PDD Holdings Inc., a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace. It focuses on bringing businesses and people into the digital economy. The company was formerly known as Pinduoduo Inc. and changed its name to PDD Holdings Inc. in February 2023. PDD Holdings Inc. was incorporated in 2015 and is based in Dublin, Ireland.

PDD Holdings Inc.

JD.com Company Overview
Based in Beijing, Zacks Rank #5 (Strong Sell) stock JD.com (JD) is one of the largest Chinese e-commerce and technology companies. Also known as Jingdong, JD.com separates itself from the competition by being an essentially vertically integrated e-commerce retailer. JD holds its own inventory, is responsible for its own logistics and deliveries, and provides its own customer service. JD is similar to Amazon (AMZN) in that it sells a wide variety of products on its e-commerce platform, including clothing, groceries, electronics, and more. Beyond e-commerce, JD also operates health, technology, real estate, and industrial segment businesses. Additionally, JD owns Ochama, a European-based retail brand with operations in the Netherlands France, and Poland.
JD Suffers from Relative Price Weakness Vs. Peers
Legendary growth investor William O’Neil once proclaimed that Wall Street’s great paradox is, “Stocks that seem too high in price and risky for most investors usually go higher and stocks that seem low and cheap often go lower.” I have largely discovered that more often than not, O’Neil’s paradox comes to fruition. That’s bad news for JD shares, which trade at $30 and are well off their all-time high of >$100. Additionally, relative price action can provide investors with valuable clues. Currently, JD shares exhibit troubling relative weakness and are -10.70% year-to-date, far underperforming top competitors like Pinduoduo (PDD) and Alibaba (BABA), which are up 27.7% and 54.4% respectively.
Image Source: Zacks Investment Research
JD: Chinese Economic and Regulatory Concerns
While the Chinese economy has staged a recovery, it still suffers from a sky-high unemployment rate, a devastated real estate market, a weak consumer, and deflationary pressures. Meanwhile, geopolitical tensions, a trade dispute with the United States, and limited room for fiscal stimulus mean that external and internal demand are likely to suffer. Beyond the economic concerns, JD investors must worry about a Chinese government that has been known to routinely crack down on its companies.
JD: Slowing Earnings Growth
JD earnings growth is declining at an alarming rate. For the current quarter, Zacks Consensus Analyst Estimates suggest that earnings growth will be -64.52%. Meanwhile, while annual revenues are expected to grow 14% in 2025, Wall Street expects full-year earnings to drop 37.09%.
Image Source: Zacks Investment Research
JD Food Delivery Business is a Headwind
JD is making an aggressive play for the Chinese food delivery market. While the number of users for the company’s Uber (UBER) Eats or DoorDash (DASH) like business has increased, the segment has produced significant losses thus far. Worse still, the company must invest significant capital maintain its reputation for fast and reliable delivery in a highly competitive market.
Bottom Line
The combination of fierce competition, a shaky Chinese economy, and costly new endeavors is pressuring JD.com’s fundamental performance.
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Bear of the Day: JD.com (JD)

In the equity market, investments need to be prudently hedged to overcome uncertainties and limit losses related to external shocks. A question that often arises is whether one should resort to a value strategy that seeks discounted stocks or opt for growth investing in times of extreme market instability.
The investing track of the Oracle of Omaha over the past few decades and his gradual shift from being a pure-play value investor to a GARP (growth at a reasonable price) investor might give us all the answers.
Per the GARP theory, the strategic mingling of growth and value-investing principles gives us a hybrid strategy, offering an ideal investment by utilizing the best features of both. What GARPers look for is whether or not the stocks are somewhat undervalued and have solid, sustainable growth potential (Investopedia).
Several stocks that have surged significantly in recent years have demonstrated the overwhelming success of this hybrid investing strategy over pure-play value and growth investments. Here, we will discuss the success of four such stocks. These include Halozyme Therapeutics HALO, Phibro Animal Health (PAHC), Leidos LDOS and PDD Holdings Inc. PDD.
A Few More Words on GARP
GARP investing gives priority to one of the popular value metrics — the price/earnings growth (PEG) ratio. Although it is categorized under value investing, this strategy follows the principles of both growth and value investing.
The PEG ratio is defined as (Price/ Earnings)/Earnings Growth Rate
It relates the stocks’ P/E ratios to the future earnings growth rates.
While P/E alone gives an idea of stocks that are trading at a discount, PEG, while adding the growth element to it, helps identify stocks with solid future potential.
A lower PEG ratio, preferably less than 1, is always better for GARP investors.
Say, for example, if a stock's P/E ratio is 10 and the expected long-term growth rate is 15%, the company's PEG will come down to 0.66, a ratio indicating both undervaluation and future growth potential.
