Early Look

Monday, September 8, 2025

U.S. futures are pointing higher, looking to build on last week gains where the S&P 500 gained 0.33%, and the Nasdaq climbed 1.14% behind strength in mega cap tech and semiconductors (AVGO), though the Dow fell 0.32%. Crude climbs after OPEC+ agrees to ease supply curbs more gradually from October. There are several key catalysts to watch this week ahead of the FOMC policy next week including August consumer prices (CPI), producer prices (PPI) and Oracle (ORCL) earnings results. The Fed is now in the blackout period before its upcoming meeting with data releases including the US PPI, CPI and benchmark revisions by the BLS to the payrolls series likely to set the tone for trade ahead of the rate decision. Expectations for a September interest rate cut appear now well cemented following last week’s softer jobs data and yields having declined all along the curve, but the question may be how much further room there is to run on the downside? We also get the European central Bank (ECB) policy meeting on Thursday 9/11, where no changes to rates are expected. In stock news, Apple (AAPL) will host its annual fall event on Sept. 9th, where the company is expected to debut its latest iPhone and Apple Watch lineups including its highly anticipated iPhone 17 Air. In Asian markets, The Nikkei Index jumped 625 points to 43,643, the Shanghai Index gained 14 points to 3,826, and the Hang Seng Index advanced 215 points to 25,633. In Europe, the German DAX is up 165 points to 23,763, while the FTSE 100 rises 13 points to 9,221.

• The Dow Jones Industrial Average fell -220.43 points, or 0.48%, to 45,400.86
• The Nasdaq Composite slipped -7.31 points, or 0.03%, to 21,700.39
• The Russell 2000 Index advanced 11.43 points, or 1.48% to 2,391.05

• 3:00 PM ET                   Consumer Credit for July

• Earnings After the Close: ABVX AVO CASY MAMA

• Deutsche Bank IAA Cars Conference, 9/8-9/9, in Munich, Germany
• Goldman Sachs Communacopia + Technology Conference, 9/8-9/11, in San Francisco, CA
• Morgan Stanley Global Healthcare Conference, 9/8-9/10
• Morgan Stanley Latin America Conference, 9/8-9/10
• Roth Capital 12th Annual Solar & Storage Symposium, 9/8-9/10, in Las Vegas
• Wolfe Research Tech Conference, 9/8-9/11

• China exports growth in August hits a 6-month low, missing expectations – Exports climbed 4.4% in August in U.S. dollar terms from a year earlier, marking the lowest level since February. Imports rose 1.3% last month from a year ago, missing Reuters’ estimates for a 3% growth.
• Japan’s economy expanded an annualized 2.2% in the April-June period from the previous quarter, much faster than the preliminary reading. The revised gross domestic product (GDP) reading released by the Cabinet Office compared with economists’ median forecast and the initial reading of 1.0% growth.
• The Japanese yen fell broadly following news that Japanese Prime Minister Shigeru Ishiba had resigned, while the dollar was nursing losses after tumbling on a weak U.S. jobs report. The yen slumped in response in early Asia trade on Monday, falling 0.3% against the dollar to 148.83.

• Charter Communications will remain in the S&P 500. AppLovin Corp. (APP), Robinhood Markets (HOOD) and S&P MidCap 400 constituent Emcor Group (EME) will replace MarketAxess Holdings (MKTX), Caesars Entertainment (CZR), and Enphase Energy (ENPH) in the S&P 500, respectively.
• S&P SmallCap 600 constituents MP Materials (MP) and Kratos Defense & Security Solutions (KTOS) will replace Emcor Group and The Wendy’s Company (WEN) in the S&P MidCap 400, respectively.
• MarketAxess Holdings, Caesars Entertainment, Enphase Energy and The Wendy’s Company will replace ProPetro Holdings (PUMP), Xerox Holdings (XRX), MP Materials Corp, and Kratos Defense & Security Solutions in the S&P SmallCap 600, respectively.
• Nutanix (NTNX) and TransUnion (TRU) will replace Acadia Healthcare Company (ACHC) and Manpower Group (MAN) in the S&P MidCap 400, respectively.
• Acadia Healthcare and Manpower Group will replace TechTarget (TTGT) and Mesa Laboratories (MLAB) in the S&P SmallCap 600, respectively.
• Noble Corporation (NE), Q2 Holdings (QTWO), Waystar Holding Corp (WAY) and Hecla Mining Co. (HL) will replace Owens & Minor (OMI), B&G Food (BGS), Jack in the Box (JACK) and Simulations Plus Inc. (SLP) in the S&P SmallCap 600, respectively.

• VinFast (VFS) officially launched its electric SUVs in India: the VF 6 and VF 7.

• TransDigm (TDG) downgraded to Sector Perform from Outperform at RBC Capital and cut tgt to $1,385 from $1,550 saying they see a continued period of uncertainty for the stock.

• Iren (IREN) said Anthony Lewis, who joined the Australia-based company in July as chief capital officer, has succeeded Belinda Nucifora as chief financial officer. IREN also announced in August that AI Cloud expanding to 10.9k NVIDIA GPUs (>80% Blackwells), supported by non-dilutive GPU financing. Expansion opportunity of >60k GPUs9 across British Columbia campuses, anchored by >20k at Prince George10

• Rapport Therapeutics (RAPP) announced that the Phase 2a clinical trial of RAP-219 in patients with drug-resistant focal onset seizures met its primary endpoint, demonstrating a statistically significant reduction in long episodes – an objective electrographic biomarker for clinical seizure reduction – compared with baseline over the 8-week treatment period.
• Regeneron (REGN) advances allergy pipeline with two positive phase 3 trials evaluating first-in-class antibody-blockers of cat and birch allergies; both trials met primary and secondary endpoints; combination therapy well-tolerated with no serious adverse events.
• Summit Therapeutics (SMMT) may have a geography problem with its lung cancer drug ivonescimab. In a study update reported Sunday, patients from North America and Europe treated with the drug saw their lung cancer return and progress faster than patients from China — a discordant result that could complicate Summit’s plans to secure approval of ivonescimab in the U.S. and Europe

• EchoStar (SATS) shares soar as has entered into a definitive agreement with SpaceX’s Starlink to sell the company’s AWS-4 and H-block spectrum licenses for approximately $17B, consisting of up to $8.5B in cash and up to $8.5B in SpaceX stock valued as of the entry into the definitive agreement.
• Clear Channel Outdoor Holdings Inc. (CCO) entered into a definitive agreement to sell its Spanish business to Atresmedia Corporación de Medios de Comunicación S.A. for EUR 115M, approximately USD 135M.