US PREMARKET ACTIONS: August 22, 2025
Futures Indices
Dow Futures: +0.4%
S&P 500 Futures: 0.3%
Nasdaq 100 Futures: +0.25%
US 10-year yield: 4.31%
Market Environment
US markets are holding steady this Friday morning, as investors closely watch Jerome Powell’s speech at the Jackson Hole Economic Symposium (10am ET). Wall Street ended lower on Thursday, dragged down notably by Walmart.
The theme of the day: volatility could intensify after the intervention of the Fed Chair, who will speak about economic outlook and upcoming monetary policy. Markets anticipate a rate cut in September, but remain nervous after major revisions to job creation figures (more than 250,000 jobs cut for May and June). July saw only 73,000 new jobs.
"The ‘good news is bad news’ theme made a comeback after the release of a robust PMI. This reduced expectations of a rate cut, leaving investors uncertain ahead of Jackson Hole," notes Peter Sidorov (Deutsche Bank).
"Powell lacked clarity, and his ‘data dependency’ mantra is all the more problematic as this data has become less and less reliable," says Paul Donovan (UBS), hoping for a more assertive speech about the Fed’s independence.
A speech perceived as "hawkish" could trigger a return of volatility, similar to the 2022 edition which led to a 3%–4% drop in the indices.
Stocks to Watch
Zoom Video (ZM) +6%
The stock jumps after solid Q2 results and a raise in annual guidance. The company shows its strongest revenue growth in 11 quarters, boosted by AI and a significant improvement in profitability.
NIO (NIO) +5%
Rises after launching a more affordable ES8 model, in the midst of a price war in the Chinese market. This vehicle is priced below Tesla’s Model Y, strengthening NIO’s competitiveness.
Intuit (INTU) -5%
The group disappoints despite better-than-expected results. The 2026 outlook points to slowing growth, especially for QuickBooks and Credit Karma, weighing on investor sentiment.
Workday (WDAY) -4%
Despite better-than-expected results and higher margins, cautious subscription guidance failed to excite the market. The announcement of the acquisition of Paradox was not enough to support the stock.
Rating Changes
Upgrades
Sealed Air Corp. ($SEE) → Baptista Research upgrades to Buy (vs Hold), target raised from $35.20 to $38.60.
Doordash, Inc. ($DASH) → Baptista Research upgrades to Outperform, target raised from $228 to $297.
Neutral
Coty Inc. ($COTY) → Recommendation maintained by Goldman Sachs, target lowered from $6 to $4.50.
Unity Software ($U) → Daiwa Securities maintains neutral recommendation but raises target from $21 to $38.
Williams-Sonoma ($WSM) → Citi remains neutral, target raised from $162 to $202.
Downgrades
Dayforce Inc. ($DAY) → KeyBanc Capital downgrades to Sector Weight (vs Overweight).
Franklin Resources ($BEN) → Zacks downgrades to Neutral (vs Outperform), target lowered from $28.50 to $26.
The Gap, Inc. ($GPS) → Barclays downgrades to Market Weight (vs Overweight), target reduced from $24 to $19.
Have a great session, everyone.
Sylvain Mouilhaud: Coach Stocks