August 15, 2025
S&P futures +0.1% Friday morning after U.S. equities ended mostly lower Thursday, though the S&P 500 eked out a gain to a third straight ATH. Big tech provided support with AMZN a standout, while small caps and sectors including apparel, machinery, builders, building materials, industrial metals, and China tech lagged. Asia mixed overnight—Japan and China up despite softer July activity data, Hong Kong -1%. Europe +0.4%. Treasuries flat to slightly firmer at the front end; DXY -0.4%, gold +0.2%, BTC +0.8%, WTI -0.8%.
Market tone muted ahead of key U.S. macro releases (July retail sales +0.5% m/m expected, core +0.4%), preliminary Michigan sentiment, and the Trump-Putin summit. Despite hotter PPI Thursday, September rate cuts remain fully priced, with Powell expected to lean more dovish at Jackson Hole next week. Bullish drivers include strong Q2 earnings/revisions, high margins, tariff mitigation, AI optimism, buybacks, retail impulse, low vol, and fiscal clarity.
Corporate news:
- AMAT down on weaker-than-expected Q4 guide, citing China normalization, likely export license denials, and softer demand from leading-edge customers.
- SNDK beat Q4 but gave light Q1 guide; GM outlook under scrutiny.
- UNH rallied after 13F filings showed Buffett and Tepper stakes; Berkshire also took positions in LEN, DHI, NUE.
- INTC extended Thursday’s rally on reports the U.S. government may take a strategic stake.
U.S. equities finished little changed Thursday, with the S&P 500 +0.03% to a new ATH, Dow flat, Nasdaq -0.01%, and R2K -1.24%. Breadth was negative as the cap-weighted S&P outperformed the equal-weight index by ~70 bps. The session was quiet despite a hotter July PPI (+0.9% m/m vs. +0.2% cons.) driven mainly by services (+1.1% m/m). The release trimmed odds of a 50 bp September cut (~92% now for 25 bp), though economists see limited PCE spillover. Initial claims came in at 224K vs. 230K cons.; continuing claims also below forecast. Treasuries sold off with yields +6 bps, DXY +0.4%, gold -0.7%, BTC -3.9% on Bessent’s comments about U.S. crypto policy, and WTI +2.1%.
Sector Highlights
Leaders included Financials (+0.55%), Health Care (+0.50%), Consumer Discretionary (+0.45%), and Communication Services (+0.42%) on strength in banks, credit cards, entertainment, and pharma. Laggards were Industrials (-0.88%) and Materials (-0.81%) on weakness in ag machinery, building products, and metals, with Consumer Staples (-0.74%), Real Estate (-0.72%), and Utilities (-0.71%) also trailing. Energy (-0.17%) and Technology (+0.03%) were mixed, as semi weakness offset select large-cap gains
- Information Technology:
- INTC +7.4% — In talks with Trump administration on possible U.S. government stake.
- CSCO -1.6% — Q4 beat; Product strength offset by weaker Services; FY26 guide bracketed consensus; AI momentum noted, Security weakness flagged.
- COHR -19.6% — Q4 beat but DC growth underwhelmed; Q1 guide missed; announced A&D divestiture.
- Consumer Discretionary:
- TPR -15.7% — Q4 beat but FY EPS guide below Street; tariff/duty headwinds.
- AAP -8.0% — Q2 beat but FY EPS cut on higher interest expense.
- BIRK — Beat sales/margins; maintained FY guide.
- BMBL -15.1% — Large share block sale reported.
- Financials:
- DLO +31.3% — Q2 beat; guidance raised; strong LatAm growth.
- CVS +1.3% — Upgraded at Baird on benefits turnaround confidence.
- Industrials:
- DE -6.8% — Q3 EPS beat but quality questioned; FY net income guidance cut.
- ITW -1.8% — Downgraded at Barclays on slow SCI recovery, valuation.
- Health Care:
- MASI -2.6% — AAPL announced competing blood oxygen feature for Apple Watch.
- Communication Services:
- RBLX -1.2% — Louisiana AG lawsuit over child safety.
- CRWV -15.5% — Testing market for block sales; lockup expiration ahead.
- Utilities/Energy:
- WULF +59.5% — AI hosting deals; long-term HPC site lease.
Eco Data Releases | Friday August 15th, 2025
S&P 500 Constituent Earnings Announcements | Friday August 15th, 2025
No constituents report today
Data sourced from FactSet Research Systems Inc.
