September 10, 2025
S&P futures flat after U.S. equities closed mostly higher Tuesday, with the S&P 500 setting another record despite negative breadth and weakness in the equal-weight index. Big tech (NVDA, GOOGL, META) and AI names led, joined by managed care, China tech, energy, and retail favorites. Media, homebuilders, industrials, and apparel lagged. Asia rallied overnight on tech strength, and Europe is modestly higher (+0.2%). Treasuries mixed. Dollar steady, gold flat, Bitcoin +0.8%, WTI +0.6%.
AI momentum drove markets after Oracle’s massive RPO beat, building on bullish commentary at Goldman’s tech conference and last week’s Broadcom results. Trade/geopolitics remained in focus as Trump urged Europe to impose steep tariffs on China and India over Russian energy and pledged U.S. alignment, while SCOTUS agreed to fast-track review of IEEPA tariffs. A judge also blocked Trump from firing Fed Governor Cook pending her lawsuit. Inflation data is the near-term focus with PPI today and CPI Thursday, though expectations for easing remain anchored by labor market weakness.
On today’s calendar: August PPI (headline/core seen +0.3% m/m) and a $39B 10Y auction. CPI, jobless claims, and a $22B 30Y auction follow Thursday; Michigan sentiment closes the week Friday. Fed remains in blackout ahead of next week’s FOMC.
Company News
- Oracle (ORCL): Surged post-earnings on a 359% y/y jump in RPO to $455B, driven by four mega-contracts.
- TSMC (TSM): Reported +34% August revenue on strong AI demand.
- Synopsys (SNPS): Dropped after Q3 miss; weakness in Design IP tied to China restrictions and customer transition.
- Rubrik (RBRK): Beat estimates and raised FY26 ARR guidance; shares muted after strong YTD run (+50%).
- AeroVironment (AVAV): Beat with commentary on near-term award opportunities.
- Bill Holdings (BILL): Reported under further activist scrutiny as Elliott builds large stake
U.S. equities finished mostly higher Tuesday (Dow +0.43% | S&P 500 +0.27% | Nasdaq +0.37% | Russell 2000 -0.55%), with major indices closing at fresh record highs after a sharp late-session rally, though breadth was negative and the equal-weight S&P slipped. Treasuries weakened, led by the front end, with yields up ~6 bp following several sessions of declines. The $58B 3Y auction was well received. Dollar index rose 0.4%, while yen strength remained the big FX story on hawkish BoJ commentary. Gold gained 0.1%, Bitcoin slipped 0.7%, and WTI crude rose 0.7% after pulling back from early gains tied to escalating Middle East tensions.
The BLS annual payroll benchmark revision showed a 911K downward adjustment, larger than the ~800K consensus, concentrated in trade/transport, leisure/hospitality, professional services, and manufacturing. The revision reinforced the labor softening narrative but did not materially shift rate expectations, with futures still pricing nearly 75 bp of easing this year and only modest odds (~10%) of a 50 bp cut in September. Conference season takeaways were constructive, with corporates highlighting stable consumer demand, AI-driven capex, and resilient banking sector fundamentals. Inflation remains in focus with PPI due Wednesday and CPI Thursday, though strategists note labor dynamics may overshadow price data.
Sector Performance
Sector performance was uneven. Communication services (+1.64%) led on strength in Alphabet and Meta. Utilities (+0.71%), healthcare (+0.60%), and energy (+0.54%) also outperformed. Financials (+0.46%) and consumer staples (+0.39%) posted modest gains. On the downside, materials (-1.57%) slumped on lithium supply headlines, while industrials (-0.65%) and real estate (-0.08%) weakened. Technology (+0.01%) and consumer discretionary (+0.09%) finished flat, with Mag 7 mixed and homebuilders/retail soft.
Company Highlights by Sector
Information Technology (XLK, +0.01%)
- Dell (DELL -1.4%): CFO Yvonne McGill resigned; guidance reaffirmed.
- Atlassian (TEAM +5.6%): Announced plans to sunset Data Center products, with nearly all new customers already adopting Cloud.
- SailPoint (SAIL -7.7%): Beat Q2 but issued lighter Q3 guidance and underwhelming ARR outlook.
Communication Services (XLC, +1.64%)
- Alphabet (GOOGL), Meta (META): Led Mag 7 gains on positive AI and advertising outlook.
- Fox (FOX -6.7%) & News Corp (NWS): Fell after Murdoch family trust settlement triggered $3.3B share sale.
Consumer Discretionary (XLY, +0.09%)
- Apple (AAPL): Product event largely in line; stock dipped.
- Casey’s (CASY): Reported solid Q1 with broad-based comp growth.
- Core & Main (CNM -25.4%): Missed Q2, cut FY guidance citing weak residential trends.
Consumer Staples (XLP, +0.39%)
- Cracker Barrel: Suspended store remodels after rebrand backlash.
Healthcare (XLV, +0.60%)
- UnitedHealth (UNH +8.6%): Estimated 78% of membership will be in four-star+ plans.
- Tourmaline Bio (TRML +57.9%): To be acquired by Novartis for $1.4B.
- PACS Group (PACS -28.8%): CFO resigned amid audit allegations.
Financials (XLF, +0.46%)
- Brighthouse (BHF +12.5%): Boosted on takeover interest reports.
- Banks/IBs: Conference updates positive; JPMorgan and Citi flagged solid IB revenue momentum.
Energy (XLE, +0.54%)
- Phillips 66 (PSX +1.6%): Buying remaining 50% of WRB Refining from Cenovus; analysts positive on valuation.
- Talen Energy (TLN +1.6%): Doubled share repurchase program to $2B.
- Albemarle (ALB -11.5%): Weighed down by restart of China’s Yichun lithium mine.
Materials (XLB, -1.57%)
- Teck Resources (TECK +11.3%): Announced merger with Anglo American.
Industrials (XLI, -0.65%)
- Boeing: Delivered 57 aircraft in August, strongest since 2018.
Real Estate (XLRE, -0.08%)
- Boston Properties (BXP): Dividend cut weighed on sector sentiment.
Other Notables
- Nebius (NBIS +49.4%): Secured $17.4B, 5-year AI infrastructure deal with Microsoft; CRWV also benefited.
Eco Data Releases | Wednesday September 10th, 2025
S&P 500 Constituent Earnings Announcements | Wednesday September 10th, 2025
No constituents report today
Data sourced from FactSet Research Systems Inc.