Unfortunately, this ratio is often neglected due to investors' limitations in calculating the future earnings growth rate of a stock.
There are some drawbacks to using the PEG ratio though. It does not consider the very common situation of changing growth rates, such as the forecast of the first three years at a very high growth rate, followed by a sustainable but lower growth rate over the long term.
Hence, PEG-based investing can be even more rewarding if some other relevant parameters are also taken into consideration.
Here are the screening criteria for a winning strategy:
PEG Ratio less than X Industry Median
P/E Ratio (using F1) less than X Industry Median (For more accurate valuation purpose)
Zacks Rank of 1 (Strong Buy) or 2 (Buy) (Whether good market conditions or bad, stocks with a Zacks Rank #1 or #2 have a proven history of success.)
Market Capitalization greater than $1 Billion (This helps us to focus on companies that have strong liquidity.)
Average 20-Day Volume greater than 50,000: A substantial trading volume ensures that the stock is easily tradable.
Percentage Change F1 Earnings Estimate Revisions (4 Weeks) greater than 5%: Upward estimate revisions add to the optimism, suggesting further bullishness.
Value Score of less than or equal to B: Our research shows that stocks with a Value Style Score of A or B, when combined with a Zacks Rank #1, 2 or 3 (Hold), offer the best upside potential.
Our PEG-Driven Picks
Here are four stocks that qualified the screening:
Halozyme: San Diego, CA-based Halozyme is a biopharmaceutical company focused on the development and commercialization of novel treatments for oncology indications by targeting the tumor microenvironment. The company also licenses its novel drug delivery technology, ENHANZE, for subcutaneous (SC) administration of drugs. The company’s ENHANZE drug delivery technology helps in developing the SC formulation of drugs.
Halozyme can be an impressive GARP investment pick with its Zacks Rank #1 and a Value Score of B. Apart from a discounted PEG and P/E, the stock has an impressive long-term expected growth rate of 31%.
Phibro: Headquartered in New Jersey, Phibro is a leading global diversified animal health and mineral nutrition company. The company provides a broad range of products for food animals, including poultry, swine, beef and dairy cattle, as well as aquaculture. In addition to animal health and mineral nutrition products, Phibro manufactures and markets specific ingredients for use in the personal care, automotive, industrial chemical and chemical catalyst industries.
Phibro stock can also be an impressive GARP investment pick with its Zacks Rank #2 and a Value Score of B. Apart from a discounted PEG and P/E, PAHC has a solid long-term expected growth rate of 15%.
Leidos: Delaware-based Leidos is a global science and technology leader that serves the defense, intelligence, civil and health markets. Its core capabilities include providing solutions in the fields of cybersecurity, data analytics, enterprise IT modernization, operations and logistics, sensors, collection and phenomenology, software development and systems engineering.
Leidos stock can be an impressive value investment pick with its Zacks Rank #2 and a Value Score of B. Apart from a discounted PEG and P/E, LDOS also has an impressive long-term historical growth rate of 14.6%.
PDD Holdings: The company is a multinational commerce group that owns and operates a portfolio of businesses. The company is benefiting from increased revenues from online marketing services and transaction services. PDD Holdings currently focuses on bringing more businesses and people into the digital economy.
PDD can also be an impressive value investment pick with its Zacks Rank #1 and a Value Score of B. Apart from a discounted PEG and P/E, the stock also has a solid long-term expected growth rate of 9.7%.
The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.
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4 PEG-Rated GARP Stocks That Offer Both Value and Growth

JD.com's JD seemingly attractive 9.74x price-to-earnings (P/E) ratio compared to the Zacks Internet - Commerce industry average of 24.9x masks a deteriorating financial reality that should give investors serious pause. The valuation multiple reflects market recognition of JD.com's deteriorating fundamentals rather than representing a bargain opportunity.
While the Chinese e-commerce giant reported 22.4% revenue growth in the second quarter, reaching RMB 356.7 billion, beneath these headline numbers lies a troubling narrative of profit collapse, cash flow destruction, and strategic missteps that make the stock a clear sell candidate for 2025.
JD's P/E Ratio Suggests Discounted Valuation
Image Source: Zacks Investment Research
With earnings estimates being revised downward by 30.8% over the past 60 days for 2025, projecting a 41.55% year-over-year earnings decline, the stock's compressed valuation accurately prices in the company's bleak near-term prospects and structural challenges.
JD.com, Inc. Price and Consensus
The Food Delivery Disaster Destroying Shareholder Value
JD.com's aggressive expansion into food delivery through JD Takeaway represents one of the most financially destructive strategic decisions in recent corporate history. The company's New Businesses segment, primarily driven by food delivery operations, reported a staggering operating loss of RMB 14.8 billion in the second quarter alone, representing a negative operating margin of 106.7%. This catastrophic performance followed a RMB 1.3 billion loss in the second quarter, indicating an accelerating cash burn that shows no signs of abating.
