RH, together with its subsidiaries, operates as a retailer in the home furnishings and operates under RH Galleries and RH brand names in the District of Columbia and Canada, as well as Waterworks showrooms throughout the United States and the United Kingdom. It offers products in various categories, including furniture, lighting, textiles, bathware, décor, outdoor and garden, and child and teen furnishings. The company provides its products through its retail galleries; online through rh.com, rhbabyandchild.com, rhteen.com, and rhmodern.com, as well as waterworks.com, and Source Books, a series of catalogs. The company was formerly known as Restoration Hardware Holdings, Inc. and changed its name to RH in January 2017. RH was incorporated in 2011 and is headquartered in Corte Madera, California.

RH RH, formerly Restoration Hardware, is scheduled to report its second-quarter fiscal 2025 (ended Aug. 2) results on Sept. 11, after market close.
In the last reported quarter, the company’s earnings topped the Zacks Consensus Estimate by 244.4% while the net revenues missed the same by 0.5%, respectively. Year over year, the metrics grew 132.5% and 12%, respectively.
RH reported better-than-expected earnings in two of the last four quarters and missed on the remaining two occasions, the average surprise being 57.6%.
How are RH’s Estimates Placed?
For the fiscal second quarter, the Zacks Consensus Estimate for earnings per share (EPS) has moved down to $3.19 from $3.29 in the past seven days. However, the newly estimated figure indicates an increase of 88.8% from $1.69 per share reported in the year-ago quarter.
RH Price and EPS Surprise
The consensus mark for net revenues is pegged at $905.5 million, indicating growth of 9.1% from the year-ago figure of $829.7 million.
Factors That are Expected to Have Impacted RH’s Q2 Performance
RH’s top line is expected to have increased year over year in the fiscal second quarter because of the benefits realized from the investments made to elevate and expand its product offerings and platform. Moreover, favorable market demand trends in the Furniture & Home Furnishing business space are expected to have catalyzed the growth in the to-be-reported quarter. Additionally, the demand patterns and gains from the international market, particularly in Europe, are expected to have provided an additional revenue stream, thereby boosting its top-line growth.
For the fiscal second quarter, RH expects revenues to grow year over year by 8-10%.
Also, RH’s strategy to digitally reimagine the brand and business model is likely to have been boding well. Going forward, the company expects to make significant investments to enhance and differentiate its online experience, with plans to upgrade its website throughout 2025.
On the bottom-line front, RH’s earnings and margins are expected to have improved in the fiscal second quarter due to its ongoing efforts in shifting its sourcing out of China. To minimize the adverse impacts caused by the new tariff regime and inflationary pressures, this strategic resourcing effort is expected to have increased margins alongside enhanced top-line leverage.
For the quarter to be reported, RH expects the adjusted operating margin to be between 15% and 16%, up from 11.7% reported in the year-ago quarter. Its expectations for adjusted EBITDA margin in the range of 20.5-21.5% also reflect year-over-year growth from 17.2%.
What the Zacks Model Says for RH
Our proven model does predict an earnings beat for RH this time around. A combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
RH’s Earnings ESP: The company has an Earnings ESP of +2.51%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
RH’s Zacks Rank: It currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Peer Releases
Williams-Sonoma Inc. WSM reported results for the second-quarter fiscal 2025 (ended Aug. 3), with earnings and net revenues beating the Zacks Consensus Estimate and increasing year over year.
The quarter’s performance was driven by positive comps in both furniture and non-furniture, and strong performance in its retail and ecommerce channels. With a strong omnichannel platform and infrastructure, going forward, Williams-Sonoma expects to beat its expectations and multiply growth across its brands, despite macro challenges. Williams-Sonoma now projects fiscal 2025 annual net revenues in the range of +0.5% to +3.5% (from -1.5% to +1.5%), with comparable brand revenue growth now expected to be between +2.0% and +5.0% (from flat to +3.0%).
Lowe’s Companies, Inc. LOW posted second-quarter fiscal 2025 results with year-over-year growth in both the top and bottom lines. While revenues came in just shy of the Zacks Consensus Estimate, earnings surpassed the same.
The Mooresville, NC-based home improvement retailer returned to positive comparable sales during the quarter, with a 1.1% increase in comparable sales as both Pro and DIY customers contributed despite a challenging start to the quarter from the weather. Management of Lowe’s also updated its full-year outlook following the completion of the Artisan Design Group (“ADG”) acquisition. Total sales are now projected between $84.5 billion and $85.5 billion, up from the prior range of $83.5-$84.5 billion.
The Home Depot Inc. HD has reported second-quarter fiscal 2025 results, wherein both the sales and earnings missed the Zacks Consensus Estimate. However, both metrics improved year over year. Also, comparable sales increased year over year.
Home Depot is confident about its initiatives to strengthen the business. Management highlighted continued momentum in smaller home-improvement projects and reiterated its focus on building the best interconnected experience for customers and growing share, while reaffirming fiscal 2025 guidance. Home Depot anticipates sales to increase 2.8% year over year, with adjusted earnings per share expected to fall 2%.
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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.

