally, the University of Michigan's final-Aug US consumer sentiment index is expected to be unrevised at 58.6.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 85% at the next FOMC meeting on September 16-17. The markets are discounting the chances at 50% 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 today are higher. The Euro Stoxx 50 is up +0.19%. China's Shanghai Composite closed up +1.14%. Japan's Nikkei Stock 225 closed up +0.73%.
Interest Rates
September 10-year T-notes (ZNU5) today are down -2 ticks, and the 10-year T-note yield is up +0.6 bp to 4.240%.
Sep T-notes fell from a 4-month nearest-futures high today, and the 10-year T-note yield moved up from a 2-week low of 4.211%. T-notes gave up an early advance today after US Q2 GDP was revised higher than expected and after weekly jobless claims declined as expected, hawkish factors for Fed policy. Also, supply pressures are weighing on T-notes as the Treasury will auction $44 billion of 7-year T-notes later today. Losses in T-notes are limited due to positive carryover from Wednesday, when New York Fed President Williams said that at some point, it will be appropriate for us to move rates down, as we are still in a "modestly restrictive" stance on policy.
European government bond yields today are mixed. The 10-year German bund rebounded from a 2-week low of 2.679% and is up +0.4 bp to 2.704%. 10-year UK gilt yield is down -1.9 bp to 4.717%.
The Eurozone's August economic confidence indicator unexpectedly fell -0.5 to 95.2, weaker than expectations of an increase to 96.0.
Eurozone July new car registrations rose 7.4% year-over-year to 914,680, the biggest increase in 15 months.
Swaps are discounting the chances at 3% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Chip makers are climbing today to provide support to the broader market. Broadcom (AVGO), Marvell Technology (MRVL), and Micron Technology (MU) are up more than +2%. Also, Advanced Micro Devices (AMD), GlobalFoundries (GFS), ON Semiconductor Corp (ON), NXP Semiconductors NV (NXPI), Lam Research (LRCX), and Microchip Technology (MCHP) are up more than +1%.
Snowflake (SNOW) is up more than +13% to lead software stocks higher after reporting Q2 product revenue of $1.09 billion, better than the consensus of $1.04 billion, and raising its 2026 product revenue forecast to $4.40 billion from a previous estimate of $4.33 billion, stronger than the consensus of $4.34 billion. Also, Datadog (DDOG) is up more than +4% to lead gainers in the S&P 500 and Nasdaq 100, and Cloudflare (NET) is up more than +2%. In addition, Atlassian (TEAM) and MongoDB (MDB) are up more than +1%. Finally, Salesforce (CRM) is up more than +2% to lead gainers in the Dow Jones Industrials.
Pure Storage (PSTG) is up more than +21% after reporting Q2 revenue of $861 million, above the consensus of $845.9 million, and raising its 2026 revenue forecast to $3.60 billion-$3.63 billion from a previous forecast of $3.52 billion, stronger than the consensus of $3.52 billion.
Phibro Animal Health Corp (PAHC) is up more than +10% after forecasting 2026 net sales of $1.43 billion to $1.48 billion, above the consensus of $1.42 billion.
Burlington Stores (BURL) is up more than +6% after reporting Q2 adjusted EPS of $1.59, well above the consensus of $1.27, and raising its full-year adjusted EPS forecast to $9.19-$9.59 from a previous forecast of $8.70-$9.30, the midpoint above the consensus of $9.26.
Five Below (FIVE) is up more than +3% after reporting Q2 comparable sales rose +12.4%, stronger than the consensus of +9.14%, and raising its full-year net sales forecast to $4.44 billion-$4.52 billion from a previous forecast of $4.33 billion-$4.42 billion.
HP Inc. (HPQ) is up more than +3% after reporting Q3 net revenue of $13.93 billion, better than the consensus of $13.74 billion.
Agilent Technologies (A) is up more than +2% after reporting Q3 net revenue of $1.74 billion, above the consensus of $1.67 billion, and raising its full-year revenue estimate to $6.91 billion-$6.93 billion from a previous estimate of $6.73 billion-$6.81billion.
Hormel Foods (HRL) is down more than -14% to lead losers in the S&P 500 after reporting Q3 adjusted EPS of 35 cents, below the consensus of 40 cents, and forecasting Q4 adjusted EPS of 38 cents-40 cents, weaker than the consensus of 49 cents.
Nvidia (NVDA) is down more than -2% to lead losers in the Dow Jones Industrials and Nasdaq 100 after reporting Q2 data center revenue of $41.10 billion, below the consensus of $41.29 billion.
Cooper Cos (COO) is down more than -13% after cutting its full-year revenue forecast to $4.08 billion-$4.10 billion from a previous forecast of $4.11 billion-$4.15 billion, weaker than the consensus of $4.12 billion.
Nutanix (NTNX) is down more than -7% after forecasting Q1 revenue of $670 million-$680 million, the midpoint below the consensus of $677 million.
Veeva Systems (VEEV) is down more than -5% after reporting Q2 adjusted gross margin of 77.5%, below the consensus of 78.2%.
Best Buy (BBY) is down more than -2% despite reporting better-than-expected Q2 EPS after warning that tariffs continue to weigh on its business ahead of the crucial holiday season.
Earnings Reports(8/28/2025)
Affirm Holdings Inc (AFRM), Autodesk Inc (ADSK), Bath & Body Works Inc (BBWI), Best Buy Co Inc (BBY), Brown-Forman Corp (BF/B), Burlington Stores Inc (BURL), Dell Technologies Inc (DELL), Dick's Sporting Goods Inc (DKS), Dollar General Corp (DG), Elastic NV (ESTC), Gap Inc/The (GAP), Hormel Foods Corp (HRL), Marvell Technology Inc (MRVL), Ollie's Bargain Outlet Holding (OLLI), SentinelOne Inc (S), Ulta Beauty Inc (ULTA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Signs the US Economy is Holding Up