The damage extends beyond quarterly losses. With projected food delivery losses of RMB 34 billion for 2025, this single segment threatens to wipe out 36% of JD.com's total operating profit. The company's attempt to challenge entrenched competitors Meituan and Alibaba's BABA Ele.me through a RMB 10 billion subsidy war represents a desperate gamble that is unlikely to succeed given Meituan's commanding 64-67% market share dominance.
Collapsing Profitability and Cash Flow Crisis
The financial devastation from JD.com's ill-conceived expansion strategy becomes even more alarming when examining broader profitability metrics. Net income attributable to ordinary shareholders plummeted 50.8% year over year to RMB 6.2 billion in the second quarter, despite robust revenue growth. Non-GAAP net income similarly collapsed 49% year over year to RMB 7.4 billion, demonstrating that this isn't merely an accounting issue but fundamental operational deterioration.
Most concerning is the complete collapse in cash generation capabilities. Free cash flow nosedived to negative RMB 21.6 billion in the first quarter, while the second quarter showed only modest recovery to RMB 22 billion, down 55% from RMB 49.6 billion in the prior year. Rolling 12-month free cash flow has catastrophically declined over 80% from RMB 55.6 billion to just RMB 10.1 billion. This cash flow destruction occurs precisely when JD.com needs capital most to fund its money-losing ventures and maintain competitiveness in its core business.
The company's operating margin compressed to just 0.3% on a non-GAAP basis in the second quarter, while net profit margin fell to 3.77% as of March 2025. These margins rank among the worst in China's major tech sector, indicating severe operational inefficiencies and unsustainable competitive positioning. With the company burning through RMB 12.4 billion in financing activities during the second quarter, primarily for dividends and share buybacks it can ill afford, the financial pressure continues to mount.
Intensifying Competition and Regulatory Threats
JD.com faces an increasingly hostile competitive environment where its traditional advantages are rapidly eroding. Alibaba maintains approximately 80% market share in China's e-commerce sector, while PDD Holdings PDD continues to capture price-conscious consumers with its innovative C2M model and aggressive international expansion through Temu. JD.com's market share stands at merely 15.9%, leaving it vulnerable to being squeezed between larger competitors and nimble upstarts. The company also competes globally with Amazon AMZN, eBay, and Walmart.
JD.com's stock has severely underperformed the broader market throughout 2024 and into 2025, declining approximately 18.5% over the trailing three-month period while the industry, the Zacks Retail-Wholesale sector and the S&P 500 index have returned 10.4%, 5.9% and 9%, respectively. In comparison, Alibaba, Amazon and PDD have gained 16%, 8.7% and 22.1%, respectively, in the same time frame.
JD Underperforms Sector, Competitors In 3-Month Period
Image Source: Zacks Investment Research
The competitive dynamics have triggered destructive price wars across multiple fronts. China's State Administration for Market Regulation summoned JD.com, Meituan, and Alibaba in May 2025, warning against anti-competitive practices and predatory pricing. This regulatory scrutiny threatens to limit JD.com's ability to subsidize growth, potentially accelerating market share losses in both core e-commerce and new ventures.
The company's desperate promotional tactics, including coffee priced at RMB 2 yuan through massive subsidies, demonstrate the unsustainable nature of its current strategy. The food delivery segment alone requires maintaining more than 150,000 full-time delivery workers, creating massive fixed cost obligations that will pressure margins for years. These losses are likely to persist through 2026, with profitability remaining elusive even under optimistic scenarios.
Conclusion
JD.com's 9.74x P/E ratio reflects not opportunity but a value trap that will likely ensnare unwary investors throughout 2025. The combination of collapsing profitability, cash flow destruction, strategic missteps in food delivery, and intensifying competitive pressures creates a toxic mix that makes the stock uninvestable. With analysts cutting price targets and earnings forecasts while the company burns through cash reserves, investors should recognize that sometimes a low valuation exists for compelling reasons. The prudent course is clear: avoid JD.com stock entirely and seek opportunities elsewhere in 2025. JD.com currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why JD.com's 9.74x P/E Ratio Doesn't Make it a Buy: 3 Red Flags

The following are the top rated Consumer Discretionary stocks according to Validea's Earnings Yield Investor model based on the published strategy of Joel Greenblatt. This value model looks for companies with high return on capital and earnings yields.
