US PREMARKET ACTIONS: August 26, 2025
Futures Indices
Dow Futures: -0.1%
S&P 500 Futures: -0.1%
Nasdaq 100 Futures: -0.1%
US 10-Year Yield: 4.3% (+2 bps)
Market Environment
US markets are moving slightly lower this morning amid heightened tensions following an unprecedented political event: Donald Trump announced the dismissal of Fed Governor Lisa Cook over allegations of mortgage fraud. This unprecedented decision raises serious concerns about the Fed's independence.
"Trump released a letter announcing Cook's firing—a move without precedent. Given his recent statements, investors will inevitably see this as an attack on the Fed's independence."
— Paul Donovan, UBS
"If Cook's dismissal is confirmed, it would open up an additional seat for Trump to fill on the Federal Reserve Board. With Stephen Miran recently appointed to replace Governor Kugler, and Governors Waller and Bowman voting for a rate cut in July, this would increase the chances of having a dovish majority on the Board."
— Peter Sidorov, Deutsche Bank
This tense environment briefly weakened the dollar (-0.4%) before returning to balance. Yesterday's session saw consolidation after Friday's highs, following Jerome Powell's speech at Jackson Hole.
To watch today:
- Durable Goods (July) expected to fall by -4% M/M
- Case-Shiller & FHFA Home Price Index for June
- Consumer Confidence (August) expected at 96.4
Stocks to Watch
EchoStar (SATS) +63%
Surged after announcing a deal to sell spectrum licenses to AT&T for about $23 billion. This move strengthens AT&T's 5G and fiber strategy. Deal closure expected mid-2026.
Olaplex (OLPX) +6%
Up after announcing its first acquisition—Purvala Bioscience, specializing in bio-inspired molecules. Goal: support patented and disruptive hair innovation.
Interactive Brokers (IBKR) +4%, Talen Energy (TLN) +4%, Kinetik Holdings (KNTK) +5%
Gained after being added to S&P indices. IBKR joins the S&P 500 (replacing WBA), TLN enters the MidCap 400, KNTK joins the SmallCap 600.
EHang (EH) -7%
Fell despite spectacular revenue growth (+464% Q/Q). Net losses and the downward revision of 2025 outlook weighed heavily.
Daqo New Energy (DQ) -7%
Announced a share buyback program of $100M until 2026, but the market likely punished a lack of short-term catalysts.
Femasys (FEMY) -38%
Dropped after announcing an $8M capital raise through a share issuance.
Recommendation Changes
Alphabet Inc. ($GOOGL) → Initiated at Buy by William O’Neil & Co.
Camden Property Trust ($CPT) → Upgraded to Buy at Stifel, target: $122.75
Okta Inc. ($OKTA) → Buy at Canaccord Genuity, target: $120
Qualcomm Inc. ($QCOM) → Buy at Arete Research, target raised to $200
V.F. Corporation ($VFC) → Outperform at Baird, target raised to $20
CBRE Group ($CBRE) → Maintained at Overweight at JP Morgan, target adjusted to $185
Dick's Sporting Goods ($DKS) → Maintained at Neutral at Baird, target: $230
Estée Lauder ($EL) → Maintained at Neutral at Daiwa Securities, target raised to $88
Jones Lang Lasalle ($JLL) → Maintained at Overweight at JP Morgan, target: $372
Oshkosh Corp. ($OSK) → Maintained at Overweight at KeyBanc, target: $180
Transocean Ltd. ($RIG) → Maintained at Neutral at Zacks, target: $4
Lululemon Athletica ($LULU) → Target cut by Morgan Stanley from $280 to $223, maintained at Equal Weight
Have a good session, everyone
Sylvain Mouilhaud: Stock Market Coach