Markets edged higher to start the week, with the S&P 500 rising 13.65 points (+0.21%) to close at 6,495.15. The Dow Jones gained 114.09 points (+0.25%), finishing at 45,514.95, while the Nasdaq Composite advanced 0.45% to a record 21,798.70. The Russell 2000 also booked minimal gains closing at 2,394.89, +.16% reflecting positive sentiment among small caps. Investors remain attentive to signs of Fed rate cuts, with market volatility subdued and breadth positive across major indices. Invesco QQQ Trust closed at $578.87, +.49% and is up +13.23% YTD.
Macroeconomic Reports
No major U.S. macroeconomic data or significant Fed announcements were released today, though this week is expected to bring pivotal CPI and PPI reports. The Bureau of Economic Analysis expanded its statistics on trade services, and preliminary employment revisions are expected tomorrow, shaping expectations for future Fed moves. Markets are pricing in a possible rate cut at the next FOMC meeting.
Noteworthy Stock Movers and News
Eightco Holdings (OCTO)
- Exploded more than 3,800% after revealing a $250 million private placement and aggressive Worldcoin treasury strategy, with Wedbush’s Dan Ives appointed chairman.
Apple (AAPL)
- Closed at $237.88, -.76% as interest revolves around the iPhone 17 launch event; movement remains muted pending tomorrow’s official announcement.
Broadcom (AVGO)
- Climbed 33.21% to $345.65, driven by a $10 billion AI chip contract and continued AI-driven revenue growth.
NVIDIA (NVDA)
- Maintained strength on sovereign infrastructure AI deals, but faced analyst target cuts on increased competition; substantial insider sales reported, but still rise +.77% to close at $168.31.
Tesla (TSLA)
- Mixed global signals: muted in India, Q2 revenue down 12%, but boosted by robotaxi speculation and recent seven-day gains. Tesla shares closed at $346.40, -1.27%.
Meta Platforms (META)
- In the spotlight for VR child safety allegations, Congressional scrutiny, and a new Army contract win for combat goggles. Shares closed at $752,30,-.02%.
Oracle (ORCL) and Others
- Oracle up nearly 2.44% at $238.48 ahead of Q1 earnings, spurred by cloud and AI demand.
Planet Labs PBC (PL)
Shares of Planet Labs PBC (NYSE:PL) rose +47.93% today to close at $9.66 as they announced its intention to offer, subject to market conditions and other factors, $300,000,000 aggregate principal amount of Convertible Senior Notes due 2030 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Planet also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date the notes are first issued, up to an additional $45,000,000 aggregate principal amount of the notes solely to cover over-allotments.
Mergers, Acquisitions…
- EchoStar (SATS, $80.63, +19.91%): Announced a $17 billion telecom spectrum sale to SpaceX and Starlink.
- S&P 500 changes: Robinhood (HOOD, $117.28, +15.83%) and AppLovin (APP, $547.04, +11.59%) join September 22.
Rates, Yield Curve, and FOMC
- No FOMC announcements; rate cut priced in, with inflation and jobs data key later this week.
- 10-year Treasury yield settled at 4.043%; 2-year drifted lower to 3.497% amid Fed easing bets.
Commodities & Cryptocurrencies Closing Prices
- Gold: Closed at $3,675.90/oz, -.04%% and up +38.26% YTD. The SPDR Gold Shares ETF (GLD) rose a solid 1.14% to $334.82.
- Silver: Ended at $41.91/oz, +.02%. The iShares Silver trust (SLV) rose .81% to $37.51 and is up +42.46% YTD.
- Oil (WTI): Finished at $62.45/barrel, +.31% and down 14.60% YTD.
- Bitcoin (BTC): Currently trading at ~$112,850.