CROCS INC (CROX) is a mid-cap growth stock in the Footwear industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Crocs, Inc. is engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. The Company's brands include Crocs and HEYDUDE. The Crocs Brand's collection contains Croslite material, a proprietary, molded footwear technology. It also uses Croslite material formulations in connection with material technologies used in its visible comfort collections, such as its LiteRide and Free Feel Technology products. The HEYDUDE Brand offers shoes with an iconic and versatile loafer silhouette with many wearing occasions that focus on casualization, comfort-led functionality and personalization. It sells its products in more than 80 countries, through wholesale and direct-to-consumer channels. Its wholesale channel includes domestic and international multi-brand retailers, e-tailers and others. Its direct-to-consumer channel includes Company-operated retail stores, Company-operated e-commerce sites and third-party marketplaces.
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 CROCS INC
BATH & BODY WORKS INC (BBWI) is a mid-cap value stock in the Retail (Specialty) industry. The rating according to our strategy based on Joel Greenblatt is 100% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Bath & Body Works, Inc. is a global omnichannel retailer focused on personal care and home fragrance. The Company offers a range of fragrances for the body and home, including selling collections for 3-wick candles, home fragrance diffusers, fine fragrance mists, liquid hand soaps, body lotions and body creams. It delivers customers their fragrances in multiple forms and categories. The Company sells merchandise through its retail stores in the United States and Canada, and through its Websites and other channels, under the Bath & Body Works, White Barn and other brand names. The Companys international business is conducted through franchise, license and wholesale partners. It provides in-store experiences at more than 1,890 Company-operated Bath & Body Works locations in the United States and Canada, more than 525 international franchised locations and an online storefront at bathandbodyworks.com. Additionally, it offers a buy online pick-up in-store (BOPIS) option.
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 BATH & BODY WORKS INC
ABERCROMBIE & FITCH CO (ANF) is a mid-cap value stock in the Retail (Apparel) industry. The rating according to our strategy based on Joel Greenblatt is 90% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Abercrombie & Fitch Co. is a global, digitally led omnichannel specialty retailer of apparel and accessories. The Company offers an assortment of apparel, personal care products and accessories for men, women and kids, which are sold primarily through its Company-owned stores and digital channels, as well as through various third-party arrangements. The Companys brands include Abercrombie brands, which includes Abercrombie & Fitch, abercrombie kids, and Your Personal Best (YPB), and Hollister brands, which include Hollister and Gilly Hicks. Its geographic segments include the Americas, EMEA, and APAC. The Company also offers its loyalty programs, which include Abercrombies myAbercrombie and Hollisters Hollister House Rewards. The Company operates approximately 790 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites abercrombie.com, abercrombiekids.com, and hollisterco.com.
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 ABERCROMBIE & FITCH CO
BEST BUY CO INC (BBY) is a large-cap growth stock in the Retail (Specialty) industry. The rating according to our strategy based on Joel Greenblatt is 80% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Best Buy Co., Inc. is engaged in personalizing and humanizing technology solutions. The Company has two segments: Domestic and International. The Domestic segment comprises its operations in all states, districts and territories of the United States and its Best Buy Health business and includes the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Essentials, Best Buy Health, Geek Squad, Imagine That, Insignia, Lively, My Best Buy, My Best Buy Memberships, Pacific Kitchen and Home, TechLiquidators and Yardbird; and the domain names bestbuy.com, lively.com, techliquidators.com and yardbird.com. The International segment comprises all its operations in Canada under the brand names Best Buy, Best Buy Express, Best Buy Mobile, Geek Squad and TechLiquidators and the domain names bestbuy.ca and techliquidators.ca. The Companys product categories include computing and mobile phones, consumer electronics, appliances, entertainment, services and others.
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 BEST BUY CO INC
PDD HOLDINGS INC - ADR (PDD) is a large-cap value stock in the Retail (Specialty) industry. The rating according to our strategy based on Joel Greenblatt is 60% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: PDD Holdings Inc. is a multinational commerce company that owns and operates a portfolio of businesses. The Company is focused on bringing businesses and people into the digital economy, which benefits local communities and small businesses from improved productivity and new opportunities. The Company has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses. Its Pinduoduo platform provides buyers with a comprehensive selection of value-for-money merchandise and fun and interactive shopping experiences. The Temu, a global e-commerce platform which brings together buyers, merchants, manufacturers, and brands from around the world, offers a selection of merchandise in product categories such as apparel, electronic appliances, household goods, sports and fitness, tools and home improvement, and pet supplies.
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 PDD HOLDINGS INC - ADR
About Joel Greenblatt: In his 2005 bestseller The Little Book That Beats The Market, hedge fund manager Joel Greenblatt laid out a stunningly simple way to beat the market using two -- and only two -- fundamental variables. The "Magic Formula," as he called it, produced back-tested returns of 30.8 percent per year from 1988 through 2004, more than doubling the S&P 500's 12.4 percent return during that time. Greenblatt also produced exceptional returns as managing partner at Gotham Capital, a New York City-based hedge fund he founded. The firm averaged a remarkable 40 percent annualized return over more than two decades.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Consumer Discretionary Stocks Based On Joel Greenblatt - 9/2/2025

In early trading on Wednesday, shares of Datadog topped the list of the day's best performing components of the Nasdaq 100 index, trading up 2.4%. Year to date, Datadog has lost about 9.5% of its value.
