Early Look

Wednesday, September 3, 2025

S&P futures are bouncing, while Nasdaq futures are surging, as tech got a boost last night led by gains in Google (GOOGL) and Apple (AAPL) after Alphabet Inc.’s Google dodged a worst-case scenario Tuesday after a federal judge rejected the Justice Department’s demand that it sells its Chrome web browser. Shares of GOOGL are up over 6% and Apple 3% after Judge Amit Mehta has ruled that Google must open up competition in online search by sharing more data with competitors and said that the company could not enter exclusive contracts for search but could still pay for search engine inclusion, news that could affect Apple’s (AAPL) $20B annual payment from Google for default search deals. The news helps stock futures recover after major averages posted sharp losses on the first day of the new month. Wall Street started off September on a sharply lower note as investors weighed the legality of President Donald Trump’s tariffs after a federal appeals court News Story most of his sweeping tariff’s illegal, while rising global Treasury yields also prompted some concern. A divided U.S. appeals court ruled on Friday that most of Trump’s tariffs are illegal but allowed for the levies to be in place until October 14. The Cboe Market Volatility index (VIX) rose over 10% but is flat this morning holding around 17. In addition, investors are anxious to see the August U.S. nonfarm payrolls report, due on Friday, and whether weak U.S. job growth continued for a fourth month in August (also JOLTs data today and ADP tomorrow). In Asian markets, The Nikkei Index dropped -371 points to 41,938, the Shanghai Index dropped 44 points to 3,813, and the Hang Seng Index declined -153 points to 25,343. In Europe, the German DAX is up 212 points to 23,699, while the FTSE 100 rises 48 points to 9,165. December gold rises 0.35% to $3,605 an ounce, a new record high.

• The Dow Jones Industrial Average fell -249.07 points, or 0.55%, to 45,295.81
• The Nasdaq Composite slumped -175.92 points, or 0.82%, to 21,279.63
• The Russell 2000 Index declined -14.11 points, or 0.60% to 2,352.31

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 10:00 AM ET                Factory Orders M/M for July
• 10:00 AM ET                JOLTs Job Openings for July
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: AEO AI ASAN CHPT CRDO CRM DSGX FIG GTLB HPE MEI PD TLYS

• Barclays 18th Annual Global Consumer Staples Conference, 9/2-9/4, in Boston, MA
• Barclays 39th Annual CEO Energy & Power Conference, 9/2-9/4, in New York
• Cantor Global Healthcare Conference, 9/3-9/5, in New York
• DA Davidson 4th Annual Big Sky Technology Summit, 9/3-9/5, in Big Sky, MT
• Deutsche Bank 15th Annual Aircraft Finance & Leasing Conference, 9/2-9/4, in New York
• Deutsche Bank European TMT Conference, 9/3-9/4, in London
• Goldman Sachs 32nd Annual Global Retailing Conference, 9/3-9/4 in New York
• Goldman Sachs European Medtech & Healthcare Services Conference, 9/3-9/4, in London
• Morgan Stanley Industrial CEOs Unplugged, 9/2-9/4

• Kraft Heinz (KHC) upgraded to equal weight from underweight at Morgan Stanley saying the stock’s valuation looks reasonable and the planned separation will limit downside.
• United Parks & Resorts Inc. (PRKS) will replace Foot Locker Inc. (FL) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, September 8. S&P MidCap 400 constituent Dick’s Sporting Goods Inc. (DKS) is acquiring Foot Locker in a deal expected to be completed soon.
• Yum China (YUMC) to repurchase additional $270M of common stock.

• TechnipFMC plc (FTI) will replace Skechers USA Inc. (SKX) in the S&P MidCap 400 effective prior to the opening of trading on Friday, September 12. 3G Capital is acquiring Skechers USA in a deal expected to be completed soon, pending final conditions.
• In Refiners, Valero (VLO) was upgraded to Buy from Neutral at Bank America and the firm downgraded Phillips 66 (PSX) to Neutral from Buy.
• The Trump administration can proceed with terminating more than $16B in grants previously awarded to climate groups by the Biden administration, after a panel of the U.S. Court of Appeals for the District of Columbia Circuit ruled Tuesday that a lower court judge “abused its discretion” by issuing the injunction preventing the Environmental Protection Agency from rescinding the funds.

• Hamilton Lane (HLNE) 528.7K share Spot Secondary priced at $146.58.
• Hive Digital (HIVE) announced it has completed Phase 2 in Yguazu ahead of schedule, and last week exceeded 18 Exahash per second, EH/s, of global Bitcoin mining capacity. The Company rapidly eclipsed the 17 EH/s target, followed by the 18 EH/s target, signifying completion of Phase 2 in Yguazu
• Skyward Specialty Insurance Group, Inc. (SKWD) said it entered into a definitive agreement with the majority sellers to acquire 100% of Apollo Group Holdings Limited for a total consideration of $555M from Alchemy, management, employees, and other strategic investors.

• HealthEquity (HQY) Q2 adj EPS $1.08 vs est. $0.92, adj EBITDA $151.1Mm vs est. $135.8Mm on revs $325.835Mm vs est. $320.82Mm; guides FY revs $1.29-1.31B vs est. $1.303B and adj EPS $3.74-3.91 vs est. $3.72.
• Ideaya Biosciences (IDYA) announced the submission of an investigational new drug application to the FDA for IDE892, a potential MTA-cooperative inhibitor of PRMT5. The company is targeting to begin a Phase 1 dose escalation trial of IDE892 in MTAP-deleted lung cancer in the fourth quarter of 2025.
• Mineralys Therapeutics (MLYS) 9.8M share Spot Secondary priced at $25.50

• GitLab (GTLB) announced the appointments of Manav Khurana as Chief Product and Marketing Officer and Manu Narayan as Chief Information Officer.
• Impinj (PI) announces $150M convertible senior notes offering.
• Zscaler (ZS) Q4 adj EPS $0.89 vs est. $0.80 on revs $719.226Mm vs est. $706.9Mm, billings $1.202B; sees Q1 revs $772-774Mm vs est. $750.69Mm and adj EPS $0.85-0.86 vs est. $0.84; sees FY revs $3.265-3.284B vs est. $3.205B and adj EPS $3.64-3.68 vs est. $3.67.