The S&P 500 Index ($SPX) (SPY) on Wednesday closed up by +0.24%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +0.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.17%. September E-mini S&P futures (ESU25) rose +0.20%, and September E-mini Nasdaq futures (NQU25) rose +0.13%.
Stock indexes recovered from early losses on Wednesday and settled higher, with the S&P 500 posting a new record high and the Nasdaq 100 reaching a one-week high. Strength in software stocks led the overall market higher as MongoDB surged more than +37% after reporting better-than-expected Q2 adjusted EPS and raising its 2026 adjusted EPS forecast.
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Also, optimism that Nvidia will report stellar earnings results after Wednesday's close boosted stocks. Over the last five years, Nvidia has only missed on earnings in one quarter. With a $4.4 trillion market capitalization, Nvidia has an 8.1% weighting in the S&P 500, giving it significant power to impact the index.
Stocks extended their gains Wednesday afternoon after bond yields gave up an early advance and turned lower on expectations that the Fed would cut interest rates as soon as next month. The 10-year T-note yield fell -2 bp to 4.24%.
Comments today from New York Fed President Williams were neutral to slightly dovish, as he stated that the US economy is slowing, not stalling, and he remains optimistic about the economy's direction. He added that every FOMC meeting is "live" for interest rates and that at some point, it will be appropriate for us to adjust rates downward as we remain in a "modestly restrictive" stance on policy.
US MBA mortgage applications fell -0.5% in the week ended August 22, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -3.5%. The average 30-year fixed rate mortgage rose +1 bp to 6.69% from 6.68% in the prior week.
Regarding tariffs, President Trump late 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.
The markets this week will focus on any fresh tariff news or developments on ending the Ukraine-Russian war. On Thursday, Q2 GDP is expected to be revised upward by +0.1 to 3.1% (q/q annualized). Also, weekly initial unemployment claims are expected to fall by -5,000 to 230,000. On Friday, July personal spending is expected to climb +0.3% m/m, and July personal income is expected to rise +0.4% m/m. Also, the July core PCE price index, the Fed's preferred inflation gauge, is expected to climb +0.2% m/m and +2.9% y/y. In addition, the Aug MNI Chicago PMI is expected to fall -0.6 to 46.5. Finally, the University of Michigan's final-Aug US consumer sentiment index is expected to be unrevised at 58.6.
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 51% 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 Wednesday settled mixed. The Euro Stoxx 50 rebounded from a 2-week low and closed up +0.17%. China's Shanghai Composite closed down -1.76%. Japan's Nikkei Stock 225 closed up +0.30%.
Interest Rates
September 10-year T-notes (ZNU5) on Wednesday closed up +6.5 ticks, and the 10-year T-note yield fell -2.4 bp to 4.238%.
T-notes recovered from early losses on Wednesday and rallied to a 1.5-week high, and the 10-year T-note yield fell to a 1.5-week low of 4.234%. Short covering emerged in T-notes to push prices higher after New York Fed President Williams said that at some point, it will be appropriate for us to move rates down, as we are still in a "modestly restrictive" stance on policy.
T-notes initially moved lower on Wednesday due to rising inflation expectations, following the 10-year breakeven inflation expectations rate's rise to a 6-month high of 2.456%. Weak demand for the Treasury's $70 billion auction of 5-year T-notes on Wednesday was also bearish for prices, as the auction had a bid-to-cover ratio of 2.36, below the 10-auction average of 2.38. In addition, T-notes are under pressure due to President Trump's move to fire Fed Governor Cook, which exacerbates investor concerns about the Fed's independence and fuels inflation fears if politics forces interest rates below the neutral rate.
