Market Snapshot
| Dow | 45711.34 | +196.39 | (0.43%) | | Nasdaq | 21879.49 | +80.79 | (0.37%) | | SP 500 | 6512.61 | +17.46 | (0.27%) | | 10-yr Note |
|
|
|
| | NYSE | Adv 1062 | Dec 1655 | Vol 1.01 bln | | Nasdaq | Adv 2153 | Dec 2392 | Vol 7.96 bln |
Industry Watch
| Strong: Energy, Financials, Communication Services, Utilities, Health Care, Consumer Staples |
| | Weak: Materials, Industrials, Real Estate |
Moving the Market
Lack of macro catalysts as market awaits PPI data tomorrow, with CPI on Thursday
Rate cut expectations little changed by annual payrolls revision
|
Nasdaq Composite hits record high ahead of inflation data
09-Sep-25 16:35 ET
Dow +196.39 at 45711.34, Nasdaq +80.79 at 21879.49, S&P +17.46 at 6512.61
[BRIEFING.COM] With little in the way of macro catalysts or corporate news, the major averages traded sideways for much of the session before an uptick in buying activity saw the Nasdaq Composite (+0.4%) establish a new record high (21,891.42) and closing high, while the S&P 500 (+0.3%) and DJIA (+0.4%) captured record closing highs of their own.
The major averages benefitted from broad-based sector strength, with the communication services sector (+1.7%) leading the way, supported by strong leadership in its mega-cap components, Alphabet (GOOG 239.94, +5.78, +2.47%) and Meta Platforms (META 765.70, +13.40, +1.78%).
Mega-caps as a unit had a relatively subdued session, though they especially benefitted from the late afternoon buying pickup. The Vanguard Mega Cap Growth ETF (+0.3%) closed with a decent gain after spending the day oscillating around its flatline.
Yesterday's top movers, the information technology (flat) and consumer discretionary (+0.1%) sectors, clawed just above their opening levels after a long stint in negative territory, though their improvement was particularly supportive to the final standings of the S&P 500 and Nasdaq Composite.
While today's advances were modest in nature, they were broad-based, as only the materials (-1.6%), industrials (-0.7%), and real estate (-0.1%) sectors finished lower.
Despite a scarcity of corporate headlines, UnitedHealth (UNH 348.18, +27.93, +8.72%) made a significant upward move following amendments to the company's guidance disclosure.
Meanwhile, Apple (AAPL 234.35, -3.53, -1.48%) traded lower following the company's annual product launch event, with investor focus on iPhone pricing. The iPhone Air will debut at $999 as the slimmer entry model, while the price of the iPhone Pro rose by $100 to $1,099.
There were no notable economic data releases today, though attention centered on the preliminary benchmark revision to payroll growth estimates for March 2024-March 2025. The revision showed a record overstatement of 911,000 jobs, confirming expectations for a significant downward adjustment.
The stock market had a muted reaction to the revision, as rate cut expectations hardly changed in response. The market is still fully pricing in a 25-basis point rate cut at the September FOMC meeting, while the CME FedWatch assigns an 8.2% probability of a 50-basis point cut, down from 10.6% yesterday.
While smaller cap indices might have gained momentum in response to heightened expectations for a 50-basis point cut, the Russell 2000 retreated 0.6%, with the S&P Mid Cap 400 slipping 0.9%.
Market focus now turns to tomorrow's release of August PPI data, with CPI to follow on Friday. Those inflation readings, if hotter than expected, could revive concerns about the broader health of the economy and test the market's conviction in its current rate cut expectations for the October and December FOMC meetings.
U.S. Treasuries retreated on Tuesday, making for a shallow pullback after four days of gains that sent yields to their lowest levels in at least three months. There was some light buying after the U.S. Treasury kicked off this week's note and bond auction slate with a strong sale of 3-year notes that saw stellar foreign demand. The 2-year note yield settled up five basis points to 3.54% and the 10-year note yield settled up three basis points to 4.72%.
