Early Look

Friday, September 5, 2025

S&P futures are looking higher, with Nasdaq futures outperforming (same story the last 3 days) ahead of the August payroll data, getting a boost from Broadcom (AVGO) shares after the chip maker unveiled a big AI order. After shares traded flat initially last night following a slightly better quarterly result and guidance, Broadcom (AVG) shares are surging around 10% this morning after the chipmaker unveiled a blockbuster $10 billion AI chip order from a new customer, fueling optimism about its strategy to design custom chips. Broadcom’s latest deal has fueled speculation that OpenAI is the unnamed customer, following a Financial Times report that the ChatGPT maker is working with Broadcom to develop its own custom AI chips. The news has further extended the tech gains on Wall Street ahead of jobs report for August at 8:30 am et. The nonfarm payroll report is calling looking for 75K jobs added in August (roughly same as last month) and private payrolls also to rise 75K (vs. 83K prior), the unemployment rate to rise to 4.3% from 4.2% and wages to rise +0.3% m/m (in-line with prior month) and rise 3.7% y/y (below the 3.9% level last month). Markets have priced in a more than 99% chance of a 25-basis-point cut, according to CME‘s FedWatch Tool, after weak July payrolls as well as Fed Chair Jerome Powell’s dovish comments in August. The other story in earnings was LULU, as shares tumble -17% overnight after results and a significant reset for guidance lower with shares -67% from its all-time highs. In Asian markets, The Nikkei Index jumped 438 points to 43,018, the Shanghai Index gained 46 points to 3,812, and the Hang Seng Index surged 359 points to 25,417. In Europe, the German DAX is up 44 points to 23,815, while the FTSE 100 rises 20 to 9,237.

• The Dow Jones Industrial Average rose 350.06 points, or 0.77%, to 45,621.29
• The Nasdaq Composite gained 209.97 points, or 0.98%, to 21,707.69
• The Russell 2000 Index advanced 29.64 points, or 1.26% to 2,379.61

• 8:30 AM ET                  Private Payrolls for August…est. 75K (prior 83K)
• 8:30 AM ET                  Manufacturing Payrolls for August…est. (-5K) vs. prior (-11K)
• 8:30 AM ET                  Unemployment rate for August…est. 4.3% (vs. prior 4.2%)
• 8:30 AM ET                  Average Hourly Earnings for August M/M…est. +0.3% (vs. prior +0.3%)
• 8:30 AM ET                  Average Hourly Earnings for August Y/Y…est. +3.7% (vs. prior +3.9%)
• 1:00 PM ET                   Baker Hughes Weekly rig count data

• DA Davidson 4th Annual Big Sky Technology Summit, 9/3-9/5, in Big Sky, MT
• S&P Annual Review Announcement + Quarterly Rebalance Announcement, 9/5
• World Sleep Congress meeting 9/5-9/10

• Copart (CPRT) Q4 EPS $0.41 vs est. $0.36 on revs $1.125B vs est. $1.135B.
• Costco Wholesale Corporation (COST) reports August net sales of $21.56B, up 8.7%; August Comparable Sales U.S. +6.1%, Canada +6.8%, Other Intl +6.7%, Total Co +6.3%, E-commerce +18.4%; Net sales of $21.56b for the retail mo of Aug, an increase of 8.7% from $19.83B y/y.
• Smith & Wesson (SWBI) Q1 adj EPS ($0.08) vs est. ($0.11) on revs $85.077Mm vs est. $79.23Mm.
• Sportsman’s Warehouse (SPWH) Q2 adj EPS ($0.12) vs est. ($0.12) on revs $293.899Mm vs est. $291.6Mm; guides FY sales +0-3.5% vs est. +1.3% and reaffirms adj EBITDA $33-45Mm vs est. $35.46Mm.
• Tesla (TSLA) is asking shareholders to approve a 2025 CEO Performance Award that could be worth up to $1 trillion over 10 years. The package ties Musk’s pay entirely to performance, with targets including ~$7.5T in value creation, 1M robotaxis and 1M AI bots – Financial Times.
• Torrid (CURV) Q2 EPS $0.02 vs est. $0.03, adj EBITDA $21.525Mm vs est. $24.06Mm on revs $262.806Mm vs est. $256.33Mm; sees Q3 revs $235-245Mm vs est. $257.07Mm and adj EBITDA $16-21Mm vs est. $23.83Mm; sees FY revs $1.015-1.03B vs est. $1.033B and adj EBITDA $80-90Mm vs est. $98.72Mm.
• Zumiez (ZUMZ) reports Q2 EPS loss (-$0.06) vs. est. loss (-40.11); Q2 revs $214.28M vs. consensus $210.53M; Q2 comparable store sales up 2.5%; guides Q3 EPS $0.19-$0.29 vs. est. $0.15 and revs $232M-$237M vs. consensus $223.08M; guides Q3 comparable sales up 5.5%-7.5%.