European government bond yields on Wednesday moved lower. The 10-year German bund yield fell to a 1.5-week low of 2.686% and finished down -2.3 bp to 2.700%. 10-year UK gilt yield fell -0.5 bp to 4.736%.
The German Sep GfK consumer confidence survey unexpectedly fell -1.9 to a 5-month low of -23.6, weaker than expectations of no change at -21.5.
Swaps are discounting the chances at 3% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
MongoDB (MDB) closed up more than +37% to lead software stocks higher after reporting Q2 adjusted EPS of $1.08, well above the consensus of 65 cents, and raising its 2026 adjusted EPS forecast to $3.64-$3.73 from a previous forecast of $2.94-$3.12, stronger than the consensus of $3.20. Also, Atlassian (TEAM) closed up more than +4% to lead gainers in the Nasdaq 100, and Salesforce (CRM) closed up more than +2% to lead gainers in the Dow Jones Industrials. In addition, Datadog (DDOG) closed up more than +4%, Cloudflare (NET) closed up more than +3%, and Snowflake (SNOW) closed up more than +2%.
Kohl's (KSS) closed up more than +23% after reporting Q2 EPS of $1.35, well above the consensus of 31 cents, and forecasting full-year EPS of 50 cents-80 cents, better than the consensus of 49 cents.
nCino (NCNO) closed up more than +13% after reporting Q2 subscription revenue of $130.8 million, better than the consensus of $125.6 million, and raising its 2026 subscription revenue estimate to $513.5 million-$517.5 million from $507 million-$511 million.
American Eagle Outfitters (AEO) closed up more than +8% after releasing a collaboration with Travis Kelce's AE x Tru Kolors clothing brand in an attempt to capitalize on Taylor Swift's popularity.
Elanco Animal Health (ELAN) closed up more than +3% after S&P Dow Jones Indices announced the company will replace Sarepta Therapeutics in the S&P MidCap 400 before the opening of trading on Tuesday, September 2.
Dynatrace (DT) closed up more than +3% after Oppenheimer initiated coverage of the stock with a recommendation of outperform and a price target of $65.
Okta (OKTA) closed up more than +1% after reporting Q2 revenue of $728 million, stronger than the consensus of $696.9 million, and raising its full-year revenue estimate to $2.88 billion-$2.89 billion from a previous estimate of $2.85 billion-$2.86 billion, above the consensus of $2.86 billion.
J M Smucker (SJM) closed down more than -4% after reporting Q1 net sales of $2.11 billion, below the consensus of $2.12 billion.
SBA Communications (SBAC) closed down more than -4% after Bank of America downgraded the stock to neutral from buy.
Williams-Sonoma (WSM) closed down more than -2%, despite reporting better-than-expected Q2 revenue, when it said it expects its outlook to be pressured by incremental tariff costs.
PayPal Holdings (PYPL) closed down nearly 1% after the Suddeutsche Zeitung reported that several banks had blocked direct debits in the wake of payments that appeared to be suspicious or fraudulent.
Earnings Reports(8/28/2025)
Affirm Holdings Inc (AFRM), Autodesk Inc (ADSK), Bath & Body Works Inc (BBWI), Best Buy Co Inc (BBY), Brown-Forman Corp (BF/B), Burlington Stores Inc (BURL), Dell Technologies Inc (DELL), Dick's Sporting Goods Inc (DKS), Dollar General Corp (DG), Elastic NV (ESTC), Gap Inc/The (GAP), Hormel Foods Corp (HRL), Marvell Technology Inc (MRVL), Ollie's Bargain Outlet Holding (OLLI), SentinelOne Inc (S), Ulta Beauty Inc (ULTA).
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.