And the worst performing Nasdaq 100 component thus far on the day is PDD Holdings, trading down 2.9%. PDD Holdings is showing a gain of 24.0% looking at the year to date performance.
Two other components making moves today are DexCom, trading down 1.4%, and Atlassian, trading up 2.1% on the day.
VIDEO: Nasdaq 100 Movers: PDD, DDOG
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq 100 Movers: PDD, DDOG

In early trading on Tuesday, shares of Advanced Micro Devices topped the list of the day's best performing components of the Nasdaq 100 index, trading up 2.0%. Year to date, Advanced Micro Devices registers a 38.0% gain.
And the worst performing Nasdaq 100 component thus far on the day is Charter Communications, trading down 2.5%. Charter Communications is lower by about 22.2% looking at the year to date performance.
Two other components making moves today are Keurig Dr Pepper, trading down 1.6%, and PDD Holdings, trading up 1.8% on the day.
VIDEO: Nasdaq 100 Movers: CHTR, AMD
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq 100 Movers: CHTR, AMD

The S&P 500 Index ($SPX) (SPY) today is up by +0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.14%. September E-mini S&P futures (ESU25) are up +0.03%, and September E-mini Nasdaq futures (NQU25) are up +0.20%.
Stock indexes today are slightly higher on some positive US economic news. The US core capital goods and consumer confidence reports were stronger than expected. Also, the strength in semiconductor makers is supportive of the overall market. In addition, China is sending Vice Commerce Minister Li Chenggang to the US to meet with US trade officials and negotiators, a move that signals trade talks with China are progressing.
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However, fresh concerns over the Fed's independence are weighing on stocks and the dollar after President Trump moved to fire Fed Governor Lisa Cook, citing "sufficient cause" based on allegations she made false statements on one or more mortgage loans. Ms. Cook said she will not resign, and her lawyer pledged to take "whatever actions are needed to prevent" the president's "illegal action."
US July capital goods new orders nondefense ex-aircraft and parts, a proxy for capital spending, rose +1.1% m/m, stronger than expectations of +0.2% m/m.
The US June S&P Core Logic composite-20 home price index eased to +2.14% y/y from +2.81% y/y in May, the smallest increase in two years.
The Conference Board US Aug consumer confidence index fell -1.3 to 97.4, stronger than expectations of 96.5.
The US Aug Richmond Fed manufacturing survey rose +13 to a 5-month high of -7, stronger than expectations of -11.
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.
On the geopolitical front, diplomatic efforts to end the war in Ukraine remain elusive, as the US tries to broker a peace deal between the two countries. On Sunday, Russian Foreign Minister Lavrov said there was no meeting planned between the leaders of Russia and Ukraine and that there "needs to be an agenda first" for a meeting to take place. "This agenda is not ready at all."
The markets this week will focus on any fresh tariff news or developments on ending the Ukraine-Russian war. After Wednesday'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 94% of S&P 500 firms having reported Q2 earnings, about 82% of companies exceeded profit estimates.
Overseas stock markets today are lower. The Euro Stoxx 50 fell to a 1.5-week low and is down -0.74%. China's Shanghai Composite fell from a new 10-year high and closed down -0.39%. Japan's Nikkei Stock 225 dropped to a 2-week low and closed down -0.97%.
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 4.281%.
T-notes are under pressure today after President Trump said he will 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. Also, rising inflation expectations are undercutting T-note prices after the 10-year breakeven inflation expectations rate rose to a 3.5-week high today of 2.438%. In addition, today's stronger-than-expected US core capital goods and consumer confidence reports were bearish for T-notes. Finally, supply pressures are negative for T-notes as the Treasury will auction $69 billion of 2-year T-notes later today as part of this week's $211 billion of T-note and floating-rate note auctions.
Sep T-notes recovered from their worst levels as short covering emerged when Fed Governor Cook said she has no plans to resign and that "no cause exists" for President Trump to fire her.
European government bond yields today are mixed. The 10-year German bund yield is down -2.8 bp to 2.729%. 10-year UK gilt yield rose to a 3-month high of 4.765% and is up +4.9 bp to 4.741%.
The French Aug consumer confidence indicator unexpectedly fell -1 to a 1.75-year low of 87, weaker than expectations of 89.
