Evening Market Recap

Sophia Reyes · August 15, 2025 5:01 PM

Market Snapshot for Friday August 15^th, 2025

S&P 500 – 6,449.80 (+0.29%)

Dow Jones – 44,946.12 (+0.08%)

NASDAQ – 21,622.98 (-0.40%)

Market Performance

U.S. stocks closed mostly lower Friday, with the S&P 500 slipping after touching a record high, as investors locked in profits following a strong week.

The benchmark index fell 0.29% to 6,449.80, while the Nasdaq Composite dropped 0.40% to 21,622.98. The Dow Jones Industrial Average edged up 34.86 points, or 0.08%, to 44,946.12, buoyed by a 12% surge in UnitedHealth—but still finishing well below its intraday peak.

Weak consumer sentiment data and a pullback in chip stocks weighed on the market. Applied Materials tumbled 14%, dragging the VanEck Semiconductor ETF (SMH) down 2%, while Nvidia slipped nearly 1%. The University of Michigan’s consumer sentiment index slid to 58.6 in August from 61.7 in July, reflecting renewed inflation concerns.

Despite Friday’s weakness, all three major indexes ended the week higher. The Dow led with a 1.74% gain, followed by the S&P 500’s 0.94% and the Nasdaq’s 0.81%, helped by encouraging consumer inflation data that fueled expectations for a Federal Reserve rate cut next month.

“The AI boom and anticipated Fed rate cuts are keeping the market supported,” said Jay Hatfield, CEO and CIO of Infrastructure Capital Advisors. “Despite August and September’s poor seasonality, we’re still grinding higher.”

July retail sales reinforced the picture of a resilient consumer, rising 0.5% in line with Dow Jones forecasts, while sales excluding autos climbed 0.3%, matching expectations.

Economic Takeaways –

• Retail sales increased 0.5% for the month, according to Commerce Department data that is adjusted for seasonal factors but not inflation. Excluding auto-related items, sales rose 0.3%. Both were exactly in line with Dow Jones estimates.
• Motor vehicle and parts sales jumped 1.6% on the month while furniture and home furnishings receipts grew 1.4%. Miscellaneous retailers saw a drop of 1.7% while building materials and home and garden centers fell 1%.
• Treasury Secretary Bessent has called for a 50 bps cut in September and 150 bps total for 2025, while San Francisco Fed President Daly has pushed back, citing solid fundamentals.
• President Trump said he will announce tariffs on semiconductor imports within the next two weeks, as part of a broader expansion of his trade agenda to new sectors. “I’ll be setting tariffs next week and the week after on… chips — chips and semiconductors,” he told reporters. Trump has previously suggested duties of around 100%, but on Friday floated far steeper rates. “I’m going to have a rate that is going to be 200%, 300%,” he said.
• The CME FedWatch Tool now shows a 93% probability of a Fed rate cut next month and 7% odds of no change.

Gold –

• Gold prices held steady on Friday, but were headed for a weekly loss after hot inflation data trimmed rate-cut bets, while the market focus shifted to talks between U.S. President Donald Trump and his Russian counterpart Vladimir Putin.
• Spot gold was little changed at $3,336.66 per ounce by 1:40 p.m. EDT (1740 GMT), and was down 1.8% for the week.
• S. gold futures settled almost flat at $3,382.6.

Oil –

• Oil prices closed down nearly $1 on Friday as traders awaited discussions between U.S. President Donald Trump and Russia’s President Vladimir Putin.
• Brent crude futures settled 99 cents, or 1.5%, lower at $65.85 a barrel, while U.S. West Texas Intermediate crude futures eased $1.16, or 1.8%, lower at $62.80.

Crypto –

• Bitcoin (/BTC) slipped after a hotter than expected inflation report. The coin hovered around $117k.
• The Federal Reserve is ending a Biden-era oversight program for banks’ crypto activities.

Barclays Stays Bullish on Financials, Says Rate Cuts Won’t Hurt Sector

Despite expectations for lower interest rates over the next year, Barclays remains positive on the financials sector, according to a Friday note.

“History shows that Fed rate cuts since 1990 are generally not a headwind for Financials—unless the cuts occur during a recession,” wrote strategist Venu Krishna. “Earnings and valuations remain supportive, so we maintain a Positive view on the sector.” He also noted that potential tailwinds, including deregulation and M&A activity, are still in play.

Berkshire’s Bank of America Sale Likely to Have Minimal Impact, Analyst Says

Warren Buffett’s Berkshire Hathaway, the largest institutional shareholder of Bank of America, sold 26.3 million shares in Q2, reducing its stake to 8.1%.

Piper Sandler highlighted that Bank of America has been repurchasing far more shares than Berkshire is selling, suggesting little impact on the stock. “BAC’s strong capital position allows it to buy back substantially more stock than Berkshire is offloading, so the practical effect of these sales should be negligible,” the firm noted.