S&P 500 Posts a Record High on Nvidia Earnings Optimism

The S&P 500 Index ($SPX) (SPY) today is up by +0.13%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.04%. September E-mini S&P futures (ESU25) are up +0.14%, and September E-mini Nasdaq futures (NQU25) are up +0.05%.
Stock indexes recovered early losses today and are slightly higher on strength in software stocks, led by a +32% surge in MongoDB after reporting better-than-expected Q2 adjusted EPS and raising its 2026 adjusted EPS forecast. Trading activity is thin as the markets await Nvidia’s earnings after the close for an update on the artificial intelligence boom. With a $4.4 trillion market capitalization, Nvidia has an 8.1% weighting in the S&P 500, giving it significant power to impact the index.
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Gains in stocks are limited as bond yields rise on concerns about the Fed’s independence following President Trump’s push to fire Fed Governor Lisa Cook. The 10-year T-note yield is up +2 bp to 4.28%. Additionally, weakness in the semiconductor market is weighing on technology stocks and the broader market.
Comments today from New York Fed President Williams were neutral, as he stated that the US economy is slowing, not stalling, and he remains optimistic about the economy’s direction. He added that every FOMC meeting is “live” for interest rates and that at some point, it will be appropriate for us to adjust rates downward as we remain in a “modestly restrictive” stance on policy.
US MBA mortgage applications fell -0.5% in the week ended August 22, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -3.5%. The average 30-year fixed rate mortgage rose +1 bp to 6.69% from 6.68% in the prior week.
Regarding tariffs, President Trump late 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.
The markets this week will focus on any fresh tariff news or developments on ending the Ukraine-Russian war. After today’s close, Nvidia will release its quarterly earnings and guidance. On Thursday, Q2 GDP is expected to be revised upward by +0.1 to 3.1% (q/q annualized). Also, weekly initial unemployment claims are expected to fall by -5,000 to 230,000. On Friday, July personal spending is expected to climb +0.3% m/m, and July personal income is expected to rise +0.4% m/m. Also, the July core PCE price index, the Fed’s preferred inflation gauge, is expected to climb +0.2% m/m and +2.9% y/y. In addition, the Aug MNI Chicago PMI is expected to fall -0.6 to 46.5. Finally, the University of Michigan’s final-Aug US consumer sentiment index is expected to be unrevised at 58.6.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 87% at the next FOMC meeting on September 16-17. The markets are discounting the chances at 52% 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 today are mixed. The Euro Stoxx 50 rebounded from a 2-week low and is up +0.03%. China’s Shanghai Composite closed down -1.76%. Japan’s Nikkei Stock 225 closed up +0.30%.
Interest Rates
September 10-year T-notes (ZNU5) today are down -4 ticks, and the 10-year T-note yield is up +1.4 bp to 4.275%.
T-notes are slightly lower today due to rising inflation expectations as the 10-year breakeven inflation expectations rate rose to a 6-month high today of 2.453%. Supply pressures are also weighing on T-notes, as the Treasury will auction $28 billion in 2-year floating-rate notes and $70 billion in 5-year T-notes later today. In addition, T-notes are under pressure with President Trump’s move to fire Fed Governor Cook, exacerbating investor concerns about the Fed’s independence and fanning inflation fears if politics forces interest rates below the neutral rate.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 1.5-week low of 2.695% and is down -1.6 bp to 2.707%. 10-year UK gilt yield is down -0.7 bp to 4.733%.