• Crown Holdings (CCK) upgraded to Buy from Hold at Truist.
• QUANEX (NX) Q3 adj EPS $0.69 vs. est. $0.84; Q3 sales $495.3M vs. est. $491.6M; Q3 gross margin 27.9%; lowers FY25 revenue view to $1.82B from $1.84B-$1.86B (vs. est. $1.85B) and lowers FY25 adjusted EBITDA view to $235M from $270M-$280M

• MarketAxess Holdings Inc. (MKTX) announced trading volume for August as 8% growth in block trading ADV consisting of a 1% decline in U.S. credit, 14% growth in emerging markets, and 95% growth in euro bonds. Cumulative trading volume from our targeted block trading solution is now approximately $8.9 billion.

• Phreesia (PHR) to acquire AccessOne for $160M, expanding its suite of payment solutions; Q2 EPS $0.01 vs est. ($0.06), adj EBITDA $22.1Mm vs est. $20.01Mm on revs $117.3Mm vs est. $116.53Mm; maintains FY revs guide, sees adj EBITDA $87-92Mm vs prior $85-90Mm and est. $87.89Mm

• Activist investor Starboard Value owns an 8% stake in BILL Holdings (BILL) and may run a boardroom challenge to push for changes at the financial automation software company, two sources familiar with the matter told Reuters.
• Braze Inc. (BRZE) Q2 adj EPS ($0.15) vs est. $0.03 on revs $180.111Mm vs est. $170.11Mm; guides Q3 revs $183.5-184.5Mm vs est. $178.6Mm and adj EPS $0.06-0.07 vs est. $0.02.
• Cadence Design (CDNS) said it will buy the design and engineering business of Stockholm-based Hexagon AB for 2.7 billion euros ($3.16 billion).
• CSG Systems (CSGS) and Charter Communications (CHTR) announces they have signed a multi-year contract extension and expansion through September 30, 2031. and will expand its support to include new areas of growth in Charter’s Business
• DocuSign (DOCU) Q2 revs $800.6M vs. est. $780.2M; Q2 adj EPS $0.92 vs. est. $0.84; Q2 billings $818M; Q2 adjusted gross margin 82%; sees Q3 revenue $804M-$808M vs.  consensus $797.4M.
• Guidewire (GWRE) Q4 EPS $0.84 vs. est. $0.63; Q4 revs $356.6M vs. est. $337.9M; said executed 19 cloud deals and surpassing $1 billion in ARR to close out year; sees Q1 revenue $315M-$321M above consensus $301.4M and sees Q1 ending ARR between $1.048B-$1.054B.
• Samsara Inc. (IOT) Q2 revenue $391.5M vs. est. $372.2M; Q2 adj EPS $0.12 vs est. $0.07; Q2 adjusted gross margin 78% and adjusted operating margin 15%; guides Q3 revs $398M–$400M.
• ServiceTitan (TTAN) Q2 EPS $0.33 vs est. $0.18 on revs $242.1Mm vs est. $229.51Mm; guides Q3 revs $237-239Mm vs est. $232.32Mm and FY sales $935-940Mm vs est. $917.15Mm.
• UiPath Inc. (PATH) Q2 revs $362M vs. est. $347.3M; Q2 adj operating income $62M vs. est. $40.1M; CEO attributes 11% ARR growth (to $1.73B) to improved execution and momentum in agentic automation capabilities; projects full-year fiscal 2026 revenue of $1.571B-$1.576B.