- Nasdaq Composite: +13.3% YTD
- S&P 500: +10.7% YTD
- DJIA: +7.4% YTD
- Russell 2000: +6.8% YTD
- S&P Mid Cap 400: +4.7% YTD
Reviewing today's economic data:
- The NFIB Small Business Optimism Index rose to 100.8 in August from 100.3 in July.
Technology sector missing out on late-day advance
09-Sep-25 15:30 ET
Dow +177.21 at 45692.16, Nasdaq +65.10 at 21863.80, S&P +15.08 at 6510.23
[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.4%), and DJIA (+0.4%) are holding on to decent gains as the market enters the final half hour of trading.
While an increase in buying activity has improved sector strength this afternoon, the information technology sector (-0.2%) remains below its flatline.
Apple (AAPL 233.93, -3.95, -1.66%) trades lower following its product release event, which unveiled the new iPhone 17, among other products, but came with a $100 price increase on its iPhone Pro model.
Microsoft (MSFT 498.52, +0.32, +0.06%) trades flat after The Information reported that the company will purchase AI technology from Anthropic, shifting away from its OpenAI collaboration.
Chipmakers are also putting up a flat performance, with the PHLX Semiconductor Index unchanged for the day.
Communication services sector widens gain
09-Sep-25 15:05 ET
Dow +187.78 at 45702.73, Nasdaq +44.12 at 21842.82, S&P +12.32 at 6507.47
[BRIEFING.COM] The DJIA (+0.5%) is now just a handful of points away from establishing a new all-time high, while the S&P 500 (+0.2%) and Nasdaq Composite (+0.2%) also trade near session highs.
The communication services sector (+1.6%) supplants the energy sector (+1.4%) as the best-performing S&P 500 sector, supported by Alphabet (GOOG 239.76, +5.60, +2.39%) setting new all-time highs as the stock continues to rally following last week's favorable antitrust ruling.
Elsewhere in the sector, Bloomberg reports that Meta Platforms (META 763.72, +11.42, +1.52%) has signed a deal with AI image startup Black Forest Labs, furtherirng the company's substantial recent investments in the AI realm.
S&P 500 rises on Centene, Coinbase, NCLH strength; Albemarle slides on lithium supply news
09-Sep-25 14:25 ET
Dow +217.77 at 45732.72, Nasdaq +36.14 at 21834.84, S&P +14.08 at 6509.23
[BRIEFING.COM] The S&P 500 (+0.22%) is in second place on Tuesday afternoon, up about 14 points.
Briefly, S&P 500 constituents Centene (CNC 30.57, +1.73, +6.02%), Coinbase Global (COIN 316.56, +14.36, +4.75%), and Norwegian Cruise Line (NCLH 25.42, +0.89, +3.63%) dot the top of the standings. CNC is higher possibly in sympathy to managed care peer UnitedHealth's (UNH 348.42, +28.17, +8.80%) gains, NCLH rallies after BofA analysts highlighted that its $3.4 bln debt refinancing extends maturities, cuts annual interest by ~$25 mln, reduces dilution by ~38 mln shares, and crucially was not an equity raise.
Meanwhile, Albemarle (ALB 72.41, -9.59, -11.70%) is firmly today's worst laggard, leading lithium peers lower after reports that CATL will restart production at its Chinese mine, reviving supply concerns and pressuring lithium prices.
Gold futures edge higher as rate cut bets, dollar dynamics support demand
09-Sep-25 14:00 ET
Dow +221.59 at 45736.54, Nasdaq +42.56 at 21841.26, S&P +14.14 at 6509.29
[BRIEFING.COM] With about two hours to go on Tuesday the tech-heavy Nasdaq Composite (+0.20%) is in last place, up about 43 points.