RH Gears to Report Q2 Earnings: Here's What Investors Must Know

Monday, September 8, 2025
We’re setting up for a new trading week with some matters of importance this morning, with major indexes in the green: the Dow is +67 points at this hour, the S&P 500 is +12 and the Nasdaq +79 points. Bond yields continue to gradually shrink before our eyes: the 10-year is now down to +4.07% and the 2-year is +3.49%.
Especially pleased with conditions this morning are investors of Robinhood HOOD and Applovin APP, which it has been announced will soon enter the S&P 500 — far increasing their exposure to a wider spectrum of investor. HOOD is +8% at this hour, while APP is +9%.
What to Expect from the Stock Market This Week
Likely the most impactful numbers reporting this week will be the Producer Price Index (PPI) and Consumer Price Index (CPI), the wholesale and retail levels of inflation for the month of August — on Wednesday (PPI) and Thursday (CPI). Both have begun to warm up since tariff policies started taking hold this spring and summer.
Year-over-year CPI, aka the Inflation Rate, is expected to come up 20 basis points (bps) to +2.9% from the +2.7% reported over the previous two months. This level was in between the near-term high +3.0% in January and +2.3% in April. That April print was the closest we had come since the Great Reopening to the Fed’s optimum +2% inflation rate.
Core CPI last time around was +3.1%, back to where we were in February of this year and above the March, April, May level of +2.8%, which was the lowest print since March 2021. For PPI, much the same: +3.3% last time and +2.8% on core — springing up from recent lows on both metrics.
These reports are the most serious threat to the current market narrative that the Fed is finally going to start cutting interest rates again a week from Wednesday. But even at 3-handles on both CPI and PPI releases, we don’t feel they would be inflationary enough to thwart the Fed’s duty to the other side of its dual-mandate: full employment.
As we saw in last week’s Jobs Report, we’re now sub-100K new jobs per month for the first time since the Covid pandemic. We also saw the first month of negative jobs growth since the first Trump administration, at -13K in June of this year. Needless to say, none of this is in keeping with a robust job market, which we’d been enjoying over the past few years. Currently, this is Job One for the Fed in taking action via monetary policy.
Also, while Q2 Earnings Season is basically in the books — and better than expected overall, even if guidance looks to be softening in a general sense — we still get to hear from a few key companies this week. Among them are Oracle ORCL on Tuesday after the close, and Adobe ADBE, Kroger KR and RH RH on Thursday.
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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.

CPI, PPI This Week - Also ORCL, ADBE Earnings

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Trump Media & Technology Group Corp (Symbol: DJT), where a total of 34,392 contracts have traded so far, representing approximately 3.4 million underlying shares. That amounts to about 53.7% of DJT's average daily trading volume over the past month of 6.4 million shares. Especially high volume was seen for the $18 strike put option expiring September 05, 2025, with 10,162 contracts trading so far today, representing approximately 1.0 million underlying shares of DJT. Below is a chart showing DJT's trailing twelve month trading history, with the $18 strike highlighted in orange:
RH (Symbol: RH) saw options trading volume of 5,431 contracts, representing approximately 543,100 underlying shares or approximately 53.3% of RH's average daily trading volume over the past month, of 1.0 million shares. Especially high volume was seen for the $225 strike put option expiring September 05, 2025, with 383 contracts trading so far today, representing approximately 38,300 underlying shares of RH. Below is a chart showing RH's trailing twelve month trading history, with the $225 strike highlighted in orange:
And Texas Instruments Inc. (Symbol: TXN) saw options trading volume of 30,758 contracts, representing approximately 3.1 million underlying shares or approximately 53.2% of TXN's average daily trading volume over the past month, of 5.8 million shares. Especially high volume was seen for the $207.50 strike put option expiring September 05, 2025, with 3,853 contracts trading so far today, representing approximately 385,300 underlying shares of TXN. Below is a chart showing TXN's trailing twelve month trading history, with the $207.50 strike highlighted in orange:
For the various different available expirations for DJT options, RH options, or TXN options, visit StockOptionsChannel.com.
Also see:
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Institutional Holders of WRD
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: DJT, RH, TXN