The German Sep GfK consumer confidence survey unexpectedly fell -1.9 to a 5-month low of -23.6, weaker than expectations of no change at -21.5.
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
MongoDB (MDB) is up more than +32% to lead software stocks higher after reporting Q2 adjusted EPS of $1.08, well above the consensus of 65 cents, and raising its 2026 adjusted EPS forecast to $3.64-$3.73 from a previous forecast of $2.94-$3.12, stronger than the consensus of $3.20. Also, Atlassian (TEAM) is up more than +4% to lead gainers in the Nasdaq 100. In addition, Snowflake (SNOW) and Cloudflare (NET) are up more than +3%, and Datadog (DDOG) is up more than +1%.
Weakness in chip makers today is weighing on the broader market. Microchip Technology (MCHP) and ON Semiconductor Corp. are down by more than 1%. Also, Lam Research (LRCX), Analog Devices (ADI), and Texas Instruments (TXN) are down -0.80%. In addition, NXP Semiconductors NV (NXPI) is down -0.74%, and Applied Materials (AMAT) and ARM Holdings Plc (ARM) are down -0.60%.
Kohl’s (KSS) is up more than +20% after reporting Q2 EPS of $1.35, well above the consensus of 31 cents, and forecasting full-year EPS of 50 cents-80 cents, better than the consensus of 49 cents.
nCino (NCNO) is up more than +17% after reporting Q2 subscription revenue of $130.8 million, better than the consensus of $125.6 million, and raising its 2026 subscription revenue estimate to $513.5 million-$517.5 million from $507 million-$511 million.
American Eagle Outfitters (AEO) is up more than +5% after releasing a collaboration with Travis Kelce’s AE x Tru Kolors clothing brand in an attempt to cash in on Taylor Swift’s popularity.
Elanco Animal Health (ELAN) is up more than +4% after S&P Dow Jones Indices announced the company will replace Sarepta Therapeutics in the S&P MidCap 400 before the opening of trading on Tuesday. September 2.
Okta (OKTA) is up more than +3% after reporting Q2 revenue of $728 million, stronger than the consensus of $696.9 million, and raising its full-year revenue estimate to $2.88 billion-$2.89 billion from a previous estimate of $2.85 billion-$2.86 billion, above the consensus of $2.86 billion.
Dynatrace (DT) is up more than +2% after Oppenheimer initiated coverage of the stock with a recommendation of outperform and a price target of $65
J M Smucker (SJM) is down more than -4% to lead losers in the S&P 500 after reporting Q1 net sales of $2.11 billion, below the consensus of $2.12 billion.
SBA Communications (SBAC) is down more than -2% after Bank of America downgraded the stock to neutral from buy.
PayPal Holdings (PYPL) is down more than -1% after Suddeutsche Zeitung reported that several banks blocked direct debits in the wake of payments that appeared to be suspicious or fraudulent.
Earnings Reports(8/27/2025)
Agilent Technologies Inc (A), BILL Holdings Inc (BILL), Cooper Cos Inc/The (COO), Crowdstrike Holdings Inc (CRWD), Donaldson Co Inc (DCI), Five Below Inc (FIVE), HP Inc (HPQ), J M Smucker Co/The (SJM), NetApp Inc (NTAP), Nutanix Inc (NTNX), NVIDIA Corp (NVDA), Pure Storage Inc (PSTG), Snowflake Inc (SNOW), Veeva Systems Inc (VEEV), Williams-Sonoma Inc (WSM).
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 Rebound Ahead of Nvidia’s Earnings

