Evening Market Recap

Sophia Reyes · September 2, 2025 9:46 PM

Market Snapshot for Tuesday September 2^nd, 2025

S&P 500 – 6,415.54 (-0.69%)

Dow Jones – 45,295.81 (-0.55%)

NASDAQ – 21,279.63 (-0.82%)

Market Performance

Markets opened September on a downbeat note, with all three major indexes closing lower as investors took profits from the summer rally.

The Dow Jones Industrial Average (DJI) slipped 0.6%, while the S&P 500 (SPX) declined 0.7% and the tech-heavy Nasdaq Composite (IXIC) shed 0.8%. Despite the losses, all three indexes managed to close well above their intraday lows, reflecting some late-session buying.

The pullback followed Friday’s negative finish ahead of the Labor Day holiday. Even so, August marked the fourth consecutive month of gains for the major averages, underscoring the strength of the summer rally.

Economic Takeaways –

• Bond yields jumped as investors digested a federal appeals court ruling that many of former President Donald Trump’s global tariffs are illegal. The 10-year Treasury yield climbed to 4.27%, while the 30-year topped 4.97%.
• Treasury Secretary Scott Bessent will begin interviewing candidates Friday to replace Federal Reserve Chair Jerome Powell, the Wall Street Journal Eleven names are under consideration, with Bessent planning to present a final list to President Trump after the interviews.
• In a major legal development, the U.S. Court of Appeals for the Federal Circuit ruled that most tariffs enacted earlier this year exceeded presidential authority under the International Emergency Economic Powers Act of 1977. The decision is set to take effect in October, giving the administration time to appeal to the U.S. Supreme Court. The ruling does not affect tariffs on foreign steel, aluminum, and autos, which were imposed separately under national security grounds after Commerce Department investigations.
• The U.S. dollar is strengthening against major global currencies.
• S. liquefied natural gas (LNG) exports surged to a record 9.33 million metric tons in August, as facilities came out of scheduled maintenance and Venture Global’s Plaquemines plant ramped up production, according to preliminary data from financial firm LSEG. The figure surpasses the previous monthly high of 9.25 million tons set in April and exceeds July’s exports of 9.1 million tons, marking another milestone for U.S. LNG shipments.
• The U.S. manufacturing sector delivered encouraging signs in August. The final S&P Global Manufacturing PMI rose to 53.0 from 49.8, moving back into expansion territory thanks to stronger production and new orders. However, tariffs continue to drive higher input costs.
• The ISM Manufacturing PMI also improved, climbing to 48.7 from July’s 46.8, though it fell short of expectations for 49.2.
• Markets are currently pricing in roughly 90% oddsof a 25 basis point rate cut in September, but this week’s data could help make the case for deeper easing.

Gold –

• Gold futures surged to a record $3,600 on Tuesday, lifted by investor expectations of a rate cut from the Federal Reserve this month and continued strong demand from foreign central banks.
• Gold for immediate delivery also surged to an all-time high above $3,533 per troy ounce.

Oil –

• Oil prices were steady in Asian trading on Wednesday, holding on to sanctions-driven gains from the previous session as the market looked ahead to an OPEC+ meeting over the weekend.
• Brent crude ticked down 1 cent, or 0.01%, to $69.13 a barrel by 0032 GMT.
• S. West Texas Intermediate crude rose 4 cents or 0.06% to $65.63 a barrel.

Crypto –

• The Trump family notched as much as $5 billion in paper wealth on Monday after its flagship crypto venture opened trading of a new digital currency.
• Bitcoin traded largely sideways to start Labor Day as other cryptocurrencies mostly fell.

Alphabet Soars After Court Ruling Spares Chrome, Curbs Search Exclusivity

Alphabet shares jumped more than 7% in after-hours trading after a federal judge issued a closely watched ruling in the company’s high-profile antitrust case. The decision allows Google to retain control of its widely used Chrome browser, but places new restrictions on its business practices. Specifically, Google will no longer be permitted to strike exclusive search agreements that limit competition, and it must share certain search data to ensure rivals have a fairer chance to compete.

The outcome was viewed on Wall Street as a major relief for Alphabet investors, who had braced for the possibility of a far more disruptive remedy, including a forced breakup of parts of the company’s search and browser operations. Instead, the ruling leaned heavily on the idea that rapid advances in artificial intelligence have already broadened consumer choice in the search market, softening the need for harsher measures.