The S&P 500 Index ($SPX) (SPY) on Monday closed down by -0.43%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down by -0.77%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -0.31%. September E-mini S&P futures (ESU25) fell -0.37%, and September E-mini Nasdaq futures (NQU25) fell -0.26%.
Stock indexes settled lower on Monday and gave back some of last Friday’s sharp rally. Concerns about tariffs and their impact on inflation and corporate profits weighed on stocks. Also, higher bond yields were negative for stocks, as the 10-year T-note yield rose +3 bp to 4.28%. Stock indexes recovered from their worst levels on strength in chip makers.
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The markets were optimistic about last Friday’s dovish comments from Fed Chair Powell, who said the downside risks to the labor market may “warrant adjusting our policy stance.” However, 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.
Monday’s US economic news was mixed for stocks. The July Chicago Fed national activity index fell -0.37 to -0.19, weaker than expectations of -0.11. However, July new home sales unexpectedly fell -0.6% m/m to 652,000 from an upwardly revised 656,000 in June (initially reported 627,000), still stronger than expectations of 630,000.
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 fresh tariff news or developments on ending the Ukraine-Russian war. 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 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 83% 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 on Monday settled mixed. The Euro Stoxx 50 closed down -0.81%. 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) on Monday closed down -5.5 ticks, and the 10-year T-note yield rose +2.5 bp to 4.279%. Sep T-notes were under pressure on Monday as they gave 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 expectations rate rose to a 3.5-week high on Monday 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 were limited due to weakness in stocks, which boosted safe-haven demand for T-notes. Also, T-notes had 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 on Monday moved higher. The 10-year German bund yield rose +3.5 bp to 2.757%. 10-year UK gilts did not trade on Monday as markets were 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 fell Monday 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) closed down more than -5%. Also, Williams-Sonoma (WSM) closed down more than -2%.
Cryptocurrency-exposed stocks slid Monday after the price of Bitcoin (^BTCUSD) fell more than -4% to a 6-week low. Strategy (MSTR), Coinbase Global (COIN), MARA Holdings (MARA), and Galaxy Digital (GLXY) closed down more than -2%.
Makers of Covid-19 vaccines retreated Monday after the Daily Beast reported that the US government will move to pull MRNA vaccines from the market “within months.” Moderna (MRNA) closed down more than -6%, BioNTech SE (BNTX) closed down more than -5%, Novavax (NVAX) closed down more than -4%, and Pfizer (PFE) closed down more than -2%.
The strength in chip stocks on Monday limited losses in the broader market. Nvidia (NVDA) closed up more than +1% to lead gainers in the Dow Jones Industrials. Also, Lam Research (LRCX) and KLA Corp (KLAC) closed up more than +1%. In addition, Analog Devices (ADI) closed up +0.91%, and NXP Semiconductors NV (NXPI) closed up +0.78%.
Casino stocks with exposure to Macau moved higher on Monday after data showed gaming revenue in Macau in the first 17 days of August was up by +11% from the same period last year. Wynn Resorts Ltd (WYNN) closed up more than +3% and Las Vegas Sands (LVS) closed up more than +2%.
Keurig Dr Pepper (KDP) closed down more than -11% to lead losers in the S&P 500 and Nasdaq 100 after it agreed to buy JDE Peet NV for $18.4 billion.
CSX Corp (CSX) closed down more than -5% and Union Pacific (UNP) closed down more than -2% after Berkshire Hathaway said it is not looking to buy a rail company.
Eversource Energy (ES) closed down more than -4% 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) closed down more than -9% after the FDA extended its review for the company’s Biologics License Application for Avance Nerve Graft by three months till December 5, 2025.
American Eagle Outfitters (AEO) closed down more than -2% after Bank of America Global Research downgraded the stock to underperform from neutral with a price target of $10.
Fabrinet (FN) closed up more than +6% after JPMorgan Chase upgraded the stock to overweight from neutral.
Dyne Therapeutics (DYN) closed up more than +3% after Raymond James upgraded the stock to strong buy from outperform with a price target of $35.
Venture Global (VG) closed up more than +3% after UBA upgraded the stock to buy from neutral with a price target of $18.
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.
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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 Settle Lower as Bond Yields Rise