The S&P 500 Index ($SPX) (SPY) today is down by -0.04%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.20%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.32%. September E-mini S&P futures (ESU25) are down -0.03%, and September E-mini Nasdaq futures (NQU25) are down -0.28%.
Stock indexes are mostly lower today as bond yields rise on concerns about the Fed's independence following President Trump's push to fire Fed Governor Lisa Cook. The 10-year T-note yield is up +2 bp to 4.28%. Additionally, weakness in the semiconductor market is weighing on technology stocks and the broader market. Trading activity is thin as the markets await Nvidia's earnings after the close for an update on the artificial intelligence boom.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Comments today from New York Fed President Williams were neutral, as he stated that the US economy is slowing, not stalling, and he remains optimistic about the economy's direction. He added that every FOMC meeting is "live" for interest rates and that at some point, it will be appropriate for us to adjust rates downward as we remain in a "modestly restrictive" stance on policy.
US MBA mortgage applications fell -0.5% in the week ended August 22, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -3.5%. The average 30-year fixed rate mortgage rose +1 bp to 6.69% from 6.68% in the prior week.
Regarding tariffs, President Trump late 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.
The markets this week will focus on any fresh tariff news or developments on ending the Ukraine-Russian war. After today's close, Nvidia will release its quarterly earnings and guidance. On Thursday, Q2 GDP is expected to be revised upward by +0.1 to 3.1% (q/q annualized). Also, weekly initial unemployment claims are expected to fall by -5,000 to 230,000. On Friday, July personal spending is expected to climb +0.3% m/m, and July personal income is expected to rise +0.4% m/m. Also, the July core PCE price index, the Fed's preferred inflation gauge, is expected to climb +0.2% m/m and +2.9% y/y. In addition, the Aug MNI Chicago PMI is expected to fall -0.6 to 46.5. Finally, the University of Michigan's final-Aug US consumer sentiment index is expected to be unrevised at 58.6.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 87% at the next FOMC meeting on September 16-17. The markets are discounting the chances at 52% 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 today are mixed. The Euro Stoxx 50 rebounded from a 2-week low and is up +0.28%. China's Shanghai Composite closed down -1.76%. Japan's Nikkei Stock 225 closed up +0.30%.
Interest Rates
September 10-year T-notes (ZNU5) today are down -5 ticks, and the 10-year T-note yield is up +1.6 bp to 4.277%.
T-notes are slightly lower today due to rising inflation expectations as the 10-year breakeven inflation expectations rate rose to a 5-week high today of 2.450%. Supply pressures are also weighing on T-notes, as the Treasury will auction $28 billion in 2-year floating-rate notes and $70 billion in 5-year T-notes later today. In addition, T-notes are under pressure with President Trump's move to fire Fed Governor Cook, exacerbating investor concerns about the Fed's independence and fanning inflation fears if politics forces interest rates below the neutral rate.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 1.5-week low of 2.695% and is down -1.6 bp to 2.707%. 10-year UK gilt yield is down -2.6 bp to 4.714%.
The German Sep GfK consumer confidence survey unexpectedly fell -1.9 to a 5-month low of -23.6, weaker than expectations of no change at -21.5.
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
Weakness in chip makers today is weighing on the broader market. Nvidia (NVDA) is down more than -1% to lead losers in the Dow Jones Industrials. Also, Microchip Technology (MCHP) and Broadcom (AVGO) are down more than -1%. In addition, Lam Research (LRCX) and Advanced Micro Devices (AMD) are down -0.65%, Texas Instruments (TXN) is down -0.60%, and Applied Materials (AMAT) and ARM Holdings Plc (ARM) are down -0.40%.