Gold futures settled $4.80 higher (+0.1%) at $3,682.20/oz, reflecting ongoing bullish momentum rooted in expectations of Fed rate cuts, dovish monetary policy sentiment, and supportive dollar and yield dynamics. These trends continue to bolster the yellow metal's appeal as both a hedge and a speculative asset.
Meanwhile, the U.S. Dollar Index is now about +0.3% higher to $97.73.
Core & Main plunges as softness in single-family housing market hits top-line and guidance (CNM)
Core & Main’s (CNM) stock is plunging after its 2Q26 earnings report, driven by a miss on Q2 revenue expectations and a cut to FY26 revenue guidance, which now sits below consensus estimates. The company encountered several headwinds: softness in single-family housing and residential lot development, which weakened especially in the Sunbelt; softer residential demand; and elevated operating costs from inflation, employee benefits, recent acquisition integration, and facility expenses. These factors weighed on results and forced management to revise their guidance, factoring in continued residential softness and higher costs into the outlook for the rest of the year.
- Despite these challenges, certain segments delivered notable strength. Growth was robust in treatment plant projects and fusible high-density polyethylene product lines, where CNM’s technical expertise and execution are winning share. The municipal market remained healthy thanks to funding for repair, replacement, and advanced metering infrastructure projects, while data center projects and large-scale regional contractor relationships are generating promise for future growth.
- Gross margin rose slightly, climbing 40 bps yr/yr to 26.8% in Q2. Improvements were fueled by the successful execution of private label and sourcing initiatives, as well as accretive contributions from recent acquisitions. These operational wins helped offset some of the volume and cost pressures, allowing the company to control pricing and maintain profitability even as sales growth slowed.
- This combination of 7% total sales growth and enhanced margins resulted in a Q2 EPS beat, with adjusted diluted EPS increasing 43% to $0.87. The EPS expansion reflects both higher net income and a lower share count following active share repurchase initiatives.
Briefing.com Analyst Insight:
While the stronger gross margins and EPS outperformance reveal the company’s discipline and operational strengths, these positives are being overwhelmed by the cautious tone on FY26 revenue guidance, which is driving the sharp selloff in shares. Investors are focused on the muted FY26 revenue outlook, which continues to be pressured by residential and cost headwinds, obscuring the underlying margin and earnings improvements.
Apple’s “Awe Dropping” Showcase: What to Expect from iPhone 17 and More (AAPL)
Apple's (AAPL) "Awe Dropping" event at 1:00pm ET is poised to reinforce consumer excitement around its new products, especially the iPhone 17 lineup, while also potentially driving stock moves for key suppliers tied to component and technology updates.
- No surprises are expected in the iPhone 17 design, with focus on the ultra-thin iPhone 17 Air. Pricing strategy and feature tradeoffs vs. Pro models will be closely watched.
- Apple Watch and AirPods updates take a backseat to the iPhone but remain notable amid rising competition from Fitbit, Garmin, and others like Oura, as consumer focus on health and wellness intensifies.
- AI features may be mentioned, but significant advancements seem unlikely, with major Siri updates expected to arrive instead at the developer conference sometime next spring.
- Subtle moves in iPhone tier pricing could emerge amid higher costs and tariffs; consumer pushback is a risk and investor focus on demand elasticity in price-sensitive markets like China and India where local competitors pose stiff competition.
Briefing.com Analyst Insight
Apple shares often see heightened volatility around launches, with a tendency toward "buy the rumor, sell the news." With limited AI-driven excitement expected, the spotlight falls on iPhone 17 pricing, features, and global reception. While the event will likely underscore Apple's ecosystem strength; investors may need to wait for more transformative AI catalysts. Meanwhile, supplier stocks such as AVGO, CRUS, TSM, QCOM, SWKS, and QRVO could see notable moves depending on component updates, making the ripple effects of today's announcements just as important as Apple's own stock reaction.