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
Strength in semiconductor makers today is supportive of the overall market. Advanced Micro Devices (AMD) and ARM Holdings Plc (ARM) are up more than +2%. Also, Qualcomm (QCOM), KLA Corp (KLAC), Micron Technology (MU), Marvell Technology (MRVL), Lam Research (LRCX), and Broadcom (AVGO) are up more than +1%.
Eli Lilly (LLY) is up more than +3% after the company said a second trial of its experimental obesity pill showed patients lost weight and saw significant improvements in blood sugar levels.
Boeing (BA) is up more than +2% to lead gainers in the Dow Jones Industrials after Reuters reported that Korea Air is expected to announce an order for about 100 Boeing airplanes.
EchoStar (SATS) is up more than +75% after AT&T announced an agreement to buy spectrum licenses from the company for about $23 billion.
Semtech (SMTC) is up more than +16% after reporting Q2 adjusted gross margin of 53.2%, above the consensus of 53.0%.
VF Corp (VFC) is up more than +6% after Baird upgraded the stock to outperform from neutral with a price target of $20.
Kinetik Holdings (KNTK) is up more than +2% after S&P Dow Jones Indices announced the company will replace Pacific Premier Bancorp in the S&P SmallCap 600 effective before the opening of trading on Tuesday, September 2.
Brown-Forman (BF.B) is down more than -3% after the company said CFO Cunningham will retire on May 1, 2026.
Keurig Dr Pepper (KDP) is down more than -3% to lead losers in the Nasdaq 100 after HSBC downgraded the stock to hold from buy.
Generac Holdings (GNRC) is down more than -2% after Citigroup downgraded the stock to neutral from buy.
Shoe Carnival (SCVL) is down more than -2% after Seaport Global Securities downgraded the stock to neutral from buy.
Amer Sports (AS) is down more than -1% after holder Anamered Investments sold as much as $163 million of shares in an unregistered block sale between $39.75 to $40.25 per share, below Monday's closing price of $40.69.
Salesforce (CRM) is down more than -1% to lead losers in the Dow Jones Industrials after Oppenheimer & Co. cut its price target on the stock to $315 from $370.
Earnings Reports(8/26/2025)
American Woodmark Corp (AMWD), Box Inc (BOX), Citi Trends Inc (CTRN), Electromed Inc (ELMD), Golden Matrix Group Inc (GMGI), MongoDB Inc (MDB), nCino Inc (NCNO), Okta Inc (OKTA), Ooma Inc (OOMA), PACS Group Inc (PACS), PVH Corp (PVH).
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 Positive Economic News

The S&P 500 Index ($SPX) (SPY) today is up by +0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.01%. September E-mini S&P futures (ESU25) are down -0.06%, and September E-mini Nasdaq futures (NQU25) are down -0.10%.
Stock indexes today are little changed. Fresh concerns over the Fed's independence are weighing on stocks and the dollar after President Trump moved to fire Fed Governor Lisa Cook, citing "sufficient cause" based on allegations she made false statements on one or more mortgage loans. Ms. Cook said she will not resign, and her lawyer pledged to take "whatever actions are needed to prevent" the president's "illegal action."
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On the positive side for stocks is the strength in semiconductor makers. Also, China is sending Vice Commerce Minister Li Chenggang to the US to meet with US trade officials and negotiators, a move that signals trade talks with China are progressing.
Stocks also found support after today's report on US July capital goods new orders nondefense ex-aircraft and parts, a proxy for capital spending, rose +1.1% m/m, stronger than expectations of +0.2% m/m.
The US June S&P Core Logic composite-20 home price index eased to +2.14% y/y from +2.81% y/y in May, the smallest increase in two years.
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.
On the geopolitical front, diplomatic efforts to end the war in Ukraine remain elusive, as the US tries to broker a peace deal between the two countries. On Sunday, Russian Foreign Minister Lavrov said there was no meeting planned between the leaders of Russia and Ukraine and that there "needs to be an agenda first" for a meeting to take place. "This agenda is not ready at all."
The markets this week will focus on any fresh tariff news or developments on ending the Ukraine-Russian war. Later today, the Conference Board's Aug consumer confidence index is expected to fall -0.8 to 96.4. After Wednesday'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 84% 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 94% of S&P 500 firms having reported Q2 earnings, about 82% of companies exceeded profit estimates.
Overseas stock markets today are lower. The Euro Stoxx 50 fell to a 1.5-week low and is down -0.89%. China's Shanghai Composite fell from a new 10-year high and closed down -0.39%. Japan's Nikkei Stock 225 dropped to a 2-week low and closed down -0.97%.
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 4.281%.
