Evening Market Recap

Sophia Reyes · September 3, 2025 7:59 PM

Market Snapshot for Wednesday September 3^rd, 2025

S&P 500 – 6,448.26 (+0.51%)

Dow Jones – 45,271.23 (-0.054%)

NASDAQ – 21,497.73 (+1.02%)

Market Performance

Alphabet rally powers S&P 500 and Nasdaq higher as economic jitters weigh on broader market

U.S. stocks ended mixed Wednesday as a sharp rally in Alphabet lifted technology shares but lingering worries over the economy and higher bond yields limited broader gains.

The Nasdaq Composite jumped 1.03% to 21,497.73, while the S&P 500 added 0.51% to close at 6,448.26. The Dow Jones Industrial Average slipped 24.58 points, or 0.05%, to 45,271.23.

Asia-Pacific stocks were mixed on Wednesday as investors weighed rising global bond yields alongside fresh trade developments. Hong Kong’s Hang Seng Index slipped 0.6% to 25,343.43, while the mainland China CSI 300 lost 0.68% to end at 4,459.83.

European shares rose on Wednesday, stabilizing as investors weighed fiscal challenges following a sell-off in long-term bonds that had triggered risk-off sentiment the day before.

Alphabet shares surged 9.1% after a federal judge allowed Google to keep its Chrome browser but barred exclusive search deals and required the company to share search data. The ruling averted a worst-case scenario for the tech giant and underscored how AI is expanding consumer choice. Evercore ISI’s Mark Mahaney called it a “clearing event” for the stock, saying investors can now “focus on the fundamentals” and attractive valuation.

Apple also benefited from the decision, with its stock up 3.8% as it can continue preloading Google Search on iPhones — a lucrative arrangement for both companies.

Wednesday’s gains were concentrated in tech, leaving the less tech-heavy Dow in the red. Energy and bank shares lagged amid fresh concerns about a slowing economy and rising yields. Job openings data fell to some of the lowest levels since the pandemic, raising the stakes for Friday’s August jobs report.

The market is also navigating a seasonally weak September. On Tuesday, stocks closed lower as investors took profits from the summer rally and bond yields spiked after a federal appeals court ruled that many of former President Donald Trump’s tariffs are illegal, potentially forcing the U.S. to refund billions collected in duties.

Historically, September has been the S&P 500’s worst month since 1950, with an average loss of 0.7%, according to Wells Fargo strategist Scott Wren. “Stocks are entering September with a time out from the recent calm,” Wren said, warning of greater volatility in equities and fixed income as the economy slows, tariff effects unfold, and political uncertainty persists.

Economic Takeaways –

• U.S. Treasury yields eased Wednesday as fresh labor data signaled cooling demand for workers. Job openings for July fell to some of the lowest levels since the Covid pandemic, prompting a move into government bonds.
• The 30-year Treasury yield slipped more than 6 basis points to 4.905% after briefly topping 5% overnight amid uncertainty over former President Donald Trump’s tariffs and potential threats to Federal Reserve independence.
• The benchmark 10-year yield fell more than 5 basis points to 4.226%, while the 2-year yield declined over 4 basis points to 3.615%.
• As of this morning, there was a nearly 92% chance of a September Federal Reserve rate cut, according to the CME FedWatch Tool.
• The Russell 2000^®Index (RUT) of smaller stocks outpaced other major indexes with a nearly 7% rise in August as rate cut odds supported a move into smaller names.

Gold –

• As of Wednesday morning, gold traded around $3,549 per ounce, up from about $2,500 a year ago — a roughly 42% increase.

Oil –

• Oil prices fell by more than 2% on Wednesday ahead of a weekend meeting of OPEC+ producers that is expected to consider another increase in production targets in October.
• Brent crude fell $1.6, or 2.31%, to $67.54 a barrel by 2:11 p.m. EDT (1811 GMT). U.S. West Texas Intermediate crude fell $1.68, or 2.56%, to $63.91 a barrel.
• ConocoPhillips of Houston said on Wednesday that it would cut up to 25 percent of its global staff, or as many as 3,250 people, most of them this year.

Crypto –

• Bitcoin settled under $112,000.
• The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) said in a joint statement Tuesday (Sept. 2) that exchanges registered with either agency are not barred from enabling trading in certain spot cryptocurrency products.
• 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. The launch is akin to an initial public offering, in which the cryptocurrency, called WLFI, can now be bought and sold on the open market like a listed company’s shares.

Analysts eye AI and digital assets

Some strategists see room for a rebound later in the year if artificial intelligence spending remains robust. “As long as cracks don’t form within AI spending expectations, stocks will continue to grind higher after the seasonally weaker September period,” said Wolfe Research’s Chris Senyek.