Nebius Soars on $17.4 Billion Microsoft AI Infrastructure Deal (NBIS)
Nebius Group (NBIS +44%) is surging after announcing a landmark AI infrastructure deal with Microsoft (MSFT), giving the Amsterdam-based company a major boost in visibility, scale, and future revenue. The announcement was first revealed in a 6-K filing, followed by a late-night press release — an unusual cadence that likely reflects the European time zone difference.
- Nebius builds full-stack infrastructure for AI, including proprietary compute, storage, managed services, and developer tools. It also operates side ventures in autonomous vehicles (Avride) and tech training (TripleTen), but AI infrastructure is the core business.
- Under the agreement, Microsoft will gain access to Nebius's GPU infrastructure capacity at a new data center in Vineland, NJ, delivered in tranches over a 5-year term.
- Total contract value is $17.4 bln through 2031, with potential to rise to $19.4 bln if Microsoft purchases additional services or capacity.
- This is a game-changing deal for a company that posted just $117.5 mln in 2024 revenue (+462% yr/yr).
- CEO Arkady Volozh said this is the "first of these contracts," suggesting more large-scale partnerships may be on the horizon. He emphasized the deal's strong economics and its strategic value for accelerating AI cloud growth in 2026 and beyond.
- Cap-ex will increase significantly, but Nebius plans to fund the buildout via deal-related cash flow and debt backed by the contract — aided by MSFT's strong credit profile.
- On its Q2 call, Nebius said it expects to secure 220 MW of connected power at its NJ and Finland sites by year-end. It also teased two new US greenfield site deals nearing completion.
Briefing.com Analyst Insight:
This Microsoft partnership is transformational for Nebius. Beyond the headline $17.4 bln value, the deal provides predictable, long-term revenue and validates its infrastructure at the highest level. It also puts the company squarely on the radar of US investors, many of whom likely hadn't heard of NBIS before today. Execution risk remains — this is a massive scale-up for a relatively small player — but the market opportunity is clear, and further deals could cement Nebius's status as a serious contender in the AI cloud race.
SailPoint cruises past Q2 expectations, but stock sinks on disappointing outlook (SAIL)
SailPoint (SAIL) posted better-than-expected 2Q26 results, topping both EPS and revenue forecasts, but shares are sharply lower after the report amid concerns over weaker forward guidance. Despite topping expectations, management's Q3 revenue outlook of $269–$271 mln came in well below analyst estimates, overshadowing the beat and shifting sentiment negative. Investor disappointment was amplified by heightened expectations following Okta's (OKTA) strong beat-and-raise Q2 report on August 27, making SAIL’s comparatively soft Q3 guidance even more discouraging.
- The underwhelming Q3 revenue guidance reflects a more cautious sales pipeline and lengthier deal cycles impacting near-term growth, according to management remarks during the call. While SAIL did modestly raise its FY26 EPS, revenue, and Annual Recurring Revenue (ARR) forecasts, the upward revisions mainly captured spillover upside from a Q2 outperformance rather than improved underlying growth trends for the rest of the year.
- Looking closer at key recurring metrics, SAIL delivered a standout Q2 on the ARR front: total ARR surged by 28% yr/yr to $982 mln, easily surpassing its own guidance of $963–$967 mln. SaaS ARR jumped 37% to $623 mln, powered by increasing customer adoption of SAIL’s cloud identity solutions.
- The primary drivers behind this robust ARR and SaaS growth were strong new logo wins, expansion activity among existing enterprise customers, and accelerating migrations from legacy on-prem solutions to the company’s cloud-native platform.
Briefing.com Analyst Insight
SAIL’s Q2 execution was solid, and core ARR/SaaS trends remained healthy, fueled by strength among enterprise customers and SAIL's transition to a subscription-based model under Thomas Bravo's ownership prior to its IPO last February. However, the company’s cautious forward guidance proved a disappointment after the recent sector optimism, leading to a steep selloff as investors reset expectations for near-term growth.
|