T-notes are under pressure today after President Trump said he will 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. Also, rising inflation expectations are undercutting T-note prices after the 10-year breakeven inflation expectations rate rose to a 3.5-week high today of 2.438%. In addition, today's stronger-than-expected July US core capital goods new orders report was bearish for T-notes. Finally, supply pressures are negative for T-notes as the Treasury will auction $69 billion of 2-year T-notes later today as part of this week's $211 billion of T-note and floating-rate note auctions.
Sep T-notes recovered from their worst levels as short covering emerged when Fed Governor Cook said she has no plans to resign and that "no cause exists" for President Trump to fire her.
European government bond yields today are mixed. The 10-year German bund yield is down -1.8 bp to 2.740%. 10-year UK gilt yield rose to a 3-month high of 4.765% and is up +5.3 bp to 4.746%.
The French Aug consumer confidence indicator unexpectedly fell -1 to a 1.75-year low of 87, weaker than expectations of 89.
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
Qualcomm (QCOM) is up more than +1% to lead gainers in the Nasdaq 100, and semiconductor makers after Arete Research Group LLC upgraded the stock to buy from neutral with a price target of $200. Also, Advanced Micro Devices (AMD) is up more than +1% after the company and IBM announced a quantum-centric supercomputing partnership. In addition, ARM Holdings Plc (ARM), Micron Technology (MU), Marvell Technology (MRVL), GlobalFoundries (GFS), and Broadcom (AVGO) are up more than +1%.
Eli Lilly (LLY) is up more than +4% to lead gainers in the S&P 500 after the company said a second trial of its experimental obesity pill showed patients lost weight and saw significant improvements in blood sugar levels.
PDD Holdings (PDD) is up more than +1% to lead gainers in the Nasdaq 100 after Benchmark Company LLC raised its price target on the stock to $160 from $128.
EchoStar (SATS) is up more than +76% after AT&T announced an agreement to buy spectrum licenses from the company for about $23 billion.
Semtech (SMTC) is up more than +8% after reporting Q2 adjusted gross margin of 53.2%, above the consensus of 53.0%.
VF Corp (VFC) is up more than +5% after Baird upgraded the stock to outperform from neutral with a price target of $20.
Kinetik Holdings (KNTK) is up more than +3% after S&P Dow Jones Indices announced the company will replace Pacific Premier Bancorp in the S&P SmallCap 600 effective before the opening of trading on Tuesday, September 2.
Generac Holdings (GNRC) is down more than -2% after Citigroup downgraded the stock to neutral from buy.
Shoe Carnival (SCVL) is down more than -2% after Seaport Global Securities downgraded the stock to neutral from buy.
Amer Sports (AS) is down more than -1% after holder Anamered Investments sold as much as $163 million of shares in an unregistered block sale between $39.75 to $40.25 per share, below Monday's closing price of $40.69.
Brown-Forman (BF.B) is down more than -1% after the company said CFO Cunningham will retire on May 1, 2026.
Keurig Dr Pepper (KDP) is down more than -1% after HSBC downgraded the stock to hold from buy.
Earnings Reports(8/26/2025)
American Woodmark Corp (AMWD), Box Inc (BOX), Citi Trends Inc (CTRN), Electromed Inc (ELMD), Golden Matrix Group Inc (GMGI), MongoDB Inc (MDB), nCino Inc (NCNO), Okta Inc (OKTA), Ooma Inc (OOMA), PACS Group Inc (PACS), PVH Corp (PVH).
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 Pressured by Fed Jitters but Supported by Chip Makers

The S&P 500 Index ($SPX) (SPY) today is down by -0.15%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.17%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.25%. September E-mini S&P futures (ESU25) are down -0.18%, and September E-mini Nasdaq futures (NQU25) are down -0.35%.
Stock indexes are moving lower today, giving back some of last Friday’s sharp rally. Concerns about tariffs and their impact on inflation and corporate profits are weighing on stocks. Also, higher bond yields are negative for stocks, with the 10-year T-note yield up +3 bp to 4.28%.
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Despite last Friday’s dovish comments from Fed Chair Powell, who said the downside risks to the labor market may “warrant adjusting our policy stance,” there are concerns about how much the Fed can lower interest rates, with fears that inflation will rise from still-elevated levels as President Trump’s tariffs move through the economy.
Today’s US economic news was bearish for stocks after the July Chicago Fed national activity index fell -0.37 to -0.19, weaker than expectations of -0.11.
On the geopolitical front, diplomatic efforts to end the war in Ukraine remain elusive, as the US tries to broker a peace deal between the two countries. On Sunday, Russian Foreign Minister Lavrov said there was no meeting planned between the leaders of Russia and Ukraine and that there “needs to be an agenda first” for a meeting to take place. “This agenda is not ready at all.”