Meanwhile, institutional interest is returning to Solana. The cryptocurrency is up roughly 15% in the past two weeks and 30% over the last month, outpacing ether and bitcoin. “Solana is the standout performer,” said Leo Zhao of MEXC Ventures, noting that positive macro signals could push it to new highs.

Barclays is also on the lookout for opportunities. “We stay in buy-the-dip mode, looking for rotation into cyclical and exporter laggards on an improving growth/policy trade-off,” analyst Emmanuel Cau wrote, calling September a “reality check” after a strong run in equities and rising tension in the bond market.

Bessent to begin interviews Friday for next Fed chair, WSJ reports

Treasury Secretary Scott Bessent will start interviewing candidates on Friday to determine the next Federal Reserve chair, the Wall Street Journal reported, citing people familiar with the matter.

The process — aimed at replacing current Chair Jerome Powell — is expected to continue into next week and will be conducted either in person or via video conference. Bessent told CNBC in mid-August that 11 potential candidates are under consideration, and he plans to present a final list to President Donald Trump after the interviews conclude.

Top Gainers

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

Macy’s, Inc. (M) +20.68%

REV Group, Inc. (REVG) +12.59%

Immunovant, Inc. (IMVT) +10.82%

Alphabet, Inc. (GOOGL) +9.14%

Alphabet, Inc. (GOOG) +9.01%

Top Losers

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

Bullish (BLSH) -12.53%

Rocket Lab Corp. (RKLB) -11.72%

Bruker Corp. (BRKR) -11.68%

Sprinklr, Inc. (CXM) -10%

Inspire Medical (INSP) -9.43%

Notables

• Salesforce reported better-than-expected earnings and revenue for the latest quarter but issued disappointing guidance.
• Chipotle Mexican Grill — Rothschild & Company Redburn sees a rebound ahead for the battered stock, upgrading the fast-casual restaurant chain to “buy” from “neutral” on Wednesday. The firm set a $55 price target, implying nearly 32% upside from Tuesday’s close.
• Bruker (BRKR) — Shares of the diagnostics solutions company tumbled more than 11% after it announced plans to raise $600 million through a convertible stock offering. The drop puts Bruker on track for its steepest one-day decline since July 21, when it fell 12%.
• Sprinklr (CXM) — The customer-experience software maker’s stock slid 8% after the company said Chief Financial Officer Manish Sarin will step down effective Sept. 19. The leadership change overshadowed stronger-than-expected fiscal second-quarter results.
• TG Therapeutics (TGTX) — The biotech firm’s shares climbed over 5% after it approved a new $100 million share repurchase program, following the completion of a buyback of the same size.
• Shares of Campbells gained more than 2% in the premarket Wednesday after the company’s fourth-quarter earnings surpassed Wall Street’s expectations.
• Alphabet (GOOGL) — Shares of Google and YouTube’s parent surged more than 6% after a federal judge ruled the company can keep its Chrome browser. However, the ruling also bars Google from signing exclusive search agreements and requires it to share certain data.
• Macy’s (M) — The retailer jumped 13% after reporting stronger-than-expected second-quarter results. Macy’s earned an adjusted 41 cents per share on revenue of $4.81 billion, topping analyst forecasts of 18 cents per share on $4.76 billion. The company also raised its earnings and revenue outlook.
• Zscaler (ZS) — The cybersecurity firm gained about 2% after beating Wall Street estimates on both profit and revenue for its fiscal fourth quarter. Zscaler posted adjusted earnings of 89 cents per share on $719 million in revenue, versus analyst expectations of 80 cents per share on $707 million. The company also issued upbeat guidance for the current quarter.
• Apple (AAPL) surged after a court ruled in favor of Alphabet. The decision allows Apple to continue preloading Google Search on iPhones, a revenue stream worth roughly $20 billion annually. Concerns about losing this income had weighed on Apple shares earlier this year.
• Kraft Heinz (KHC) dropped as it announced plans to split into two companies, a move NPR humorously described as “separating hot dogs from ketchup.” Shares are down roughly 70% since the 2015 merger.
• Cytokinetics (CYTK) jumped 40% after positive trial data for its experimental heart drug aficamten was unveiled at a European conference.
• Constellation Brands (STZ) slipped following a 6.6% loss yesterday, lowering earnings guidance due to weak beer demand. Figma (FIG) climbed nearly 2% ahead of its first post-IPO earnings report.
• Tesla (TSLA) fell on weak international sales but rebounded 1.6% today. Bloomberg reports demand in India has been soft since Tesla’s mid-July launch. Lucid (LCID) dropped double digits after completing its one-for-10 reverse stock split.

What to Watch Ahead

September 4: August ADP Employment, August ISM Services PMI®, and expected earnings from Ciena (CIEN), Broadcom (AVGO), and lululemon (LULU).
September 5: August Nonfarm Payrolls, August unemployment.