J M Smucker (SJM) is down more than -5% to lead losers in the S&P 500 after reporting Q1 net sales of $2.11 billion, below the consensus of $2.12 billion.
Abercrombie & Fitch (ANF) is down more than -7% after reporting Q2 net sales of $551.9 million, below the consensus of $580.6 million.
PayPal Holdings (PYPL) is down more than -1% after Suddeutsche Zeitung reported that several banks blocked direct debits in the wake of payments that appeared to be suspicious or fraudulent.
SBA Communications (SBAC) is down more than -1% after Bank of America downgraded the stock to neutral from buy.
MongoDB (MDB) is up more than +32% to lead software stocks higher after reporting Q2 adjusted EPS of $1.08, well above the consensus of 65 cents, and raising its 2026 adjusted EPS forecast to $3.64-$3.73 from a previous forecast of $2.94-$3.12, stronger than the consensus of $3.20. Also, Datadog (DDOG) and Snowflake (SNOW) are up more than +2%, and Cloudflare (NET) is up more than +1%.
Kohl's (KSS) is up more than +19% after reporting Q2 EPS of $1.35, well above the consensus of 31 cents, and forecasting full-year EPS of 50 cents-80 cents, better than the consensus of 49 cents.
nCino (NCNO) is up more than +13% after reporting Q2 subscription revenue of $130.8 million, better than the consensus of $125.6 million, and raising its 2026 subscription revenue estimate to $513.5 million-$517.5 million from $507 million-$511 million.
Elanco Animal Health (ELAN) is up more than +4% after S&P Dow Jones Indices announced the company will replace Sarepta Therapeutics in the S&P MidCap 400 prior to the opening of trading on Tuesday. September 2.
Okta (OKTA) is up more than +2% after reporting Q2 revenue of $728 million, stronger than the consensus of $696.9 million, and raising its full-year revenue estimate to $2.88 billion-$2.89 billion from a previous estimate of $2.85 billion-$2.86 billion, above the consensus of $2.86 billion.
Dynatrace (DT) is up more than +2% after Oppenheimer initiated coverage of the stock with a recommendation of outperform and a price target of $65.
Earnings Reports(8/27/2025)
Agilent Technologies Inc (A), BILL Holdings Inc (BILL), Cooper Cos Inc/The (COO), Crowdstrike Holdings Inc (CRWD), Donaldson Co Inc (DCI), Five Below Inc (FIVE), HP Inc (HPQ), J M Smucker Co/The (SJM), NetApp Inc (NTAP), Nutanix Inc (NTNX), NVIDIA Corp (NVDA), Pure Storage Inc (PSTG), Snowflake Inc (SNOW), Veeva Systems Inc (VEEV), Williams-Sonoma Inc (WSM).
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.
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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.

Stocks Pressured as Bond Yields Climb and Chip Makers Slide

Below is Validea's guru fundamental report for CLOUDFLARE INC (NET). Of the 22 guru strategies we follow, NET 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.
CLOUDFLARE INC (NET) is a large-cap growth stock in the Business Services industry. The rating using this strategy is 88% 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 CLOUDFLARE INC
More Information on Wesley Gray
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 Free Cash Flow Yield 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.

Indicator	TTM Median
P/E	0.00 28.98
Price/Sales	21.79 2.58
P/B	37.06 2.76
P/FCF	182.24 24.31

Indicator	TTM Median
Net Worth	32.59 0.98
Quick Ratio	0.00 1.53
Current Ratio	3.51 1.84

Indicator	TTM Median
Net Profit Margin	-5.98 9.71
Operating Margin	-10.43 11.07
Gross Margin	77.54 50.00

Indicator	TTM Median
EPS	0.03 0.24
EPS Forecast	0.03 0.19
Revenue	401.00M 73.00M
Gross Profit	334.00M —
EBITDA	15.00M —

Cloudflare, Inc.

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

Valuation

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Efficiency

Other ratios

Revenue