Key Points
President Donald Trump announced furniture-specific tariffs would be coming within 50 days.
It's unclear if these tariffs would be in addition to tariffs on specific countries.
RH sources 90% of its furniture overseas, so it would be vulnerable to an overly punitive tariff rate.
Shares of RH (NYSE: RH) fell on Monday, declining as much as 10% before recovering to a 5% loss as of 1:07 p.m. ET.
Furniture makers got a big boost on Friday, after Federal Reserve Chair Jay Powell's speech hinted at interest rate cuts in the months ahead.
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However, the good times didn't last, as President Donald Trump took to his social media platform, Truth Social, this morning to state that furniture-specific tariffs would be forthcoming.
Fifty days until more furniture tariffs?
A lot of furniture makers like RH had traditionally built their goods in China, but during the first Trump administration, many began to diversify their supply chains to other Southeast Asian countries like Vietnam. After the most recent bout of tariff negotiations, China tariffs are currently around 55%, while the tariff on Vietnam is 20%.
Still, that doesn't appear to be good enough for Trump, who wrote on Truth Social this morning:
I am pleased to announce that we are doing a major Tariff Investigation on Furniture coming into the United States. Within the next 50 days, that Investigation will be completed, and Furniture coming from other Countries into the United States will be Tariffed at a Rate yet to be determined. This will bring the Furniture Business back to North Carolina, South Carolina, Michigan, and States all across the Union. Thank you for your attention to this matter!
It was unclear if the furniture tariffs would be in addition to country-specific tariffs, or if furniture would carry a special tariff outside of the country tariffs. It appears furniture makers will find out in 50 days or so.
If the tariffs are onerous, it could be a problem for RH, which only sourced 10% of its furniture from within the United States in 2024, in terms of dollar volume. The other 90% was split among Vietnam, China, Europe, Indonesia, and India, in that order of importance.
RH had been on its way to a recovery
RH's revenue had turned up in its recent quarter, up 12% from the prior year. However, RH is lapping extremely depressed results from last year, which portrayed what CEO Gary Friedman called "the worst housing market in almost 50 years."
New tariffs certainly won't help the recovery, but could they derail it? RH is a premium manufacturer, so it may be able to raise prices, especially if lower interest rates lead to a housing rebound. However, if demand isn't there, the last couple of years have shown that even RH isn't immune from cutting prices and squeezing margins.
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Why RH Stock Plunged Today

The S&P 500 Index ($SPX) (SPY) today is down by -0.15%, the Dow Jones Industrials Index ($DOWI) (DIA) is down by -0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.03%. September E-mini S&P futures (ESU25) are down -0.13%, and September E-mini Nasdaq futures (NQU25) are up +0.05%.
Stock indexes are mixed 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 +4 bp to 4.29%. Stock indexes recovered from their worst levels and are trading mixed due to strength in the Magnificent Seven technology stocks.
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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 mixed for stocks. The July Chicago Fed national activity index fell -0.37 to -0.19, weaker than expectations of -0.11. However, Jul new home sales unexpectedly fell -0.6% m/m to 652,000 from an upwardly revised 656,000 in Jun (originally reported 627,000), still stronger than expectations of 630,000.
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. 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 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 mixed. The Euro Stoxx 50 is down -0.33%. 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 -8 ticks, and the 10-year T-note yield is up +3.7 bp to 4.291%. 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 +4.8 bp to 2.770%. 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%.
The Magnificent Seven megacap technology stocks are stronger today and are providing support to the overall market. Nvidia (NVDA) and Alphabet (GOOGL) are up more than +1%. Also, (AAPL) is up +0.37%, Amazon.com (AMZN) is up +0.21%, Microsoft (MSFT) is up +0.09%, and Tesla (TSLA) and Meta Platforms (META) are up +0.07%.
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 -7% 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 -9% after the FDA extended its review for the company’s Biologics License Application for Avance Nerve Graft by three months till December 5, 2025.
American Eagle Outfitters (AEO) is down more than -2% 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 +8% after Raymond James upgraded the stock to strong buy from outperform with a price target of $35.
Fabrinet (FN) is up more than +6% after JPMorgan Chase upgraded the stock to overweight from neutral.
Venture Global (VG) is up more than +4% after UBA upgraded the stock to buy from neutral with a price target of $18.
Intel (INTC) is up more than +1% to lead gainers in the Nasdaq 100 after the US government took a 10% stake in the company.
MarketAxess Holdings (MKTX) is up more than +1% after Argus Research upgraded the stock to buy from hold with a price target of $212.
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 Turn Mixed on Strength in the Magnificent Seven Megacaps

