Early Look

Tuesday, September 16, 2025

U.S. futures are higher again, as the Nasdaq 100 looks to make it a 10^th straight day of gains (already at longest win streak since 2023) and its 6th record close in as many days. Meanwhile, the S&P 500 marked its 25th record closing high for the year to date on Monday as stock markets extend gains into the FOMC policy meeting tomorrow afternoon (9/17) where a 25 bp cut is expected and the start of a new rate easing cycle. Stock markets were buoyed again on Monday, with the biggest lifts from so-called Mag-7 names, specifically TSLA and GOOGL which topped $3 trillion mkt cap (4^th company to do so – NVDA, MSFT, AAPL). Microsoft, Amazon, Apple and Broadcom were also among the top boosts for the S&P 500 followed by Meta Platforms while consumer staples were down the most in the S&P 500 followed by declines in Healthcare. Stocks also rose Monday after President Donald Trump said that U.S.-China trade negotiations were going well. Gold this morning is making another record high at $3,735 an ounce while the dollar sinks (euro hits its highest levels above 1.18 since July). The S&P 500 (SPX) climbed 0.5%, closing above 6,600 for the first time. The Nasdaq Composite also advanced to a new all-time high, closing 0.9% higher. The Dow Jones Industrial Average eked out a small gain, rising 49 points, or 0.1%. In Asian markets overnight, the Nikkei Index gained 134 points to 44,902, the Shanghai Index was little changed at 3,861, and the Hang Seng Index slipped – 8 points to 26,438. In Europe, the German DAX is down -140 points to 23,608, while the FTSE 100 slip -26 points to 9,250.

• The Dow Jones Industrial Average rose 49.23 points, or 0.11%, to 45,883.45
• The Nasdaq Composite spiked 207.65 points, or 0.94%, to 22,348.75
• The Russell 2000 Index advanced 8.07 points, or 0.34%, to 2,405.13

• 8:30 AM ET                  Retail Sales M/M for August…est. +0.2% (prior +0.5%)
• 8:30 AM ET                  Import/Export Prices for August…est. (-0.1%) and flat
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:15 AM ET                  Industrial Production for August…est. (-0.1%)
• 9:15 AM ET                  Capacity Utilization for August…est. 77.4%
• 10:00 AM ET                Business inventories M/M for July…est. +0.2%
• 10:00 AM ET NAHB Housing Market Index for September…est. 33 (prior 32)
• 1:00 PM ET US Treasury to sell $16B in 20-year notes
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: EPM FLUX

• Goldman Sachs European Communacopia Conference, 9/16-9/17, in London
• JP Morgan All Stars Conference, 9/16-9/17, in London
• RBC Capital 2025 Global Communications Infrastructure Conference, 9/16-9/17, in Chicago, IL
• RBC Capital Global Industrials Conference, 9/16-9/17, in New York
• Stephen’s 15th Annual Bank Forum, 9/16-9/17, in Little Rock, AR
• Truist MedTech West Coast Bus Tour, 9/16-9/17
• Wells Fargo Consumer Conference, 9/16-9/17

• Dave & Buster’s (PLAY) Q2 adj EPS $0.40 vs. est. $0.92; Q4 revs $557.4M below consensus $562.69M; Q2 comparable store sales decreased (-3.0%); same-store sales qtr-to-date trends in Q3 consistent with where they were exiting Q2
• Ford (F) plans to cut a further 1,000 jobs in Germany as it seeks deeper cost savings to offset weak demand for electric vehicles in Europe. The U.S. auto giant late last year outlined a restructuring program to become more competitive that included around 4,000 job cuts across Europe by 2027.
• Hershey (HSY) was double upgraded to Buy from Sell at Goldman Sachs, raising its tgt to $222 from $170 saying shares are trading at a compelling risk/reward following the company’s multiple guidance reductions over the past year.
• Leslie’s Inc (LESL) board approves 1-for-20 reverse stock split.
• Stellantis (STLA) is recalling 53,849 vehicles in the U.S. over potentially faulty fuel pumps, the NHTSA says.

• Radiant Logistics (RGLT) Q4 adj EPS $0.12 vs est. $0.11, adj EBITDA $7.9Mm vs est. $9.25Mm on revs $220.58Mm vs est. $223.71Mm.
• Red Cat Holdings Inc. (RCAT) files for mixed shelf of up to $300M.
• Rocket Lab Corp. (RKLB) may offer & sell shares of our common stock, from time to time, of up to $750M.
• Steel Dynamics (STLD) guided Q3 EPS $2.60-$2.64 vs. est. $2.57; said profitability from steel operations is expected to be stronger than sequential Q2 results, driven by strong shipments and metal spread expansion as scrap raw material costs are expected to decline more than average realized steel pricing.
• Union Pacific (UNP) upgraded to Hold from Sell at Loop Capital,

• Robinhood Markets (HOOD) said it plans to launch a publicly traded venture capital fund to offer mom-and-pop investors exposure to investments in private companies. It will be the company’s first fund and highlights a push by Robinhood to expand its offerings of nontraditional investments, including stakes in private companies.

• Mira Pharmaceuticals Inc (MIRA) reports positive PTSD data for ketamir-2.
• Oscar Health (OSCR) launches proposed convertible senior subordinated notes offering to scale long-term growth and consumer and employer adoption of the individual market.

• Live Nation’s (LYV) Ticketmaster is being probed by the US Federal Trade Commission over whether it’s done enough to keep bots from illegally reselling tickets on its platform.
• Oracle (ORCL) shares are higher as the US and China reached a preliminary TikTok deal during trade talks in Madrid. Treasury Secretary Scott Bessent said Monday that the two countries have agreed on a framework for a deal, multiple media outlets reported. Trump and Chinese President Xi Jinping are set to speak on Friday to “complete” the agreement.
• President Trump said on Truth Social he is bringing a $15 Billion dollar defamation and libel lawsuit against The New York Times (NYT).
• Tencent Holdings Ltd. (TCEHY) is considering raising about 8 billion yuan ($1.1 billion) in its first bond sale in four years, according to people familiar with the matter – Bloomberg.