Apple also gained from the decision, with its stock rising roughly 3%. The ruling confirmed that Apple will be able to continue preloading Google Search as the default option on its iPhones—an arrangement that delivers billions of dollars in annual payments from Google to Apple. This longstanding deal has been a central focus of antitrust scrutiny, but the court’s decision ensures that, at least for now, both companies can preserve one of the most lucrative partnerships in the tech industry.

Top Gainers

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

Cytokinetics Inc. (CYTK) +40.45%

Ionis Pharmaceuticals (IONS) +34.84%

United Therapeutics (UTHR) +32.83%

Arrowhead Pharmaceuticals (AWRW) +16.57%

Opendoor Technologies (OPEN) +14.38%

Top Losers

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

Sable Offshore Corp. (SOC) -14.46%

Lucid Group, Inc. (LCID) -10.81%

Nova Ltd. (NVMI) -9.94%

CoreWeave, Inc. (CRWV) -9.41%

Kyvistar Group, Ltd. (KYIV) -9.19%

Notables

• Alphabet shares surged more than 7% in after-hours trading after a federal judge ruled Google can keep its Chrome browser but must stop striking exclusive search deals and share its search data. The decision avoided a breakup scenario that investors feared and leaned on the argument that artificial intelligence has broadened consumer choice.
• Apple also benefited, with shares climbing 3%, after the ruling confirmed it can continue preloading Google Search on iPhones—a lucrative partnership for both companies.
• Nvidia (NVDA) and Palantir (PLTR) fell early Tuesday as risk-off sentiment carried over from last week.
• Bitcoin futures (/BTC) fell nearly 4% Friday and ended August down 7.6% despite hitting a record high on August 14, though futures rebounded slightly in early trading today; other cryptocurrencies recently gained versus bitcoin, though it’s unclear if that trend will last, while crypto-related stocks were mixed with MicroStrategy (MSTR) and Coinbase (COIN) each off 1% Friday and Circle Internet Group (CRCL) posting a small gain.
• Signet Jewelers (SIG) rose after reporting solid earnings and raising its full-year guidance.
• Meta Platforms (META) slipped after Reuters reported the company removed several celebrity AI chatbots tied to unauthorized use of voices and images.
• Block (XYZ) declined after BNP Paribas downgraded the stock to Hold from Buy.
• Tesla (TSLA) fell before the open after Reuters reported August sales in China dropped 4%.
• PepsiCo (PEP) jumped after the Wall Street Journal reported Elliott Investment Management built a roughly $4 billion stake in the company.
• Newmont (NMT) climbed as gold gained support from global uncertainty and expectations for rate cuts.
• Marvell Technology (MRVL) dropped double digits Friday and another 2.6% Tuesday after data center revenue rose 69% but fell short of analyst expectations; earnings and guidance were roughly in line, but shares are now down about 30% year-to-date.\
• Dell Technologies (DELL) lost nearly 9% Friday despite beating estimates and raising full-year guidance, as Q3 earnings guidance missed consensus even with strong AI server sales.
• The Russell 2000® Index (RUT) outperformed in August with a nearly 7% gain, supported by growing odds of rate cuts that fueled momentum in smaller-cap stocks.

What to Watch Ahead

September has historically been the weakest month for stocks, with the S&P 500 averaging a -0.7% return since 1950, according to Wells Fargo strategist Scott Wren. He warned that volatility could rise as the economy slows, tariff impacts trickle through, and political uncertainty builds.

Investors are now awaiting Friday’s August jobs report, seen as the next major market catalyst.

On Wednesday, investors will get an updated look at the health of the U.S. labor market with the release of the Job Openings and Labor Turnover Survey (JOLTS). The July employment report already revealed early signs of weakness, raising concerns that hiring momentum is cooling. If the JOLTS data shows additional evidence of strain—such as declining job openings or a slowdown in hiring—it could strengthen the case for the Federal Reserve to deliver a steeper rate cut than markets currently anticipate at its September policy meeting. The next major employment update will come on Friday, when the government releases the August jobs report, a closely watched indicator that often sets the tone for Fed decision-making.

Earnings season also remains in focus. Macy’s (M), Salesforce (CRM), and Dollar Tree (DLTR) are all scheduled to report quarterly results on Wednesday, offering investors a read on consumer spending trends, enterprise software demand, and the health of the discount retail sector.