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 trading on Wednesday, home furnishings & improvement shares were relative laggards, down on the day by about 2.1%. Helping drag down the group were shares of La-Z-Boy, off about 14% and shares of RH off about 6.3% on the day.
Also lagging the market Wednesday are airlines shares, down on the day by about 2% as a group, led down by Frontier Group Holdings, trading lower by about 6.1% and Wheels Up Experience, trading lower by about 5.7%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Wednesday Sector Laggards: Home Furnishings & Improvement, Airlines

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in RH (Symbol: RH), where a total volume of 4,812 contracts has been traded thus far today, a contract volume which is representative of approximately 481,200 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 47.1% of RH's average daily trading volume over the past month, of 1.0 million shares. Especially high volume was seen for the $220 strike put option expiring August 22, 2025, with 1,138 contracts trading so far today, representing approximately 113,800 underlying shares of RH. Below is a chart showing RH's trailing twelve month trading history, with the $220 strike highlighted in orange:
Best Buy Inc (Symbol: BBY) saw options trading volume of 13,431 contracts, representing approximately 1.3 million underlying shares or approximately 45.3% of BBY's average daily trading volume over the past month, of 3.0 million shares. Especially high volume was seen for the $74 strike call option expiring August 22, 2025, with 2,913 contracts trading so far today, representing approximately 291,300 underlying shares of BBY. Below is a chart showing BBY's trailing twelve month trading history, with the $74 strike highlighted in orange:
And Alaska Air Group, Inc. (Symbol: ALK) saw options trading volume of 11,443 contracts, representing approximately 1.1 million underlying shares or approximately 44.8% of ALK's average daily trading volume over the past month, of 2.6 million shares. Especially high volume was seen for the $60 strike call option expiring September 19, 2025, with 5,130 contracts trading so far today, representing approximately 513,000 underlying shares of ALK. Below is a chart showing ALK's trailing twelve month trading history, with the $60 strike highlighted in orange:
For the various different available expirations for RH options, BBY options, or ALK options, visit StockOptionsChannel.com.
GEN Average Annual Return
Institutional Holders of CLMS
Funds Holding EVR
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Tuesday Option Activity: RH, BBY, ALK

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in RH (Symbol: RH), where a total volume of 7,645 contracts has been traded thus far today, a contract volume which is representative of approximately 764,500 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 67.2% of RH's average daily trading volume over the past month, of 1.1 million shares. Especially high volume was seen for the $340 strike put option expiring August 15, 2025, with 1,720 contracts trading so far today, representing approximately 172,000 underlying shares of RH. Below is a chart showing RH's trailing twelve month trading history, with the $340 strike highlighted in orange:
Varonis Systems, Inc (Symbol: VRNS) saw options trading volume of 10,146 contracts, representing approximately 1.0 million underlying shares or approximately 66.1% of VRNS's average daily trading volume over the past month, of 1.5 million shares. Particularly high volume was seen for the $55 strike call option expiring August 15, 2025, with 5,055 contracts trading so far today, representing approximately 505,500 underlying shares of VRNS. Below is a chart showing VRNS's trailing twelve month trading history, with the $55 strike highlighted in orange:
And Goldman Sachs Group Inc (Symbol: GS) saw options trading volume of 15,535 contracts, representing approximately 1.6 million underlying shares or approximately 64.9% of GS's average daily trading volume over the past month, of 2.4 million shares. Particularly high volume was seen for the $727.50 strike call option expiring August 01, 2025, with 551 contracts trading so far today, representing approximately 55,100 underlying shares of GS. Below is a chart showing GS's trailing twelve month trading history, with the $727.50 strike highlighted in orange:
For the various different available expirations for RH options, VRNS options, or GS options, visit StockOptionsChannel.com.
Institutional Holders of BHAC
MLPA YTD Return
BEL Split History
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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