Regarding tariffs, President Trump last week 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 new tariff news or developments on ending the Ukraine-Russian war. Later today, July new home sales are expected to climb +0.5% m/m to 630,000. On Tuesday, July capital new orders nondefense ex-aircraft and parts, a proxy for capital spending, are expected to climb +0.2% m/m. Also, the June S&P CoreLogic composite-20 home price index is expected to ease to +2.20% y/y from +2.79% y/y in May. Finally, on Tuesday, the Conference Board’s Aug consumer confidence index is expected to fall -0.8 to 96.4. After Wednesday’s close, Nvidia will release quarterly earnings results. 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 82% 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 94% 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 is down -0.47%. China’s Shanghai Composite rallied to a new 10-year high and closed up +1.51%. Japan’s Nikkei Stock 225 closed up +0.41%.
Interest Rates
September 10-year T-notes (ZNU5) today are down -6 ticks, and the 10-year T-note yield is up +3.1 bp to 4.285%. Sep T-notes are under pressure today, giving back some of last Friday’s rally. Concerns that President Trump’s tariffs will push inflation up from still elevated levels are limiting the upside in T-notes. Also, rising inflation expectations are undercutting T-note prices after the 10-year breakeven inflation rate rose to a 3.5-week high today of 2.435%. In addition, supply pressures are negative for T-notes as the Treasury will auction $211 billion of T-notes and floating-rate notes this week, beginning with Tuesday’s $69 billion auction of 2-year T-notes.
Losses in T-notes are limited due to some positive carryover from last Friday, when Fed Chair Powell said downside risks to employment are rising and the shifting balance of risks may warrant adjusting monetary policy.
European government bond yields today are moving higher. The 10-year German bund yield is up +4.9 bp to 2.771%. 10-year UK gilts are not trading today, with markets closed in the UK for the summer bank holiday.
The German Aug IFO business climate survey rose +0.4 to a 16-month high of 89.0, stronger than expectations of +0.2 to 88.8.
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
Furniture stocks are falling today after President Trump said that furniture coming from other countries into the US will be tariffed at a rate yet to be determined. RH (RH) and Wayfair (W) are down more than -8%. Also, Williams-Sonoma (WSM) is down more than -3%.
Cryptocurrency-exposed stocks are retreating today with the price of Bitcoin (^BTCUSD) down more than -4% at a 6-week low. Strategy (MSTR), Coinbase Global (COIN), MARA Holdings (MARA), Galaxy Digital (GLXY), and Riot Platforms (RIOT) are down more than -3%.
Keurig Dr Pepper (KDP) is down more than -8% to lead losers in the S&P 500 and Nasdaq 100 after it agreed to buy JDE Peet NV for $18.4 billion.
Eversource Energy (ES) is down more than -5% after the Trump administration blocked construction of Orsted’s almost-finished Revolution offshore wind farm, of which Eversource has liabilities related to the sale to Global Infrastructure Partners.
Axogen (AXGN) is down more than -15% after the FDA extended its review for the company’s Biologics License Application for Avance Nerve Graft by three months till December 5, 2025.
Symbotic (SYM) is down more than -5% after DA Davidson & Co. downgraded the stock to neutral from buy.
American Eagle Outfitters (AEO) is down more than -3% after Bank of America Global Research downgraded the stock to underperform from neutral with a price target of $10.
Dyne Therapeutics (DYN) is up more than +7% after Raymond James upgraded the stock to strong buy from outperform with a price target of $35.
Fabrinet (FN) is up more than +4% after JPMorgan Chase upgraded the stock to overweight from neutral.
PDD Holdings (PDD) is up more than +3% to lead gainers in the Nasdaq 100 after reporting Q2 revenue of 103.98 billion yuan, better than the consensus of 103.93 billion yuan.
MarketAxess Holdings (MKTX) is up more than +1% after Argus Research upgraded the stock to buy from hold with a price target of $212.
Venture Global (VG) is up more than +3% after UBA upgraded the stock to buy from neutral with a price target of $18.
Earnings Reports(8/25/2025)
HEICO Corp (HEI), Napco Security Technologies Inc (NSSC), PDD Holdings Inc (PDD), Semtech Corp (SMTC).
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 Pressured by Rising Bond Yields

In early trading on Monday, shares of PDD Holdings topped the list of the day's best performing components of the Nasdaq 100 index, trading up 2.9%. Year to date, PDD Holdings registers a 34.8% gain.
And the worst performing Nasdaq 100 component thus far on the day is Keurig Dr Pepper, trading down 8.4%. Keurig Dr Pepper is showing a gain of 0.2% looking at the year to date performance.
Two other components making moves today are Palantir Technologies, trading down 4.4%, and Constellation Energy, trading up 1.7% on the day.
VIDEO: Nasdaq 100 Movers: KDP, PDD
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

PDD Holdings Inc.

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