Solar Stocks Jump on Treasury Guidance for Tax Credits

Shares of solar companies spiked after the Treasury Department clarified how renewable projects can qualify for tax credits under President Trump’s One Big Beautiful Bill Act. NextEra and AES Corp. rose 5% and 4%, respectively, while the Invesco Solar ETF jumped 10%. Rooftop solar installer SunRun surged roughly 40%.

The guidance confirms that projects beginning construction before July 4, 2026, must show significant physical work to qualify for credits, allowing many projects to claim benefits beyond 2027. Roth analyst Philip Shen called the guidance “better than expected” and supportive for most covered stocks.

UBS Urges Investors to Put Excess Cash to Work

Investors should consider deploying idle cash, UBS says, as inflationary pressures may ease and a Fed rate cut appears likely in September.

“We expect inflation to rise gradually as businesses pass along higher costs, but slowing shelter inflation and stretched consumer budgets should offset some tariff pressures,” wrote Ulrike Hoffmann-Burchardi, UBS CIO for the Americas. “We continue to expect Fed easing next month, lower Treasury yields through year-end, and recommend putting excess cash to work, as cash holdings historically underperform equities over long-term horizons.”

Top Gainers

Several stocks experienced significant gains. Some of the top gainers included:

Sunrun, Inc. (RUN) +32.82%

Nextracker, Inc. (NXT) +12.21%

UnitedHealth Group (UNH) +11.98%

First Solar, Inc. (FSLR) +11.05%

Bausch Health Companies, Inc. (BHC) +11.05%

Top Losers

The top US stock losers today, based on percentage change included:

Newegg Commerce (NEGG) -21.13%

Globant S.A. (GLOB) -14.93%

Applied Materials (AMAT) -14.07%

Tonix Pharmaceuticals (TNXP) -13.81%

KLA Corp. (KLAC) -8.42%

Notables

• Shares of Chipotle (CMG) are up more than 5% week to date, which barring a reversal will snap a 5-week losing streak for the stock.
• Shares of Cava (CAVA) are down more than 18% week to date, putting the fast-casual Mediterranean chain on pace for its worst week of all time.
• UnitedHealth (UNH) rallied 13% after Warren Buffett’s Berkshire Hathaway revealed a stake of five million shares.
• Applied Materials (AMAT) fell after the company’s current quarter outlook trailed estimates from analysts polled by LSEG.
• Sandisk went lower after it was revealed that fourth-quarter non-GAAP gross margin dropped to 26.4% from 36.4% a year ago.
• The iShares U.S. Healthcare Providers ETF jumped nearly 4%, marking its strongest single-day gain since July 16, 2024.
• Shares of Target (TGT) dropped nearly 2% after Bank of America downgraded Target from neutral to underperform and lowered its price target. The bank cited a weakening long-term outlook, noting that Target is falling further behind its peers. Additionally, Target and Ulta Beauty announced they are ending their partnership.
• Stablecoin issuer Circle Internet Group (CRCL) announced Thursday that it priced its 10 million share offering at $130 per share. The offering follows Tuesday’s announcement, which came shortly after Circle reported its first quarterly earnings as a publicly traded company.
• Intel (INTC) shares surged Friday after Bloomberg reported the Trump administration is weighing a purchase of a stake in the chipmaker using U.S. CHIPS Act funds. The news follows President Trump’s Monday meeting with Intel’s CEO, just a week after he had called for the executive’s resignation.
• Miami International Holdings (MIAX) jumped 38% from its IPO price Thursday, marking the first major U.S. financial exchange listing in 15 years, according to Reuters.
• Eli Lilly (LLY) gained after Bloomberg reported the company raised the price of its obesity drug in the UK by up to 170%.
• Salesforce (CRM) went higher after an upgrade to Neutral from Underperform at DA Davidson. Target (TGT) slipped 1.7% after Bank of America cut its rating to Underperform from Neutral, citing “very challenged” digital sales trends.

What to Watch Ahead

Upcoming Economic Data and Earnings Calendar:

• August 18: Palo Alto Networks (PANW) reports earnings.
• August 19: July housing starts and building permits are released; Home Depot (HD) and Medtronic (MDT) report earnings.
• August 20: FOMC minutes are scheduled for release; earnings expected from TJX Companies (TJX), Lowe’s (LOW), Analog Devices (ADI), Target (TGT), Estée Lauder (EL), and Baidu (BIDU).
• August 21: July existing home sales and leading indicators are released; Walmart (WMT), Intuit (INTU), Workday (WDAY), and Ross Stores (ROST) report earnings.
• August 22: BJ’s Wholesale Club (BJ) reports earnings.